Prime residential prices in Singapore grows by 5% YoY in 1Q24

The index revealed a robust average annual growth rate of 4.1% across 44 markets.

Singapore reported a 5% annual increase in prime residential prices in 1Q24, Knight Frank's Prime Global Cities Index revealed.

The index revealed a robust average annual growth rate of 4.1% across 44 markets, the highest since 3Q22. The recent figure is a recovery from zero growth in 2022 but remains below the long-term average of 5.4%. Meanwhile, quarterly growth strengthened to 1.1% from 0.3% in 4Q23. 

Seventy-eight per cent of cities experience annual price growth, with only 19% seeing declines, notably less than a year ago. Manila leads with 26.2% annual growth, followed by Tokyo, Mumbai, and Delhi. Perth ranks fourth with 11.1% growth.

“The rebound in global housing markets is continuing, as evidenced by our Prime Global Cities Index reaching 4.1% annual growth, said Liam Bailey, Knight Frank’s global head of research.

“Rather than heralding a return to boom conditions, the index indicates that upward price pressures stem from relatively healthy demand, set against continued low supply volumes,” he continued.

Bailey also suggests a future rate pivot may increase market liquidity.