Luxury residential property prices in Asia continue to rise
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Prices of luxury residential real estate across Asia rose an average of 1.8 per cent during the fourth quarter.
The quarter-on-quarter increase, noted by Jones Lang LaSalle in its latest report, is a slowdown from the 7.4 per cent quarter-on-quarter pace recorded in the third quarter of 2009, as sales activity cooled after the string of anti-speculative measures implemented in 2010 by various governments.
Five of the featured luxury residential markets witnessed price increases during the quarter, while values remained stable in two cities and declined in Beijing. This compares with the previous quarter when five markets recorded increases and the remainder saw stable prices. Luxury property prices in Kuala Lumpur jumped 10.2 per cent, while those in Bangkok recorded a modest 0.1 per cent rise.
Despite the latest round of government measures aimed at curbing speculative demand, luxury residential prices in Hong Kong grew by 6.4 per cent q-o-q in the fourth quarter of 2010, due to continuing rental growth and tight supply.
In contrast, prices in Singapore remained stable for the second consecutive quarter as buyers remained cautious after recent government tightening measures. Prices in Jakarta also remained stable.
