25/10/2023
Prices are also likely to fall another 5% in 2024.
The policy of refunding extra stamp duty to eligible non-locals has failed to support property values or stimulate residential market activity in 3Q23.
Data from JLL showed that transactions involving Buyer’s Stamp Duty in the overall residential transaction volume remained static at 1.6%, mirroring the same period last year
To add, capital values of luxury properties fell by 0.3% in the first nine months of 2023.
JLL expects luxury home prices to fall up to 5% in 2023 and another 5% in 2024.
Despite sellers adjusting their asking prices, the luxury housing market has yet to see an influx of buyers.
The transaction volume for residential properties valued at or above $20m, plummeted by a significant 52% QoQ in 3Q23.
“Demand from local buyers softened as, for many, their wealth has been impacted by losses in financial investments,” JLL said.
