Shophouse sales volume drops 66% YoY in Q2

Shophouse sales value also fell 62% YoY.

Shophouse sales volume dropped 30% quarter-on-quarter (QoQ) in Q2, with 16 transactions compared to 23 deals in Q1, PropNex reported.

PropNex attributed the decline to more buyers choosing not to lodge caveats, as it is not mandatory.

In the same period, year-on-year (YoY) shophouse transactions fell 66% from 47 deals in Q2 2023 whilst sales value fell by 62% YoY from $432m a year ago due to slower sales activity.

Overall shophouse deals in Q2 amounted to $164m, representing an 11.5% decline QoQ. The drop in sales could be attributed to tentative market sentiment, seasonal lulls, and stringent due diligence checks.

In H1 2024, 39 deals worth $349m were recorded, down from 53 deals totaling $428m in H2 2023.

Notable transactions include the sale of The Rail Mall on Upper Bukit Timah Road for $78.5m in June. Little India in Jalan Besar recorded the highest sales, with eight out of the 16 transactions.

Meanwhile, shophouse prices dropped in Q2, with average unit prices for freehold and 999-year leasehold properties falling by 30% YoY in D1/2, 51% YOY in D14/15, and 2.6% YoY in the rest of Singapore.

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