World’s worst performer: Singapore luxury home prices plunged 10% in Q3

It saw the biggest drop in a global index.

Here’s another blow to Singapore’s luxury residential market. Upscale home prices in the island saw the biggest drop in a global luxury home price index released today by Knight Frank.

According to the Knight Frank Prime Global Cities Index, Singapore’s luxury home market is the worst performer in a study that tracked prices in 33 key markets.

Posh home prices in the island fell 10% year-on-year in Q3, as several rounds of cooling measures continue to take their toll on prospective buyer.

The overall index rose by 0.2% this quarter, driven by large jumps in luxury home prices in other cities. Jakarta, for instance, clinched the top spot with a staggering 27.3% jump in luxury residential prices.

Other Asian cities on the list included Shanghai (5.5% increase), Tokyo (4.5% increase), Seoul (4.1% increase), Kuala Lumpur (0.7% increase), and Hong Kong (1.1% increase).