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Chart from Savills

High-end non-landed home price growth momentum slows

It grew by 0.4% QoQ in the third quarter of 2023.

This chart for Savills shows how prices increased for high-end non-landed residential homes.

The chart shows that whilst average prices in Savills basket of high-end non-landed private residential projects have not fallen, growth momentum has slowed from previous quarters, with an increase of 0.4% QoQ to $2,601 per sq ft in Q3 2023.

The rise in non-landed home prices contributed to the growth of residential prices.

The URA property index of all private residential properties rebounded with an increase of 0.8% QoQ in Q3 2023. This was a turnaround after a marginal decline of 0.2% QoQ in Q2 2023.  On a YoY basis, it was 4.4% higher.

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On the other hand, prices of landed homes recorded its first QoQ decline of 3.6% after eight consecutive quarters of increase. In the non-landed segment, prices in the city-fringe and suburban areas (ie. RCR and OCR) strengthened in the quarter, increasing by 2.1% and 5.5% QoQ respectively. 

This came after a decline of 2.5% for RCR homes and a smaller increase of 1.2% for OCR homes. The increase in prices of non-landed homes in these two market segments may be due to more new launches in the quarter. However, for CCR, after a slight dip of 0.1% in Q2/2023, prices of non-landed homes decreased for the second consecutive quarter by a larger 2.7% QoQ in Q3. 

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