Prices of luxury residential property in Singapore were noted as being the worst performing of the 35 global cities monitored by real estate firm Knight Frank in its latest Prime Global Cities Index.
Luxury prices in the city-state fell 12.6 percent in the first quarter of 2015 compared to a year ago.
Quarter-on-quarter, prime residential prices dropped 3.7 percent in Q1 2015 from the previous three-month period.
The property cooling measures have hit Singapore’s high-end residential sector the most, revealed Knight Frank’s 2015 Wealth Report published in March.
Alice Tan, research head for Knight Frank Singapore said at the time, “This may be a good time for the UHNWIs (ultra-high-net-worth individuals) to re-look at luxury residential homes here, because we believe if the government relaxes the cooling measure for this segment of the market, the recovery could be evident.”
Meanwhile, San Francisco topped the list with the highest annual price growth of 14.3 percent. This was followed by Bengaluru (India) and Miami which saw prices grow 13.6 percent and 12.2 percent on year respectively.
Knight Frank considers prime property as the top five percent of the wider residential housing market in each city it surveys.