Singapore homes have recorded capital growth of 105% over the past 10 years.
Singapore has been ranked as the fifth most powerful and important property market globally, according to Savills’ 12 Cities report for the first half of 2016.
The report noted that the rankings are based on a city’s global connectedness, economic performance, power and competitiveness.
“We have combined (their study results) that seem to best capture the features that make cities powerful and important real estate markets for both occupiers and investors,” said Savills.
Globally, the top spot was clinched by London, followed by New York, Paris and Tokyo. Hong Kong took sixth place, followed by Sydney and Los Angeles. Completing the top ten are Chicago and Dubai.
“Our city ranking analysis highlights two things: first, that rent levels and growth are dependent on cities achieving – and then maintaining or growing – their competitive edge against other global cities.
“Currently, New York and London dominate the ranking of our core 12 cities. Dubai and Singapore are rising, while Hong Kong and Moscow have moved down the rankings,” noted Savills.
In addition, Singapore recorded the sixth highest residential capital growth of 105 percent since Savills began collecting such data 10 years ago.
Mumbai saw the largest growth of 184 percent, followed by Shanghai (173 percent) and Hong Kong (167 percent). Sydney and London took the fourth and fifth spots at 137 percent and 121 percent, respectively.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
