Luxury home sales dearth to drag prices 10% by the end of the year

Prices fell steeply in Q3.

Luxury residential properties remained stuck in the doldrums in Q3. A report by Colliers showed that the average capital value of luxury and super-luxury apartments softened by a steeper 2.1% QoQ following 2Q 2014’s 1.1% fall to $2,584 per sq ft.

Posh homes have been hardest hit by the country’s property cooling measures. Only 3 luxury home deals were inked in Q3, while only 1 unit was sold in Sentosa Cove for the first half of the year. 

“With no immediate relief in sight for the pricier luxury/super-luxury apartment segment that has been languishing in the doldrums, prices could slide by about 10% for the year as a whole given that they have already eroded by 6.9% in the first nine months of the year,” noted Colliers.