Sales of luxury homes valued above $5m and good class bungalow both fell.
This chart from Knight Frank shows the number of luxury homes crashed 27.3% HoH to 104 units in H1.
This decline was blamed on the widened price gap between buyers and sellers as well as on weaker sentiments, after the Ministry of Trade and Industry moderated the Singapore GDP growth forecast.
In addition, sales of luxury homes valued above $5m also fell 33.8% HoH during the same period. Good class bungalow sales slid 45.3% HoH to $211.9m, but have still transacted at a high land price. The report cited the $30.88m transaction of 16 Jervois Hill in Q1 as a case in point.
Other notable deals were 63 Belmont Road for $39.8m in Q2 and 18 Ewart Park for $30m during Q1.
The last time sales volume of luxury homes reached its record-high was in H1 2016 when the implementation of the Total Debt Servicing Ratio curbed the demand.
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