Luxury home prices now back to recession levels, reveals JLL

They're cheaper now than in 2003.

Prime residential prices in Singapore have crashed by about 20% from its peak in 2011, booking the largest price decline among all asset classes in the city-state over the past four years.

Afte being battered by cooling measures, JLL said that prime residential prices are now close to 2003 recession levels in real terms.

"While prime residential prices are 70% higher than 2003 levels, the median household income in Singapore has risen 90% since 2003. Therefore, in real terms, prime residential prices are more affordable in 2015 than they were in 2003. We estimate that a private home now costs around 5.6 years of income, compared to 5.9 years in 2003," JLL said.

The report noted that prime homes in Singapore are "significantly more affordable" compared to prices in other global cities like London, New York, Paris, Tokyo and Hong Kong.

Prime prices in Hong Kong are now 165% higher than in Singapore, while luxury homes in New York and London anre now 80-90% higher.

"We believe there will be more opportunities to buy residential units in bulk in 2016," JLL said.