Singapore has ousted Hong Kong to be ranked top in terms of growth in prices of luxury properties, according to a recent study. Luxury home prices in Singapore rose 13 per cent in the quarter ended 30 September, compared to a year ago. The gains were attributed partly to the limited availability of high-end properties.
The top five performers were Singapore, Edinburgh, Madrid, San Francisco and Tokyo. Hong Kong is now placed 14th, as its year-on-year price was just 5.5 per cent. Globally, the price of luxury properties rose by 2.7 per cent on average across 43 cities tracked. London’s performance was not so positive, with luxury prices dipping 2.9 per cent, while Paris and Berlin gained 5.6 per cent and 5.4 per cent respectively.
Dubai became the fifth-worst performer, with prices falling 3.8 per cent. Prices in Stockholm, Istanbul and Taipei also fell by 6.3 per cent, but the city where prices saw the biggest fall was Vancouver, with a fall of 11 per cent.