Q3/2023 Residential Leasing Trends & 2024 Forecast
Heightened economic uncertainties, a weaker labour market and deteriorating business sentiment continue to exert pressure on the leasing market. We are forecasting a general rental decline of about 5%. Two reasons account for this. One is the 17,000 new completions in 2023 with another 9,900 units expected next year.
Q3/2023 Rental Market Performance
2023 Non-Landed Residential Rental Could Rise By 10% Year-On Year
Robust Sales Despite New Measures
Although the government implemented a new round of cooling measures in April 2023 amid the uncertain global economy and high interest rates, both primary and secondary sales recorded quarterly increases for a second consecutive quarter.
Q2/2023 Rental and New Sales Market Performance
In Q2/2023, the average median absolute rent rose by 1.1% QoQ, moderating from the 6.8% QoQ growth in Q1/2023, which applied to all districts and properties from one to four bedrooms. Read more.