SINGAPORE: The landed property market faced challenges in the third quarter of 2024, with sales dropping by 3.7% quarter-on-quarter to a total of 414 transactions. This decline reflects a growing hesitation among buyers, many of whom opted to delay their purchases.
According to real estate firm Huttons, several factors contributed to this downturn. The Lunar Seventh Month saw a slowdown in transactions as potential buyers chose to wait.
Additionally, many buyers were anticipating an interest rate cut that was expected in September, leading to further postponements in purchasing decisions.
The increase in new non-landed home launches also played a role in this hesitancy, as buyers considered their options across various property types. Within the landed segment, detached homes experienced the most significant decline in sales, plummeting from 46 transactions in the second quarter to just 27 in the third quarter.
Meanwhile, semi-detached homes saw a smaller decrease, with sales dropping slightly from 136 to 130.
With the reduced transaction volume, the overall transaction value also fell sharply, decreasing by 11.8% year-on-year to $2.1 billion.
Landed home prices in the third quarter varied significantly, ranging from $0.5 million to $14.2 million for 99-year leasehold properties, and from $1.6 million to $20 million for 999-year and freehold homes.
Notably, the lowest sale recorded was a semi-detached home priced at $0.5 million, while the highest was a freehold property located in Clementi Park, which fetched $20 million.
In terms of popularity, districts 13, 15, 16, 19, and 28 emerged as the most sought-after locations for landed homes during this quarter.