Singapore’s Shaky Luxury Outlook

Singapore’s high-flying luxury residential market has been hit hard by a slew of government measures to rein in prices. The one upbeat sign for the luxury real-estate sector could be that prices aren’t falling as rapidly. Knight Frank’s Prime Global Cities Index noted that Singapore’s luxury property prices fell at a slower rate of 7.9% in the three months to the end of September–compared with 15.2% in the previous quarter. The island nation of 5.5 million is home to the world’s weakest-performing prime property market, according to Knight Frank. “The sentiment is likely to remain muted in the near term till early 2016,” Alice Tan, director and head of consultancy and research at Knight Frank Singapore, told Mansion Global. “Moreover, the government has recently reiterated that property cooling measures are not expected to be relaxed for now,” she added. Singapore's Slide Knight Frank Prime Global Cities Index: annual % change