Landed homes

• The luxury landed home segment saw 36 transactions in 2H 2024, a decline from 43 units in 1H 2024. Despite the lower sales volume, total transaction value rose to S$1.02 billion, up from S$0.85 billion 1H 2024. For the full year, 79 luxury landed homes changed hands, with a combined transaction value of S$1.87 billion.
• Luxury detached houses continued to be the key driver of transactions, contributing approximately 75.0% of total landed luxury home transactions in 2H 2024. Meanwhile, luxury semi-detached and terrace houses fell to 9 transactions in 2H 2024, down from 11 in 1H 2024.
• A total of 18 GCBs were sold in 2H 2024, contributing S$780.6 million to the luxury landed housing home market. For the whole of 2024, GCBs sales reached S$1.14 billion, a 126.6% increase from the S$0.50 billion recorded in 2023. Investor confidence is expected to strengthen, particularly in the GCB market. Transaction volumes are likely to increase, bringing upward pressure on prices on luxury landed properties.

Non-landed homes

• The non-landed luxury home segment recorded 16 transactions in 2H 2024, a slight dip from 17 units in 1H 2024. However, total transaction value declined more significantly, falling 19.0% HoH to S$216.9 million in 2H 2024, down from S$267.6 million in 1H 2024.
• The recent interest in primary sales suggests an upward shift in market pricing. While transaction volume is likely to remain muted, new Singapore Permanent Residents (SPRs) could provide some uptick in activity.

Foreign demand

• Total foreign demand for luxury homes continued its downward trend in 2H 2024, with total transaction quantum sliding from S$171.7 million in 1H 2024 to S$166.6 million. This also results in a drop in the average transaction quantum per unit, falling to S$15.1 million in 2H 2024 from S$17.2 million in 1H 2024. Despite the lower transaction value, foreign demand by volume showed an uptick to 11 units in 2H 2024 from the 10 units in 1H 2024.
• It has also been observed that there continues to be a clear preference for homes in prime locations among foreign buyers, particularly those near key lifestyle and retail hubs.
• Non-permanent resident (NPR) remained largely absent from the luxury home market in Singapore, with only 2 purchases recorded in 2H 2024. For the full year of 2024, NPRs accounted for just 3 luxury home purchases, highlighting the high barriers set by the ABSD on luxury homes for this buyer segment.

Click for the full Prestige Homes 2H2024

This will be the final issue of the Prestige Homes report, as we evolve our market insights offerings following the merger announcement of ETC and OrangeTee. We appreciate your support.

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