This is the sharpest decline for many years, according to real estate market research firm CBRE's Q1 report.
In particular, apartments in the high-end segment recorded the strongest decline of more than 70% compared to the last months of 2016. In addition, the number of apartments sold also decreased by nearly half compared to the previous quarter. The fall in supply is believed to be caused by developers changing strategies due to fears of excess supply. CBRE commented that excess supply remains a problem, and 2017 will be a difficult year for the real estate market as many projects are approaching handover deadlines to customers this year.
