Luxury condo sales here pick up after 3 quarters of decline

Ultra-rich gradually returning, but market may see headwinds in near future: Analysts

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Sales of luxury condominium units picked up in the second quarter of 2024 with the gradual return of the ultra-rich to Singapore after three quarters of decline, agents reported.

According to data analysed by Huttons Asia, luxury non-landed homes saw steady demand in the second quarter, with 57 units worth $5 million each or more changing hands. While this was 7.5 per cent higher than the previous quarter, it was still 9.5 per cent lower than the second quarter of 2023.

The total value of non-landed luxury homes was $482.5 million, up 26.2 per cent from the first quarter's $382.4 million.

A Knight Frank report on prime residential property similarly indicated that the sales value of luxury non-landed homes rose 28.2 per cent to $736.7 million in the first six months of 2024, up from $574.7 million in the year-ago period.

"It is worth noting that activities in the luxury non-landed homes market are almost back to precooling measures days," said Mr Mark Yip, chief executive of Huttons Asia.

"The ultra-high-net-worth (UHNW) individuals are gradually returning to Singapore's luxury property market in second-quarter 2024." Mr Alan Cheong, Savills Singapore executive director of research and consultancy, noted that there were 52 deals worth more than $10 million each in the second quarter of 2024.

The tally of 40 landed houses and 12 "high-end" apartments is on a par with the 53 transactions seen in the same period in 2023, Mr Cheong said.