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In its report released on March 31, JLL stated that the average price of apartments in the first quarter of 2020 was $2,453 per square metre, 15 per cent lower than in the last months of 2019.
This price, however, was still higher than in the same period last year. Currently, all projects in the market maintain price stability and are not affected by the COVID-19.
Accordingly, luxury apartments are quoted at an average price of $7,237 per square metre, while mid- and high-end apartments are priced at $2,206 and $3,551 per square metre and the affordable segment is at $1,204.
The absorption of high-end apartments has been slower due to the impacts of the COVID-19 which is hindering buyers from pouring large volumes of capital into property.
Along with the limited supply, the number of apartments sold in the first three months of 2020 was only slightly more than 1,980 units, half of the same period of 2019. The absorption rate was 54 per cent of the total number of available units launched to the market – the lowest rate recorded in the last two years.
Amid the COVID-19 outbreak, a number of projects were reported to delay construction and launches, resulting in fewer units launched than previously expected. About 1,200-2,000 units are expected to enter the market in 2020. However, this is subject to great uncertainty, depending on how long the outbreak will last.