Singapore luxury home prices registered the eighth largest growth, with values increasing 5.4% in first quarter of 2016 from a year ago, according to the latest Knight Frank Prime Global Cities Index.
The yearly price growth indicates ‘green shoots of recovery’ for Singapore's ultra-luxury home segment, as high-net worth individuals show increasing value proposition for luxury homes after two-year long period of price drop, as reported by Alice Tan, Research Head at Knight Frank Singapore.
She also added, that most of the prime units were sold at prices exceeding market expectations in Q1.
Same with the data of Urban Redevelopment Authority (URA), prices of luxury home in Singapore’s Core Central Region (CCR) shows inch up by 0.3% in quarterly basis, sales were driven mainly in well-located projects in the prime districts.
Nevertheless, recovery of price in the high-end residential segment remains unclear if it can continue in the next 3 quarters as instability in the global economy remains.