Surveys of banks, developers and surveyors all point to a recovery in capital values over the next few months. As does the behaviour of investors. The strength of that recovery is more uncertain, with the indicators pointing to annual price growth accelerating from -4.5% in Q2 to 0%-10% by the end of the year. Our forecast for growth of 2.5% by end-24 sits toward the bottom of that range, reflecting our more pessimistic view on the prospects for yield compression.
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