Demand increases compared to the previous quarter

• The quarter saw a noticeable pick-up in interest in certain condominium developments. Condominium projects near completion continued to sell better than the market average as they offered minimal risk of construction delays.
• Serviced apartment vacancy rates decreased by 2.3% compared to the previous quarter. Demand for serviced apartments during this period was partially influenced by an increase in people opting for staycations during the extended May holidays and Eid al-Fitr celebrations.

No new condominium project launches

• While no new condominium projects were launched in the quarter, there is potential for upper-grade condominium launches later this year. This is still subject to change, given the confidence level of developers.
• In the quarter, no new serviced apartments were added to the market, and it is expected that this trend will continue for the rest of 2024.

Luxury and upper-grade condominium prices increase

• Successful sales have prompted some developers to increase prices, particularly for projects set to be completed this year. Meanwhile, other condominium projects have maintained their pricing, with some even introducing various promotional offers.
• Serviced apartment operators have maintained stable rents without requiring substantial modifications, resulting in relatively stable rent growth of 0.7%.

Outlook: Some condominium projects on target to complete this year

• There are several condominium projects set to complete later this year. While there is also anticipation for the launch of a luxury project, the condominium market is likely to remain soft overall throughout this year.
• In 2025, the market will see the introduction of three new serviced apartment developments, totalling around 648 additional units.