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Property market sentiment sees boost in 4Q2023 ahead of potential interest rate cuts: NUS

Nur Hikmah Md Ali

/ EdgeProp Singapore

March 20, 2024 1:50 PM SGT

propertyeditor@edgeprop.sg

propertyeditor@edgeprop.sg

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This marks the first increase in the composite sentiment index after six consecutive quarters of decline (Photo: Samuel Isaac Chua/EdgeProp Singapore)

This marks the first increase in the composite sentiment index after six consecutive quarters of decline (Photo: Samuel Isaac Chua/EdgeProp Singapore)

SINGAPORE (EDGEPROP) - Sentiment in Singapore’s property market picked up in 4Q2023 as markets anticipate the US Federal Reserve will cut interest rates later this year. The latest Real Estate Sentiment Index (RESI) released by the National University of Singapore (NUS) shows that the current sentiment index rose from 4.2 in 3Q2023 to 4.4 in 4Q2023, while the future sentiment index increased from 4.5 in 3Q2023 to 4.9.

The composite sentiment index, which amalgamates the current and future indices, came in at 4.7 in 4Q2023, up from 4.3 the previous quarter. This marks the first increase after six consecutive quarters of decline.

The RESI measures the general prevailing sentiment of the private real estate market performance by surveying senior executives of real estate firms. It is measured quarterly by NUS’ Department of Real Estate and the Institute of Real Estate and Urban Studies (IREUS).

Read also: Developer sentiment in prime residential market turned negative in 2Q2023

IREUS director Professor Qian Wenlan attributes the boost in sentiment to expectations of easing interest rates, which would point to lower inflation levels and business and financing costs.

The hotel and service apartment sector saw the biggest improvement in sentiment, rising 16 percentage points in 4Q2023 to hit a current net balance of 61%. This was followed by the industrial and logistics sector, which also rose 16 percentage points to hit a current net balance of 11%.

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