Tag Archives: Shanghai

Singapore 6th most expensive city in Asia

Posted on 11 Jun 2011 | Comments Off on Singapore 6th most expensive city in Asia

According to the latest cost of living survey from ECA International, Singapore is now the 6th most expensive city in Asia for expatriates to live in, up from its previous ranking of 9th spot. Singapore also rose to the 36th spot from 68th in the global ranking in one year.

The company, which provides solutions for firms sending their staff overseas, said the continued strength of the Singapore dollar against major currencies had pushed the republic up the global ranking.

ECA International also said prices of goods and services commonly purchased by international assignees have risen at much faster rates in Singapore than in other developed locations in the region.

It said such goods and services now cost almost 3% more in Singapore than in Hong Kong while just a year ago, the same would have cost 5% more in Hong Kong.

ECA International pointed out that Singapore is now more expensive for international assignees than Hong Kong, New York, Amsterdam, Frankfurt and Shanghai.

Meanwhile, Tokyo remains the most expensive city for international assignees.

Globally, Tokyo heads the top 10 list followed by Oslo, Nagoya, Stavanger in Norway, Yokohoma, Zurich, Angola’s capital Luanda, Geneva, Kobe and the Swiss capital of Bern.

The region’s top 10 most expensive cities are:
1) Tokyo
2) Nagoya
3) Yokohama
4) Kobe
5) Seoul
6) Singapore
7) Hong Kong
8) Beijing
9) Shanghai
10) Busan

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Asian luxury property prices rise slowly in first quarter

Posted on 12 May 2011 | Comments Off on Asian luxury property prices rise slowly in first quarter

Values of luxury residential properties across Asia continued to slowly rise in the first quarter of 2011. As with the last quarter of 2010, values rose 1.8 per cent, according to Residential Index data from Jones Lang LaSalle.

This is a slowdown from the hectic third quarter of 2010, when prices grew by 7.4 per cent.

The cooling pace comes after various governments enacted anti-speculative measures in 2010.

The index data comes from monitoring major Asian centres including Hong Kong, Beijing, Shanghai, Singapore, Bangkok, Kuala Lumpur, Jakarta and Mumbai. Of these cities, only Kuala Lumpur residential prices showed a slight drop in value of 1.1 per cent over the first quarter, while capital values in Hong Kong showed the greatest increase at 8.3 per cent.

On the Chinese mainland, sales were quiet over the first quarter after new rules were introduced to curb the hot market. Bans on new purchases from owners who already have two apartments and a pilot property tax kept first quarter price increases in Beijing and Shanghai relatively minor at 3.2 per cent and 0.4 per cent respectively.

Despite the current restrictions in China, Chinese buyers will likely still have an effect on other markets within Asia. “The growing pool of high net-worth individuals from mainland China will not only lead to a structural change in buyers’ profile in Hong Kong’s luxury residential market, but will also gradually raise demand for high-quality residential properties in other Asian cities, where the investment environment and social infrastructure are good,” said Joseph Tsang, managing director and head of capital markets at Jones Lang LaSalle, Hong Kong.

Residential prices in China are expected to remain stable or decrease slightly in 2011 due to probable price reductions by developers, and the introduction of fewer high-valued units.

Meanwhile, strong end-user demand and long-term investors will likely see the luxury markets in Hong Kong and Singapore increase in strength.

Source : PropertyReport – 12 May 2011

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Posted in Luxury Property, Property Market / Real Estate

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