Singapore still home to world’s worst-performing luxury residential market: report

But things might finally be looking up.

Singapore was the weakest-performing prime market for the seventh consecutive quarter, according to Knight Frank’s latest Prime Cities Global Index.
The city-state’s luxury residential market continued to be bogged down by weak demand on back of rigid property cooling measures. Despite this, the rate of annual decline has slowed significantly from -15.2% at the end of Q2 to -7.9% this quarter.

“There is evidence of notable condominium sales transacted at prices that are close to typical market prices for ultra-luxury residential properties, hence we see a slight upwards improvement in the index from last quarter. However, such transactions remain low as interest in high-end residential properties continues to remain muted due to ABSD and uncertain market conditions,” said Alice Tan, Director and Head of Consultancy & Research, Knight Frank Singapore.

Shanghai is the best-performing luxury home market in Asia, followed by Jakarta, Bangkok, Seoul ans Bengaluru.

Apart from Singapore, among the worst-performing Asian cities are Taipei, Kuala Lumpur and Guangzhou.