Singapore luxury home sales slide in 2023

Knight Frank remained cautiously optimistic on its outlook for the high-end residential market.

Trades of luxury homes in Singapore dropped markedly in 2023 as the cooling measures rolled out in April bites.

Knight Frank data showed total sales of prime non-landed residential properties fell 33% to S$1.7b last year from the S$2.5b worth of investments booked in 2022.

The hiked Additional Buyer’s Stamp Duty (ABSD) rates, which doubled for foreign homebuyers, dampened the overall investment activity for high-end condos, according to Nicholas Keong, senior director and head for residential and private office at the property agency.

Mismatch in price expectations between the buyers and sellers also contributed to the weak sales, he said.

“In the year ahead, prime non-landed home prices are unlikely to increase in any significant fashion and might even record marginal declines as premiums continue to be eroded with homeowners not exhibiting the same urgency as before,” he added.

For landed homes, luxury home sales also fell 18% to S$5b in 2023 from S$6.1b the year prior, while there were only 10 good class bungalows that changed hands last year, or half the 20 transactions in 2022.

Keong said they still expect demand for prime landed homes to remain strong as buyers are willing to pay top dollar for a luxury unit in Southeast Asia’s wealthiest nation.

“Despite the fall in transaction activity, potential homebuyers remain on the lookout for landed homes due to lifestyle preferences for larger indoor and outdoor spaces,” he said.

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