Muted momentum, stable demand in luxury homes in wake of ABSD hikes
Core Central Region sales have plunged since April 2023, but signs of a slight recovery are showing
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[SINGAPORE] Analysts are cautiously optimistic that Singapore’s prime housing market may pick up this year, with signs of improving sales after a sluggish two years since stamp duty rates were raised in April 2023.
Caveats data showed that prior to the hike in Additional Buyer’s Stamp Duty (ABSD) in the first quarter of 2023, there were 1,027 transactions for non-landed residential properties in the Core Central Region (CCR).
CCR non-landed sales subsequently fell to 922 deals in the second quarter of 2023 and slowed further to an average of 678 transactions per quarter from Q3 2023 to Q4 2024, said Chia Siew Chuin, JLL head of residential research, research and consultancy.
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