A report by PropNex revealed a significant slowdown in Singapore's high-value landed property market during the second half of 2024, with a 44% decline in transactions priced above $10 million.
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.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
SINGAPORE PROPERTY MARKET LUXURY DECLINE
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