S'pore the 4th best city in the world: Savills

Singapore has been named one of the top 10 cities in the world, according to the Savills World Class Index of residential property markets.

According to Property Wire, average prices in the index have risen 77 percent since the end of 2005.

The index shows the widening gap among the rising economies in Hong Kong, Moscow, Mumbai, Shanghai and Singapore, compared to established markets like London and Tokyo, which have been heavily impacted by the global financial crisis.

The island-nation’s real estate market has expanded 123 percent over the last five years, climbing from seventh place in 2005 to fourth place this year.

“With its strategic location in a time zone between Europe and North America, Hong Kong has emerged as one of the world’s elite financial centres, and as a gateway to China has prompted increased capital and talent inflow over the past decade,” said Simon Smith, Head of Research at Savills Asia Pacific.

The strength of Singapore’s property market is attributed to domestic and foreign buyers alike, including the healthy market from corporate interests. Conversely, the trend could be short-lived, as the Singaporean government is currently implementing measures to rein in the rapidly growing market.

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