Singapore luxury residential market ranked weakest globally in 3Q15

It’s been seven consecutive quarters of poor performance.

The Knight Frank Prime Global Cities Index for 3Q15 revealed that Singapore had the weakest-performing prime market across the 33 key cities that were tracked.

The index, which is compiled on a quarterly basis, enables investors and developers to examine the top 5% of the wider housing market of major cities in the world.

This is the seventh consecutive quarter that Singapore languishes in the bottom of the barrel. Things may be looking up, though, as the index illustrated that the annual decline rate of prime property prices nearly halved from -15.2% at 2Q15’s end to -7.9% this quarter.

Meanwhile, Vancouver dominated the index for the second quarter in a row with prices skyrocketing 20.4%. Sydney and Shanghai saw similar double-digit growth in their prices with a 13.7% and 10.7% increase, respectively.