Government's policy shift sparks housing market activity

In March, transactions increased by 67%.

A total of 9,820 residential units exchanged hands in the first quarter of 2024, up by 29% quarter-on-quarter (QoQ), data from Cushman & Wakefield showed.

Looking at March alone, residential transactions totalled more than 3,970 units, reflecting a month-on-month increase of 67%.

The report revealed that market sentiment improved following the government’s decision to fully withdraw all demand-side management cooling measures in the housing market on 28 February.

In line with the decision, developers actively launched new projects, whilst potential buyers, investors, and non-local buyers actively sought residential properties.

Amidst the rebound, the residential market still reflected a drop of 30% year-on-year (YoY).