Singapore the world’s hottest luxury property market, while Vancouver ranks worst, says Knight Frank global index
- Singapore’s luxury market shot to No 1 globally after prices rose 13.1 per cent during the third quarter on year
- Vancouver luxury property deflates 11.2 per cent during the third quarter, ranking worst market of 43 cities tracked
Singapore’s luxury home prices have surged to become the world’s fastest appreciating market globally, overtaking Hong Kong where price growth has cooled such that it no longer ranks in the top dozen cities by price momentum, according to Knight Frank LLP.
Hong Kong’s luxury home prices rose 5.5 per cent in the September-ended quarter on year, to rank 14th among 43 cities tracked by the Knight Frank’s quarterly Prime Global Cities Index.
Singapore’s luxury market ranked No 1 after prices rose 13.1 per cent for the quarter on year, outpacing Edinburgh and Madrid where prices rose 10.6 per cent and 10.1 per cent respectively.
Vancouver’s luxury segment ranked last among the 43 cities tracked, with quarterly price depreciation of 11.2 per cent on year, trailing Istanbul where quarterly prices were down 6.2 per cent from 12 months earlier.
“Although deep-pocketed investors may have not have suffered that much from declines on the stock market related to uncertainties of US-China trade war, sentiment has turned sour more or less,” David Ji, head of research and consultancy for Greater China at Knight Frank, said.
Underscoring the shifting confidence in the Hong Kong market, some luxury flats owners have started to slash prices to unload their properties.
