Luxury home sales rise in Q2 amidst lower rental rates

Lower luxury non-landed sales expected in H2.

In Q2 2024, 57 luxury non-landed homes were sold, marking a 7.5% increase quarter-on-quarter (QoQ) but a 9.5% decrease year-on-year (YoY), according to Huttons.

The total value of non-landed homes sold in the period reached $482.5m, a 26.2% increase from $382.4m in Q1. The highest transaction was recorded by Skywaters Residences, which sold for $47.3m.

Rental transaction volume rose 12.5% in Q2, whilst rents for luxury non-landed homes remained flat. Despite the rise in demand, tenants remain cautious due to the economic climate.

Huttons noted that activities in the luxury non-landed homes market are almost back to pre-cooling measures days and Ultra-High-Net-Worth Individuals (UHNWIs) are gradually returning to Singapore’s luxury property market in Q2.

Meanwhile, the Good Class Bungalow (GCB) market sold 8 units in Q2 compared to the 5 units sold in Q1, with a total value of $299.1m, up 152.6% QoQ.

For H1 2024, 13 GCBs were sold with a total value of $417.5m, a 20.5% YoY decrease from $525.3m in H1 2023. The top transaction was Bin Tong Park which sold for $84m.

Huttons said that GCB rentals for the period were below $30,000, with the highest rental deal amounting to $75,000.

Huttons expects lower luxury non-landed home transactions in H2, whilst the GCB market may see continued interest as price expectations narrow.

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