The first half of the year showed promising signs of demand for freehold condos across Singapore. Average prices reached a peak in February at $2,329 per square foot (PSF), with 527 units sold in March, the highest in the year across all regions. However, the positive trend did not persist for the rest of 2023.
Overall transaction volume and average prices fell from September to October, with a slight rebound in November, before it sank again in December. The number of transactions fell to 278 in September, the lowest volume of the year. Average prices dropped to $1,966 PSF in the following month — also an all-year low.
Softening Market in the CCR
There was an overall downward trend for freehold condos in the Core Central Region (CCR), likely due to prevailing high interest rates and new cooling measures introduced in April 2023, which hit foreign investors with a 60% tax hike when buying any residential property, double from the 30% Additional Buyers’ Stamp Duty (ABSD) rates previously. The dearth of new freehold condo launches in the CCR also impacted the market.
The Outside Central Region (OCR) saw moderate growth in 2023. Average prices remained stable throughout the year, hovering around $1,750 PSF after a peak in February, and the transaction volume recorded an overall increase of 66.04% despite fluctuations in transaction numbers and average prices throughout the year.
Compared to the CCR and OCR, the freehold condo market in the Rest of Central Region (RCR) saw the healthiest transaction volume, buoyed by new condo launches in the region. This includes Parq Bella and The Continuum, which sold 65% and 36% of its units in 2023 respectively.
However, there was an overall decrease in demand, and consequently prices, for freehold condos across all regions in Singapore, as compared to leasehold condos.
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Should you buy or sell a freehold condo in 2024?
Despite the moderation in freehold condo prices, if you’re genuinely looking to buy or sell a home in 2024, you should remain level-headed when it comes to your property transaction. It may be dangerous to gamble on whether we’re at an inflection point. Rather than timing the market, you should seek the advice of a property agent to make your decision based on your real financial situation.
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