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Singapore ousts Hong Kong as No. 1 for luxury home price gains

SINGAPORE — Guess which city managed to top a luxury real-estate ranking despite a slew of cooling measures to tame its property market? Yes, the tiny island nation of Singapore, nudging out Hong Kong.

The Seascape, foreground right, and other luxury property developments at Sentosa Cove stand on Sentosa Island in this aerial photograph. Luxury home prices rose 13 per cent in the quarter ended September 30 from a year earlier, according to Knight Frank LLP’s Prime Global Cities Index.

The Seascape, foreground right, and other luxury property developments at Sentosa Cove stand on Sentosa Island in this aerial photograph. Luxury home prices rose 13 per cent in the quarter ended September 30 from a year earlier, according to Knight Frank LLP’s Prime Global Cities Index.

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SINGAPORE — Guess which city managed to top a luxury real-estate ranking despite a slew of cooling measures to tame its property market?

Yes, the tiny island nation of Singapore, nudging out Hong Kong.

Luxury home prices rose 13 per cent in the quarter ended September 30 from a year earlier, according to Knight Frank LLP’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.

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

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