Private home prices extended gain for two consecutive quarters, rising 1.3 percent vs Q2. This increase is attributed to the higher prices of new launches and the 1 percent price increase of landed properties in Q3. Analysts also observed a higher demand in the high-end property segment.
Developers are ramping up project launches. 11 new projects were launched in Q3 and another 15 projects are expected to be launched in Q4. Hence, analysts are expecting home prices to show moderate growth for the rest of 2019, as the new sales will probably drive up the pricing.
Q3 is also the quarter with the highest number of new home sold in a single quarter – 3,281 units, since Q2 2013 (4,538 units). 80 percent more foreign buyers are purchasing properties in new launches. Analysts believed that the regional economic uncertainty is driving some of the demands – flight for safety.
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