OUTLOOK FOR 2024
Analysts anticipate that exclusive home prices will remain high, but a better financial outlook in 2024 might increase customer confidence.  ,
” The business may just see up to 30 launch and between 7, 000 and 8, 000 launched products in 2024″, said Mr Lee, related to last year’s 26 job launch and 7, 551 launched products.  ,
Although interest rates may not be reduced in the second quarter of the year, he claimed that the impact of the high for longer interest rates is “likely to be muted” as many buyers have grown used to them.
“Economic conditions are ( forecast ) to be better in 2H 2024 and that may boost the sentiments and confidence of buyers”, Mr Lee added.
Barring unforeseen circumstances, he said developers may sell up to 7, 000 new homes while prices are expected to be stable, increasing up to 5 per cent in 2024.  ,
Similarly, Mr Chu said that despite lower land prices in the first quarter of the year, factors such as a , more fragmented supply chain, sustainability considerations, and higher- for- longer interest rates will likely keep new home prices elevated
” Home prices may have stabilised, but overall cost has increased substantially”.
By the fourth quarter of 2024, ERA predicted a rise in private home prices of between 4 % and 6 % year-on-year, according to Mr. Chu.  ,
” For the whole of 2024, new home sales could reach between , 7, 000 to 8, 000 units, while the total resale and sub- sale transactions could range between 12, 000 and 13, 000 units”.