URA released 1Q 2024’s numbers on 26 Apr which highlighted the strength of the property market
Since the trough in 2Q 2017, property prices have appreciated by 49.6% over 27 quarters, the longest ever since the start of the price index in 1995
Developers’ sales in 1Q 2024 is 6.6% higher than the previous quarter but 7.3% lower than a year ago
There is a noticeable pickup in purchases by foreigners in Mar 2024 probably due to an increase in viewings during the CNY period and heightened geopolitical tensions
With mostly smaller launches in 2Q 2024, sales volume is likely to be lower than 1Q 2024
Developers have also turned confident by triggering a site in Zion Road (Parcel B) on the Reserve List for the first time since 2018
They may be taking the opportunity to snag a plum site in anticipation of a return in buying sentiments.
