Prime non-landed residential sales fall 27.1% in H2 2024

Sales activities in the prime non-landed residential market were muted in H2 2024, with only 80 transactions totalling $573.7m—a 27.1% decline from H1 2024, according to Knight Frank.

This figure contributed to an annual total of $1.4b, which was 22.1% lower than 2023 and the lowest since tracking began in 2009.

Knight Frank said the downturn reflects the impact of cooling measures, particularly the Additional Buyer’s Stamp Duty (ABSD), which has significantly dampened foreign buyer participation in the luxury housing market.

Despite the challenging environment, Knight Frank noted homeowners maintained premium asking prices, even as prices in the segment declined by 3.5% YoY, from $2,319 psf in H2 2023 to $2,237 psf in H2 2024.

The lack of new launches in the segment shifted buyer focus to the secondary market, which accounted for the majority of transactions during this period, Knight Frank noted.

Looking ahead, Knight Frank expects the high-end market to remain subdued, with prices projected to remain flat, fluctuating between -1% and 2% in 2025.