Singapore ranks 23rd in Knight Frank's Global House Price Index

Residential prices rose 4.6% in 12 months.

Knight Frank has released its latest annual Global House Price Index, which revealed that Singapore residential prices saw an increase of 4.6% from Q3 2012 to Q3 2013. This was the 23rd highest percentage rate of increase among all surveyed markets in the index.

Knight Frank used the island-wide price index for non-landed properties in deriving Singapore's 12-month change.

Dubai, UAE topped the price index with its blistering 28.5% price increase over the year, followed by China (21.6%) and Hong Kong (16.1%). Rounding out the top 5 were Taiwan (15.4%) and Indonesia (13.5).

"Unlike other Asian property markets such as in China and Hong Kong where house price escalation continued despite their introduction of measures to control the market, Singapore's private residential property prices have moderated to a low growth level," said Alice Tan, Head of Consultancy & Research, Knight Frank Singapore.

"This demonstrates the tentative effectiveness of the property cooling measures and the Total Debt Servicing Ratio ruling, which reduced speculative activity in the market and debt exposure of property buyers," she added.