Chart of the Day: Prime condo sales down 52.9% to $659.2m in H1

The inflow of potential foreign buyers interested in posh homes impeded.

This chart from Knight Frank shows that the sale of prime non-landed residential units in H1 dropped 52.9% to $659.2m from $1.4b in H2 2019.

The decline in sales was mainly due to the implementation of restrictive measures locally and across the globe, in addition to the closure of national borders restricting travel, the report said. This impeded the inflow of potential foreign buyers interested in the local luxury residential market.

The average unit price of prime non-landed homes in the same period $2,412 psf, a slight dip of 2.7% from $2,479 psf in H2 2019. There were 85 units transacted in H1 compared to 155 units sold in the second half of 2019.

Some of the notable deals include the sale of a penthouse unit at Ardmore Park for $27.7m, as well as a unit on the 25th floor of The Claymore for $17m in April.