SINGAPORE: The market for high-value landed properties in Singapore experienced a significant slowdown in the second half of 2024.
According to a report by PropNex, the number of transactions involving properties priced above $10 million dropped by 44%, with only 37 deals totaling $514 million, compared to 64 transactions worth $919 million in the first half of the year.
PropNex attributed the sharp decline to a range of factors, including a mismatch in price expectations between buyers and sellers.
The report highlighted that the majority of transactions in the second half of the year involved properties in the $10 million to $15 million price range, which accounted for 73% of total deals. This marks a slight increase from the 72% recorded in the first half of 2024.
Interestingly, the upper echelon of the market saw no activity during this period.
PropNex reported that there were no landed property transactions priced above $30 million in the latter half of the year, further underscoring the subdued sentiment in the ultra-luxury segment.
This decline perhaps reflects the challenges faced by both buyers and sellers in navigating a high-value property market that remains sensitive to economic uncertainties and shifting market dynamics.