Luxury market sales dip as US Fed's tightening policy takes effect
Over 73 non-landed luxury homes sold in Q4 2022.
The US Federal tightening policy led to raise concerns on the US economy tilting into a recession which prevented buyers from purchasing luxury homes, Huttons said in a report.
Data from the property expert showed that 73 non-landed luxury homes were sold in the final quarter of 2022, down 33.6% from the third quarter of the same year.
The total value of these homes was $684m, falling 31.9% from Q3 2021’s $1b. On a yearly basis, luxury non-landed property recorded 359 transactions in 2022, dipping 19.1% from 2021.
Top three luxury projects last year are Les Maisons Nassim, Tomlinson Heights and Le Nouvel Ardmore. Whilst the top foreign nationalities buying luxury properties are from China, USA, Indonesia, and Malaysia.
Over six bungalows were sold in the GCBA in the final quarter of 2022. The total value sold was $217m in the fourth quarter of 2022.