Q2 landed home transaction value up 55% as buyer-seller price expectations narrow
The most expensive landed home in the quarter sold for S$32.5 million
SOME S$2.3 billion worth of Singapore landed homes changed hands in the second quarter, up 54.7 per cent year on year, according to a report by real estate agency Huttons on Wednesday (Jul 31).
Some 430 transactions were recorded in Q2, marking a 58.1 per cent increase from the previous year. The rise was due to “the narrowing in price expectations between sellers and buyers”, said Huttons.
The biggest increase in transacted volume was in the semi-detached homes segment, with 136 such homes sold in the quarter, marking an 81.3 per cent rise. On a quarter-on-quarter basis, transaction volume was up 60 per cent.
This was accompanied by a 1.9 per cent quarter-on-quarter easing of the prices of semi-detached homes to S$1,776 psf on land in Q2, from S$1,811 psf on land in Q1.
99-year leasehold landed homes went for between S$500,000 and S$6 million, while the quantum for 999-year leasehold and freehold landed homes ranged from S$2.2 million to S$32.5 million.
The most expensive landed home in Q2, sold for S$32.5 million, was a freehold detached property at Jalan Tupai.
A NEWSLETTER FOR YOU
Tuesday, 12 pm
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
The lowest-value one was a semi-detached home in Jalan Chempaka Kuning with a remaining lease of 10 years, which went for just S$500,000.
Deceleration
The pace of growth in landed home prices continued to decelerate in Q2, said Huttons. Prices of landed homes rose by 1.9 per cent in the quarter, 0.7 percentage point lower than the previous quarter.
The Q2 average price for a 999-year leasehold and freehold home was S$4.2 million for a terrace property, S$6.6 million for a semi-detached home, and S$12.5 million for a detached home.
“A more stable landed homes market is on the cards, which may bring about more transactions in H2 2024. Prices should trend towards stabilisation and see not more than 6 per cent gains in 2024,” the agency said.
Copyright SPH Media. All rights reserved.
