Singapore non-landed residential sales drop 6.3% to 3,694 units in Q2

This marks the fourth straight quarter of decline.

Overall sales activities in Singapore’s non-landed residential market fell 6.3% q-o-q to 3,694 units in Q2 2024*, the fourth consecutive quarter from Q3 2023 when non-landed home sales started to record declines, reveals Knight Frank in a report. 

“The higher-for-longer interest rates continued to keep the market in a mood of tentativeness as homebuyers remained on the sidelines waiting for conditions to turn. The slowdown in overall sales activity also reined in price growth,” the report said.

Here’s more from Knight Frank:

According to flash estimates by the Urban Redevelopment Authority (URA), prices of non-landed private homes (excluding Executive Condominiums (ECs)) expanded by a marginal 0.9% q-o-q in Q2 2024**, slowing from the 1.0% q-o-q increase in the previous quarter. This resulted in a total increase of 1.9%** in the first half of 2024. 

From the pandemic to post pandemic, the primary market would regularly account for at least 1,000 non-landed home sales each quarter, except in Q4 2022 when the festive season resulted in fewer new launches and sales. However, the tentative mood was even more pronounced in Q2 2024, with only 663* units sold, a significant 41.8% q-o-q decline from the 1,140* sold in the previous quarter. 

Meanwhile, there were 3,031 secondary transactions in Q2*, above the 2,803 non-landed sales recorded in Q1*, where buyers with more pressing housing needs have been turning their attention to the resale market so as to secure a home in comparatively less time.

* based on data available as at 5 July 2024. Figures exclude Executive Condominiums (ECs).
**based on flash estimates announced on 1 July 2024.