Cooling measures, high interest rates curb overall prime home demand

Rent for prime homes increased by 1.4% QoQ.

The market's cooling measures and high interest rates dampened overall prime home demand, according to JLL. 

New home sales also fell due to a lack of new launches whilst resale deals were capped by price gaps despite growing interest.

Vacancy increased quarter-on-quarter (QoQ) as new project completion surged.

As for prime non-landed homes, prices rebounded QoQ after slipping for three quarters. The increase was supported by local and foreign purchasers’ demand. Meanwhile, investors remained deterred by the high Additional Buyer’s Stamp Duty. 

Overall rent for both landed and non-landed prime homes increased by 1.4% QoQ.

“We expect prime leasing market conditions to improve over the coming quarters, driven by the anticipated economic growth and increased business hiring activities,” said JLL.