Singapore Prime Properties Price Rise Ranked No. 3!

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Singapore Prime Properties Price Rise Ranked No. 3!

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Dennis Ng

Apr 6, 2011
S'pore prime home price rises rank world No. 3

SINGAPORE'S luxury homes chalked up the third-biggest rise in prices across the world last year, behind only Shanghai and Mumbai, according to a new report out today.

The Wealth Report 2011, compiled by Citi Private Bank and property consultancy Knight Frank, found that high-end home prices in Singapore climbed by 18 per cent last year, the same gain as that in Finland's capital of Helsinki.

This was on top of a 17 per cent rise in 2009, when Singapore registered the world's fifth-largest jump in luxury home prices.

Similar homes in Shanghai saw a 21 per cent price surge last year, on top of a 52 per cent jump in 2009, while those in Mumbai rose in price by 20 per cent last year, after going up 11 per cent in 2009.

Traditional heavyweights Hong Kong, New York and London all saw smaller price jumps last year, ranging from 10 per cent to 15 per cent, the report said.

The 2010 survey of prices was conducted before Singapore's latest and toughest round of property cooling measures in January this year.

According to official data from the Urban Redevelopment Authority (URA), the prices of all private homes, from mass market to luxury, climbed 17.6 per cent last year.

Prices of non-landed homes in what the URA terms the core central region - the prime districts of 9 to 11, the Central Business District and Sentosa - went up 14.2 per cent.

But despite the big jump in prices last year, Singapore's luxury homes were only the 10th most expensive globally.

As of the end of last year, average prices in the luxury home segment here reached US$27,100 (S$34,154) per sq m (psm), or about US$2,518 (S$3,173) per sq ft, the Wealth Report said.

This is less than half the level in Monaco, where high-end homes weighed in at US$65,600 psm at the end of last year, according to the report.

London's luxury homes were the second priciest in the world last year, at US$56,300 psm.

Cities in France, including St Tropez, Paris and Cannes, occupied the third to seventh spots, followed by Tokyo, Hong Kong and Singapore.

In general, 2010 was a good year for high-end homes, with about two in five of the world's most exclusive residential property markets rising in value, Citi and Knight Frank said in a statement on the Wealth Report. The report analysed the prices of luxury homes in 85 cities across 40 countries.

Among the losers last year, Dublin stood out with a 25 per cent fall in luxury home prices, while Dubai's properties lost 10 per cent in value.

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