Some developers started to introduce their new projects in Q1 2021. Unfortunately, the demand growth in the market remains sluggish, making it hard to revise the asking prices. In addition, the government set out some stimuli for the residential property sector, including the property relaxation norm from the Central Bank coupled with the foreign ownership regulation, which will bode well for developers and property demand. In addition, the VAT waiver will be beneficial for upgraders as well as developers who still have unsold inventories. All in all, we are of the view this year will remain a buyer’s market, and there will be a gradual yet moderate recovery in the market.
