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.

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