The luxury real estate market is witnessing growth in Singapore as can be seen from the third quarter of 2018 and this augurs well for the island city’s realty market in general. Singapore has now displaced Hong Kong from the top spot in a ranking of best luxury real estate markets that saw price growth in Q3 2018. Singapore has been an increase of 13% in luxury home prices while Hong Kong has come down to 14 place with increases of just 5.5% in luxury property prices.
Prices increased by 30% for luxury homes in Singapore for the quarter ending on the 30th of September, 2018, as per this report. These price increases were majorly driven by lower supply of premium properties and high investor/buyer demand alike. However, the prices of luxury properties went up by just 2.7% annually across the globe, for 43 major cities which were analysed by these reports and studies.
Cities situated in Europe had mixed trends witnessed for this period with some cities like Madrid and Edinburgh finding favour amongst investors and hence finding places in the top 5. London however disappointed overall with a drop of 2.9% in luxury property prices although this is expected to spark higher demand in the near future and drive up prices again. Cities like Berlin and Paris saw price increases of 5.4% and 5.6% respectively which put them in steady territory. Dubai also had prices coming down by 3.8% although this has driven buyer interest and prices could rise swiftly in the future. Declines were seen in prices for cities like Taipei, Istanbul and Stockholm along with Vancouver.
However, global investors are also on the lookout for bargains and cheaper deals and this is a major chunk, thereby indicating that property prices in the luxury segment will majorly continue to remain steady or keep growing over the years.
