Moving on from a not-so-merry Christmas 

2023 brought a host of challenges for property players operating in an environment of worsening sentiment, still-high financing costs and undermined investment demand. 

At the top end of the market, in the prime landed sector that draws the most deep-pocketed buyers, sales volume fell back for a second year. But transacted land rates in 2023 are still at least 40 per cent higher than 2019-2020 levels.

Agents are expecting the volume of deals in Good Class Bungalow (GCB) areas to pick up in 2024, fuelled by existing demand and more realistic price expectations from owners who are motivated to sell, Kalpana Rashiwala reports. Anticipation of lower borrowing costs could also improve the buying mood.