18/01/2024
Our Head of Research Leonard T. spoke to CNBC’s Martin Soong and Sri Jegarajah about the 2024 residential outlook for .
Key takeaways:
►The general demand for private homes in the months ahead will remain underpinned mostly by homebuyers purchasing for their own occupation, even as these buyers take a longer time to consider in light of factors such as cooling measures, sticky high interest rates, job security, inflationary and recessionary pressures.
►Residential investors purchasing for capital preservation, appreciation, and recurring income, both locals and foreigners, will likely remain on the sidelines until interest rates peak, stabilise and perhaps reduce, and until there is more clarity in the economic outlook.
► The private home market will continue on the path towards stability as demand moderates and supply catches up, with balance expected to be achieved sometime in 2024. The incoming supply of about 10,000 private homes in the year ahead would lead to more moderate price growth.
Watch now: https://okt.to/PFvycY
Leonard Tay, head of research at real estate consultancy Knight Frank, says supply has "made some headway, catching up with demand," giving home buyers "a bit more variety."
