The price jump for Singapore’s luxury homes has been so high it now stands at the third largest in the world for 2010. Our country now lies behind only Shanghai and Mumbai according to The Wealth Report 2011 which has been carried out by Citi Private Bank and property consultancy Knight Frank.
Top priced homes in Singapore increased by 18% last year, equalling that of Helsinki, Finland. In 2009, we were ranked fifth with a 17% rise.
Usually Hong Kong, New York and London are among the top contenders, but all saw price drops in 2010 (ranging from 10-15%).
The official data from the Urban Redevelopment Authority (URA) shows that private home prices (including everything from mass market to luxury) increased to 17.6% last year. However, despite the jumps, luxury home prices only ranked 10th most expensive across the world.
According to the Wealth Report, at the end of last year, average prices for luxury homes reached US$27,100 (S$34,154psm), which is half the price of those in Monaco, where prices were recorded as being US$65,600psm.
Compare Singapore to London last year, however, and the price of homes looks relatively cheap! The English capital weighed in second for their price of luxury homes averaging US $56,300psm.
Looking broadly across the world, 2010 seems to have been a profitable one for high-end homes, with two out of five of the world’s most elite residences rising in value. The report studied the prices of luxury homes in 85 cities across 40 countries.
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