CNA : Singapore, Hong Kong jump to top 5 on luxury home price-rise list

Singapore, Hong Kong jump to top 5 on luxury home price-rise list
By Ryan Huang | Posted: 23 March 2010 2332 hrs

SINGAPORE: Hong Kong and Singapore jumped from the bottom five to the top five of an annual list measuring the rise in luxury home prices.

This was according to the latest figures from property consultants Knight Frank International for 2009.

The firm said that this reflects the attraction of prime residential property, where demand tends to improve as prices dip.

Overall, luxury home prices in the Asia Pacific region rose about 17 per cent on average last year.

In contrast, luxury home prices globally fell 5.5 per cent.

For 2009, the global list was led by Shanghai, where luxury home prices rose 52 per cent.

This was followed by Beijing at 47 per cent and Hong Kong at 40.5 per cent.

Singapore was tied for fourth place with Johannesburg, where luxury prices increased 17 per cent.

Non-Asian cities that made it to the top ten were Rio De Janerio (10 per cent), London (6.1 per cent) and Washington (5.7 per cent).

At the bottom of the global list - at number 56 - was Dubai, which saw luxury home prices plummet by 45 per cent.

- CNA/yb