If time is a luxury . . . it could be now
Residential market is slowly rousing from its slumber; the luxury residential market poised for steady recovery
IN 2017, according to Q4 URA statistics, the residential market saw just north of 25,000 transactions lodged. These include new sales, resales and sub-sales. Some 74 per cent of these transactions were transacted below the quantum of S$2 million.
In fact, while the primary market saw a four-year high in terms of sales volume at 10,566 units, 85 per cent of the new private homes sold in 2017 were below S$2 million. Generally, the residential market was driven predominantly by quantum.
Unsurprisingly, the Rest of Central and the Outside Central regions accounted for homes at this sweet spot of below S$2 million. However, there was a positive story forming in the Core Central region as well: for luxury apartments worth S$5 million and above in the Core Central region, a total of 372 caveats were lodged in 2017, the highest since 2011.
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