Prices of landed homes to increase by 10% for the whole of 2022
The property price index for landed homes rose 7.3% in H122.
Prices of landed homes will likely record an increase of around 10% for the whole of 2022, according to property expert, Knight Frank.
In Q2 2022, the property price index for landed homes rose by a further 2.9%, pushing the total increase for the H122 to 7.3%. During the same period last year (H121), home prices only rose by 6.3%.
According to Knight Frank, the steeper price growth shows that landed homes were largely unaffected by the December cooling measures.
Knight Frank said the scarcity of landed homes and growing domestic wealth will push up demand in the market, which in turn, will increase prices.
"A steady rise in affluence, organic growth of the local wealth population and new citizens are expected to contribute to the pool of buyers for landed homes," the expert said.
Supply, on the other hand, will be exacerbated by the skyrocketing conduction costs which will also affect the time needed to build landed homes, added Knight Frank.