Prices of luxury residential properties in Singapore are still diving, down 7.9 percent in the third quarter of 2015 from the same period last year, according to the latest results of Knight Frank’s Prime Global Cities Index.
This means that for the seventh consecutive quarter, Singapore is home to the weakest-performing luxury housing market, stated the report which tracked 34 global cities (refer to Figure 1).
The rate of annual decline is still lower than the 15.2 percent drop recorded at the end of Q2 2015.
Alice Tan, Research Head at Knight Frank Singapore, previously said: “The Additional Buyer’s Stamp Duty has been a significant deterrent for foreign buyers, and the negative price performance compounds the weak demand situation.”
Globally, prime property prices rose 1.9 percent in the year to September, down from seven percent two years ago, noted Kate Everett-Allen, Partner, Residential Research at Knight Frank.
Vancouver and Sydney were the standout performers, posting huge price increases of 20.4 percent and 13.7 percent respectively.
Knight Frank defines prime property as the top five percent of the wider housing market in each city.