Singapore has once again emerged as the world’s second most expensive residential property market behind Hong Kong, revealed a CBRE report which compared private residential properties across 35 key global cities. This comes despite the government’s introduction of new cooling measures last year which saw property price growth drop a little.
Singapore has once again emerged as the world’s second most expensive residential property market behind Hong Kong, revealed a CBRE report which compared private residential properties across 35 key global cities.
Hong Kong maintained its top position as average homes there cost US$1.235 million or US$2,091 psf, while average homes in Singapore cost US$874,372 or US$1,063 psf.
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Shanghai also remained in third spot, with average home prices at US$872,555 (US$714 psf).
“As a financial hub, Singapore is known for its skilled talent, ease of doing business, top-notch infrastructure, as well as economic and political stability. Singapore has always been an attractive location for multinational companies to establish their regional headquarters. These factors influence the cost of property ownership in the city,” said Desmond Sim, head of research for CBRE in Southeast Asia.
The report, however, noted that average price growth in Singapore was slower at 1.1 percent, compared to the 5.5 percent growth registered in Hong Kong and 11.2 percent in Shanghai.
The report revealed that these three top cities have all introduced cooling measures to keep prices under control.
Singapore’s introduction of new cooling measures last year saw property price growth drop for the second straight quarter in Q1 2019 following five consecutive quarters of robust growth since Q3 2017, said Sim.
“Coupled with increasing supply and weaker sentiments, prices are likely to moderate or remain flat from this year going forward,” he added.
Other Asian cities in the top 10 list are Shenzhen and Beijing, which were in 5th and 9th place respectively.
Completing the top 10 list are Vancouver (4th), Los Angeles (6th), New York (7th), London (8th) and Paris (10th).
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
