Luxury residential home prices down 6% in 2014, record biggest drop in Asia Pacific
Prices will slip further this year.
Prices of luxury homes in Singapore recorded the biggest drop in Asia Pacific in 2014, after declining 6% for the full year.
According to JLL, the decline was brought about by a myriad of policies aimed at a piloted market adjustment.
In contrast, Hong Kong market expanded by over 2% on the back of pent-up demand arising from policy relaxation.
The strongest price growth was recorded in Manila last year, with property prices jumping 9.7% year-on-year.