Singapore remained in the world’s top ten most expensive market for prime residential property, even as prices here fell 1.1 percent during the first half of 2019, revealed a Savills report.
About half of those in the list registered a drop in prices, including second place New York, where prime residential prices fell 1.8 percent, fifth place London (-1.0 percent), seventh place Sydney (-2.3 percent) and eight place San Francisco (-3.0 percent).
This comes as the “slowdown seen across the world’s leading prime city housing markets during the second half of 2018 continued into 2019”, noted Savills.
Hong Kong emerged as the most expensive market, with prices of prime residential property at US$4,730 per sq ft. Others in the list are Tokyo (3rd), Geneva (4th), Shanghai (6th) and Paris (9th).
Meanwhile, Berlin posted the highest increase in prices at 4.2 percent, followed by Paris (3.9 percent), Beijing (2.9 percent), Kuala Lumpur (2.4 percent) and Bangkok (2.3 percent).
The Savills World Cities Prime Residential Index rose 0.4 percent in the first half of 2019, bringing annual growth to 0.7 percent. The figure is lower compared to the annual increase of 5.1 percent registered in the year to June 2018.
“There are a number of reasons why the prime residential markets in global cities are going through a slowdown,” said Savills.
“Government policies, the cost of money, increased supply and global economic uncertainty have all contributed. Despite these headwinds, we do not except significant price falls across the Index, but that growth will remain flat or experience small increases in value over the medium term.”
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email fiona@propertyguru.com.sg
