Real estate firm, Knight Frank, produced its most recent Prime Global Cities Index report, which has shown Singapore to be the worst performing city with regard to luxury residential prices, out of the 35 global cities that the firm monitors. For 2015’s 1st quarter the city-state saw a drop by 12.6% in the luxury prices sector in comparison to what those figures were at this time last year.
Compared to the previous period of three months, the 1st quarter of 2015 saw a quarter on quarter drop of 3.7% for prime residential prices for Thomson Impressions here.
In March, Knight Frank published its 2015 Wealth Report, which clearly indicate that the high end residential sector of Singapore’s market have been greatly affected by property cooling measures implemented by the government.
Thomson Impressions by Nanashan
At the time of this report, research head for Knight Frank, Alice Tan, had stated that it was probably an ideal time for individuals in the “ultra high” net worth category to look once more at the area’s luxury residential houses. The firm believed that, should the government choose to relax these cooling measures for this particular market segment, a recovery could be obvious.
On the other side of the spectrum, It was San Francisco, California which made the top of the firms list, producing the maximum annual price growth at 14.3%. Bengaluru, India and Miami, Florida closely followed with price growth figures at 13.6% and 12.2% respectively for Thomson Impressions.
Upper Thomson Road Condo
Prime property is considered, by Knight Frank, to be the top 5% in all of the cities that it surveys with respect to the broader market in the residential housing sector Thomson Impressions.