Real Estate - RHB Invest 2024-06-21: Weak Market Signs

Real Estate - Weak Market Signs

Real Estate - RHB Investment Research | SGinvestors.ioCity Developments (SGX:C09) APAC REALTY LIMITED (SGX:CLN)
  • Singapore’s property market has been gradually cooling off with weakness starting to emerge in the form of lacklustre land bids, delayed new launches and sliding transaction volumes.

Residential market in a tug of war.

  • Prices, on the other hand, have remained largely resilient on strong household balance sheet and growing household income. We expect this trend to continue for the rest of the year, with some recovery in buying sentiment anticipated in early 2025 on potential rate cuts and stronger economic recovery.

Sales volume likely to remain tepid...

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  • Key reasons behind low transaction volumes include a lack of major new launches and postponement of some of the planned launches amid selective buying demand and growing price resistance.
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  • Resale transactions (1Q) too were down 5% q-o-q at 2,689 units and are expected to see flattish growth for the full year.

… with prices continuing to moderate.

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Singapore Research RHB Securities Research | 2024-06-21

More views on outlook of real estate sector:
Analyst Reports on Singapore Property Sector


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