According to a report by Global Property Guide, housing markets in Asia have remained buoyant in the first quarter of the year in line with the overall boom seen across all global markets.
Eight of the nine markets surveyed across the region, noted property price increases during Q1 2013. Globally, the increases across 28 of the 42 markets surveyed, reflect the most significant rate acceleration since the boom years of 2006-2007.
“The latest house price figures obviously show that the global housing slump is finally over. House prices are rising in more countries than not, and the momentum trend is clearly upwards,” the report stated.
Across Asia, Hong Kong posted the biggest increase and ranked second globally, with a 20.14 percent year-on-year growth in Q1. Aside from the price growth, project completions are also expected to rise in 2013 and 2014.
In Delhi, India, home prices were up 7.61 percent in Q1 2013, compared with a 6.05 percent year-on-year increase in Q4 2012.
Second-hand residential buildings in Beijing, China, increased 5.92 percent during the year to Q1 2013; while Greater Taipei, Taiwan posted 3.24 percent growth over the same period.
Modest price increases were also seen in other Asian markets namely Makati CBD, Philippines (2.34 percent), Tokyo, Japan (2.12 percent), Indonesia (2.04 percent), and Thailand (1.48 percent).
However, house prices dipped 0.58 percent in Singapore, during the year to Q1 2013, but were better than the 1.36 percent year-on-year decline registered over the same period last year.
Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@propertyguru.com.sg
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