In April 2023, the real estate market activity dropped significantly compared to previous month, with the number of transactions falling behind April 2022 by 22%.
The average sale price continued stable growth, reaching 1,177 $/SQM and exceeding the same period of the previous year by 32%. In the same period, rent price stood at 12.8 $/SQM, posting a 52% annual growth. However, there was a 1.6% decline observed in monthly terms.
Due to the decline in the number of transactions , the market size decreased by 23% YoY, amounting to $200 million.
Despite the sizeable decline in April in terms of sales and consequently, market size, the preliminary data for May 2023 seems more promising and we are not expecting a similar drop.
