Chinese buyers lead return of foreigners in Singapore’s luxury homes
Singapore registered the third highest increase in prime residential prices at 7.7 percent, behind Berlin and Shanghai.
Prime residential prices across the world’s key cities eased significantly to just 0.4 percent during the second half of 2018, but overall increased by 2.3 percent across 2018, revealed Savills’ world cities prime residential index.
Singapore registered the third highest increase in prime residential prices at 7.7 percent, behind Berlin and Shanghai which saw prices climb nine percent and 7.9 percent respectively.
Hong Kong posted the fourth highest hike in prices at 7.3 percent, followed by San Francisco (6.9 percent), Tokyo (5.7 percent) and Shenzhen (4.8 percent).
Nonetheless, Hong Kong remained that world’s most expensive city, with prices soaring 199 percent over the last 10 years, while Singapore settled in eighth place.
Tokyo, on the other hand, came in second, followed by New York, London, Shanghai, Sydney and San Francisco. Rounding off the top 10 list are Paris and Shenzhen.
“Without doubt, the world’s wealthy will continue to want to hold one or more world city prime residential properties as part of their investment portfolio, both as a store of wealth and as a base for work and leisure,” said Savills world research director Sophie Chick.
“But as cities reach maturity on the world stage there will be less potential for rocket fuelled price growth and we expect prime residential markets to settle a more steady growth trend over the foreseeable future,” she said.
“There will be exceptions as new global cities emerge or economic conditions improve. In the short term, it’s the European cities that are likely to see the highest rates of price growth, benefitting from Brexit, lower prices and renewed confidence in markets like Spain.”
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org