According to the Knight Frank Prime Global Cities Index, prices of prime homes in Singapore continued to fall in the third quarter, as muted high-end demand resulted in a low number of transactions.
Singapore has been ranked as having the weakest-performing luxury residential market for the seventh consecutive quarter, the Knight Frank Prime Global Cities Index that tracks 34 cities worldwide found.
While prices of prime homes here fell the most, the rate of decline on a year-on-year basis slowed from a 15.2 per cent fall at the end of the second quarter, to 7.9 per cent at the end of the third.
“However, such transactions remain low as interest in high-end residential properties continues to remain muted due to additional buyer’s stamp duty and uncertain market conditions,” Alice Tan, head of consultancy and research at Knight Frank Singapore, told The Business Times.
The cities that showed great gains on the same index were Vancouver, Sydney and Shanghai, which recorded double-digit annual price increases.
Knight Frank’s analysis by region shows Australasia leading the chart with an average annual price growth of 11.6 per cent, followed by North America at 8.5 per cent and Europe at 0.8 per cent.
Check out The Business Times for more.
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