Singapore’s luxury housing market rebounds in H1: Knight Frank

Prime condo sales went up 28% in the first half from the preceding six months.

Singapore’s luxury housing market has picked up in the first half of the year compared to the preceding six months, but property analysts said uncertainty continues to loom over the sector.

Knight Frank’s data showed 98 prime non-landed residential units changed hands for a sum of  $737m in the first half, up 28% from the $575m total sales volume in the second half of 2023 when 72 homes transacted.

The luxury landed residential segment also enjoyed increased activity with $2.6b in total sales volume across 284 homes in H1 2024, compared to just $2.2b worth of 263 homes in H2 2023.

The good class bungalow segment also reported higher sales with five properties trading for $217.5m in the first half, versus two GCBs worth $51.2m that was sold in the preceding six months.

Knight Frank said owner-occupiers looking for family-sized, ready-to-move-in units were the primary sales drivers of luxury condos. 

Higher sales also helped buoy prices in some segments, with average prices of prime non-landed homes inching up by 0.9% to $2,339 psf in H1 2024 from $2,319 psf in H2 2023. 

The average transaction price of landed residential slipped to $1,897 psf from $1,904 psf during the same comparable period. GCB average prices, meanwhile, rose to $2,217 psf in H1 2024 from $1,712 psf in H2 2023.

“With more options on the market, homebuyers have become more selective and measured, with most adopting a wait-and-see posture on the sidelines. Sales volume is likely to remain subdued until such time when interest rates come down,” said Nicholas Keong, Head of Residential and Private Office at Knight Frank.