Yes, the local market has slowed down due to the rise in interest rates, however, right now is still a GREAT time to purchase an investment property for the following reasons:
#1 Cash Purchase Discounts
If you have the resources to purchase a property in cash, sellers are willing to negotiate on price.
#2 Attractive Pre-construction Investments
Given pre-construction developments typically take 2-3 years, buyers are able to secure early discounted prices and postpone financing until interest rates become more affordable.
#3 Competitive Financing for Foreigners
Foreigners are still able to access more competitive mortgage rates from select lenders and secure more affordable financing terms.
#4 Attractive Airbnb Returns
There are still properties that allow short-term rentals (e.g., Airbnb), which yield attractive returns.