“We expect 2024 to be a slow grinding year, with a further moderation in property prices,” he says. “Key catalysts remain a healthy economy and resilient household balance sheets, with headwinds being increasing supply and higher interest rates.”
In anticipation of a “sluggish year ahead” for the real estate sector, RHB Bank Singapore analyst Vijay Natarajan has maintained his “neutral” call.
The analyst says in 2023, private residential property prices rose by 6.7% y-o-y, more than expected — buoyed by selective new launches. However, volume declined, indicating more selective demand amid a growing mismatch in pricing expectations.
