Find out what caused the uplift.
According to JLL, average monthly residential sales rebounded 55% y-o-y to 6,123 in the second half of 2016. A buoyant stock market, post-Brexit capital inflows seeking safe-haven investments and strong pricing the public land sales market all contributed to the uplift.
"Capital values of mass residential properties rebounded by 9.5% (as of October) from their in-year lows (last trough in May 2016), reversing much of decline recorded earlier in the year to post full-year growth of 1.6%. Capital values in the luxury segment of the market stayed largely flat in 2016, reflecting the greater resilience of that market; especially in the very top-end of the market where capital values have remained solid throughout the year," said JLL.
Do you know more about this story? Contact us anonymously through this link.