Singapore is the top-performing residential market in APAC: study

The Lion City registers as the top-performing market with an 8% YoY increase.

The Singapore housing market continued its price growth as the economy narrowly dodged a technical recession in the second quarter of 2023, Knight Frank said. 

This makes the city-state the top-performing residential market in Asia and the Pacific (APAC). The average year-on-year (YoY) residential price growth within APAC in the first half of 2023 stands at 0.2% down.

Another notable economy mentioned in the report is Malaysia with prices in its Kuala Lumpur and Penang areas growing by 0.34% and 5.78% year-on-year. It counts as the second-best performing city.

Australia’s average sales volume in the first half of 2023 stayed flat bi-annually despite high mortgage rates.

New Zealand’s rate of price deceleration is slowing – yearly, prices in Auckland and Wellington dipped 10.6% and 10.5%, respectively, compared to 17.4% and 21.6% six months ago.

In Greater China, “home purchasers in the Greater China region remained conservative on the back of bearish stock market performance, high-interest rates, and sluggish economic recovery.”

Whilst ready inventory is dwindling, residential launches have remained robust, with developers aiming to capitalise on the heightened demand in India. Similarly, prices have been on the rise since the second half of 2021, and residential prices grew 5.3% annually on average, with Mumbai leading the growth at 6.0% in H1 2023.