Prime rents to sustain growth but at a slower pace: JLL
This is linked to the large influx of supply and weaker economic performance.
Prime rents are expected to grow in 2023 but at a slower pace, JLL reported.
This is due to the large influx of new supply expected, and the weaker economic performance.
Over the same period, price growth could also slow next year due to soaring interest rates and market uncertainty.
JLL reported that in the last quarter of 2022, prime market activity was “more muted” due to the increases in loan interest rates, property cooling measures imposed last September 2022, and the typical lull surrounding the year-end festive period.
“No successful prime residential collective sale deals were recorded in the quarter, as the price expectation between developers and sellers remains mismatched, leading to a stalemate in the private land sales market,” JLL said.