In 1Q 2024, an estimated 21 shophouses were sold, which is 31.3% higher than 4Q 2023 though 34.4% lower than a year ago. The total value of transactions in 1Q 2024 was $180.3 million, 62.3% higher than the previous quarter but 39.2% lower than 1Q 2023 and the average price paid for a shophouse in 1Q 2024 was $8.6 million.
Investors continued to acquire 999-year leasehold and freehold shophouses for wealth preservation. The rarity of shophouses plus the lower barrier to entry for foreign investors compared to the residential market and the potential for capital appreciation will support prices in this market segment.
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