Prices of Singapore luxury home climbed by 7.9% in the 12 months to June 2016, according to Knight Frank’s Prime Global Cities Index for second quarter of 2016, where Singapore was placed ninth on the index.
Top of the list is Vancouver with high-end homes prices surging by 36.4%. However, Canadian port city price inflation is expected to decline after the British Columbia government announced a new 15% tax for foreign buyers, effective date starts on 2 August.
Other top performers of the second quarter Knight Frank Prime Global Cities Index include, Shanghai with 22.5%, Cape Town with 16.1%, Toronto with 12.6%, Melbourne with 11% and Sydney with 10.2%, all these cities saw annual price increase by double digit. Also, Tokyo, Guangzhou and Seoul are included in top ten.
Knight Frank noticed that majority of the top 10 ratings have been on the experiencing end of new cooling measures for the past year.
Meanwhile, Hong Kong has overtaken Taipei for the weakest-performing residential market. This come out as prime prices there declined by 8% in the year to June, due to supply increased and persistent concerns over the slowing local economy.
Singapore upcoming luxury homes such as Gramercy Park and Sturdee Residences, envisioned to provide excellent investment opportunities in the near future.
