Property market may not return to pre-pandemic levels until 2024, due to a slower-than-expected economic recovery amid a new coronavirus outbreak and higher inflation, the research unit of the Government Housing Bank said on Friday.
In November, the research centre had forecast the property market would normalise in 2023 following an easing of mortgage rules to revive a key sector that accounts for about 10% of gross domestic product (GDP) and employs 2.8 million people.
But the Covid-19 outbreak driven by the Omicron variant that emerged late last year had slowed domestic activity, said Vichai Viratkapan, head of the Government Housing Bank’s Real Estate Information Centre.
“Rising inflation is…
