Asking prices for landed and non-landed seen to moderate: report
The price growth for these property types is slowing down.
PropertyGuru’s recent report showed that the price growth of private residential properties seems to be slowing down, with a 0.4% quarterly drop.
This is also a similar trend in the overall asking prices for private property, PropertyGuru also said.
In Q2 2023, the median asking prices for landed home listings on PropertyGuru went down by 1.2% quarter-on-quarter. This is the first time prices have fallen since the fourth quarter of 2019.
The demand for landed homes has also dampened, with the Sale Demand Index for landed homes dropping by 3.1% from the previous quarter.
Despite higher Buyer's Stamp Duty (BSD) and ABSD rates dampening demand and, in turn, asking prices, for landed homes. However, this does not mean a downturn for the property but the market is getting steady.
“Asking prices for landed homes are still at a high and supply has not returned to pre-pandemic levels,” said PropertyGuru.
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