What can stabilise private residential resale prices in 2023? 

Resale prices have risen by 6.1% in 1H23.

Completion of more non-landed homes in the second half of the year can stabilise resale prices in 2023 to 8%, according to Huttons.

As of 1H23, resale prices have already risen to 6.1%.

Data from Huttons showed that there will be 21 project launches in 2H23, adding 6,969 units to the pipeline.

The total number of units launched for the year is expected to reach 10,655 following the addition of the 2H23 pipeline.

“There will be a flurry of project launches in July and the first half of August as developers avoid the lunar seventh month which begins on Aug 16 and ends on Sept 14,” Huttons said.

On the volume side, Huttons expects 11,000 units to be transacted in 2023, saying that the high-interest rate might put a cap on resale transaction volume.