You are here

Singapore ousts HK in luxury home-price gains

Prices in Republic up 13% to lead gains in Q3; HK falls to 14th place with 5.5% increase


SINGAPORE has nudged out Hong Kong to top a luxury real-estate ranking despite a slew of cooling measures to tame its property market.

Luxury home prices in Singapore rose 13 per cent in the quarter ended Sept 30 from a year earlier, according to Knight Frank's Prime Global Cities Index. Gains were driven in part by the limited availability of high-end properties.

Hong Kong fell to 14th place with third quarter year-on-year price gains of just 5.5 per cent.

For those with less cash to splash, there is some good news. The price of luxury properties globally rose by 2.7 per cent on average across the 43 cities tracked, the weakest performance in annual terms in almost six years.

Your feedback is important to us

Tell us what you think. Email us at

Cities in Europe had a rather mixed performance with some, such as Edinburgh and Madrid doing quite well, which placed them among the top five.

Others like London moved into negative territory, with luxury prices dipping 2.9 per cent amid continuing uncertainty around Brexit. Paris and Berlin, meanwhile, swapped spectacular for steady, with gains of 5.6 per cent and 5.4 per cent respectively.

Dubai joined London among the decliners with prices falling 3.8 per cent, making it the fifth-worst performer.

Tying for second-worst place were Stockholm, Istanbul and Taipei, all registering 6.3 per cent declines in Q3 from a year earlier.

Vancouver was hit hardest, with prices there down 11 per cent as upmarket pockets like West Vancouver witnessed a marked slowdown in sales. BLOOMBERG

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to