In the first half of 2025, the prime non-landed condo market experienced a remarkable surge, with sales reaching $997.5 million—a substantial 60.9% increase compared to $620.1 million in the preceding half-year. This impressive growth signified a robust recovery in the luxury real estate sector, reflecting a marked shift in buyer sentiment and market dynamics.
The surge in sales was characterized by an upswing in transaction volume, with a total of 120 units sold during this period, up from 85 units in the second half of 2024. This growth in unit sales illustrated a renewed confidence among buyers, who were eager to capitalize on favorable market conditions.
The luxury condo market did not only witness increased sales volume but also saw a significant rise in the average unit price. The average price per square foot for luxury condominiums escalated to $2,534 in the first half of 2025, marking a 10.6% increase from the $2,291 per square foot recorded in the previous half-year.
This price appreciation indicates a tightening supply of high-end units coupled with a growing demand from local homebuyers, who were increasingly willing to invest in prime properties. The overall sentiment among buyers appeared optimistic, driven by a combination of favorable mortgage rates and a stronger economic outlook.
Noteworthy transactions during this period underscored the luxury segment’s vibrancy. A standout deal was the sale of a penthouse at Park Nova, which closed for an impressive $38.888 million, making it the largest transaction of the half-year.
Such high-profile sales not only demonstrate the appetite for luxury real estate but also set a benchmark for future transactions within the market. The high value of these properties indicates that sellers are beginning to adjust their price expectations in alignment with prevailing market conditions, leading to a more dynamic and competitive environment.
Improved buyer sentiment played a critical role in shaping the market landscape in the first half of 2025. Local homebuyers, in particular, were motivated to enter the market, seeking premium properties that offered both investment potential and lifestyle benefits.
As sellers became more realistic about pricing, it created a conducive atmosphere for negotiations, facilitating smoother transactions. The overall increase in activity within the prime non-landed condo market serves as a testament to the resilience of the luxury real estate sector, which has adapted to shifting market dynamics and buyer expectations.
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News Source: Edgeprop
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