Singapore luxury property sales drop by a third in Q4

Uber rich said to be holding back purchases amid concerns about recession in US

Sales of both luxury condominiums and good-class bungalows GCBs) waned in the fourth quarter of 2022 as the uber-wealthy held back amid concerns that aggressive rate hikes by the US Federal Reserve would tip the United States into recession.

According to Huttons Asia’s latest report on the luxury market released on Monday, 73 non-landed luxury homes were sold in the fourth quarter, down 33.6 per cent from the previous quarter.

Based on caveats lodged, the total value of non-landed luxury homes was 684 million.

The latest quarterly data brought total transactions in the luxury non-landed market for the full year to 359, which was 19.1 per cent lower than that of 2021.

The total quantum invested for 2022 stood at 3.2 billion, down 28 per cent from the previous year.

The top three selling luxury condominium projects in 2022 in terms of price were Les Maisons Nassim, Tomlinson Heights and Le Nouvel Ardmore. Units at these projects reached the highest per square foot psf) prices of 6,057, 4,645 and S$5,800, respectively.