Shophouse market posts 25.6% drop in sales in 2022

An estimated 189 shophouses were sold during the year.

An estimated 189 shophouses were sold in 2022, reflecting a 25.6% year-on-year decline, Huttons reported.

In the last quarter, 33 shophouses were transacted, 8.3% and 45% lower Quarter-on-quarter and year-on-year, respectively.

Moreover, the total transaction value in 2022 was $1.61b, a 16.8% decline compared to $1.94b recorded in 2021.

Huttons noted that the average transacted value per shophouse in 2022 was $8.5m, 11.7% higher than the average value per shophouse in 2021.

“Interest in shophouses is likely to stay robust in 2023. It is an attractive asset class for wealth preservation and is popular among Ultra-High-Net-Worth Individuals and family offices,” the report read in part.

“However, the available supply of shophouses for sale in 2023 is not as high compared to 2022. With the resumption of travel from China, demand is expected to pick up in the coming months. Hence prices and rents are likely to trend upwards in 2023.”

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