Following the start of the interest rate cut cycle last year, developers sped up project launches. However, many projects, even with price reductions, failed to sell out, leading to a steady buildup of unsold inventory.
The unsold inventory of first-hand homes reached 22,323 units, marking a third consecutive quarterly increase and the second-highest level in 21 years.
Developers’ sales strategies also contributed to the surplus, with some projects launching additional phases before fully selling out earlier ones.
The aim is to leverage early sales in the new phase– often at discounted prices– to generate buzz and enhance the overall appeal of the development.
