_Residential Market Update Q2 2024
All quiet on the private home front
July 26, 2024
Key Highlights
- The private home market appears to be in a quiet phase after the completion of almost 20,000 units in 2023. Homebuyers are likely to remain more selective until interest rates fall.
- In the new sale market, it is now projected that the total for 2024 will be between 4,000 to 6,000 units, substantially lower than the 7,000 to 9,000 primary transactions originally anticipated.
- Islandwide leasing contracts for non-landed private homes totalled 12,378 in April and May 2024, a marginal 0.1% increase when compared to January and February 2024, and 1.5% higher than the same period in 2023.
Read full report here.