Luxury home sales crashed a whopping 82.9% in Q1
Only 80 units were sold.
New sales in the high-end home market suffered a whopping 82.9% quarter-on-quarter crash in the first three months of the year.
A report by Knight Frank revealed that only 80 units were sold in the Core Central Region (CCR) in the first quarter, while new launches in the CCR also crashed 98.2% to just 17 units.
Average prices of high-end homes also fell by 0.7% on a quarterly basis to $2,091psf.
“With the ongoing implementation of strict loan curbs and fears over further price declines, high-end property homeowners are being pressed to lower their price expectations in order to sell their units,” stated Knight Frank.