Chart of the Day: Are luxury apartment sales finally rebounding?

Only 131 apartments were sold in 1H16.

Sales of luxury apartments are finally seeing the light of day as $5m worth of posh homes were sold in the first half alone, equalling 76% of luxury apartments sold in 2015.

According to a report by CBRE, the strong sales could be attributed to creative pricing packages an payment schemes which triggered a flight to value.

“Among the developments that contributed to the H1 2016 volume was Ardmore Three which alone sold 34 units,” the report noted.

Meanwhile, other projects included Leedon Residence (11 units), Goodwood Residence (6 units) and Gramercy Park (4 units).

Additionally, the report noted that the most expensive luxury apartment sold was a 7th floor unit in Le Nouvel Ardmore, which fetched $21m.

“These sales have put luxury apartments in a good position to perform better in 2016 compared to 2015, albeit an expected slow-down in H2 2016 in the absence of new launches,” the report added. “Prices too, could hold firm as pipeline stock is limited.”