“The recent spike in property prices can be attributed to the monetary stimulus policies and historically low interest rates implemented during the pandemic,” she explained. “These measures significantly enhanced borrowing power and stoked demand, while housing supply struggled to keep up with the pace of new household formations.”

“We are witnessing a significant gap between income levels and property prices, indicating a fundamental shift in market accessibility,” she added.

As real estate values have soared, existing homeowners and investors have been able to channel their substantial capital gains back into the housing sector. This trend has further widened the gap for first-time buyers and individuals lacking financial support from family, making it increasingly challenging for them to enter the market.