Price growth of private homes to moderate in 2023

CBRE expects prices to increase by around 3%-5%.

Given the low unsold inventory, healthy household balance sheet, and higher rents, CBRE expects the price growth of private homes to moderate in 2023 to around 3%-5%.

In 2022, private home prices rose by 8.4%.

Meanwhile, CBRE expects new home sales to improve to 7,500 – 8,500 units in 2023 on the back of a healthy new launch pipeline.

In 2022, the full-year new home sales declined by 45% YoY to 7,104 units.