Experts rate Singapore’s luxury property for The Vales Showflat among the worst value performing. Singapore’s luxury residential property prices dropped significantly in 2014 as revealed in a report published by night Frank’s consultancies 2015 Wealth Report. This was given to the media in Night Frank’s Prime International Residents Index. (PIRI).
This index keeps track of the 100 key luxury cities and second-home markets in the world. Singapore fell 12.4% to 98% which is only 2 points off from being removed from the list altogether for The Vales SinghaiYi.
The Vales EC Showflat
Singapore’s Night Frank’s Research Head Alice Tan said Singapore was the only Asian country in the lower 40 positions of the index in The Vales Showflat. The next lowest were the Asian cities of Beijing at 63 and Taipei at 65.
Governmental controls on the market that were introduced in places like Hong Kong and Singapore are continuing to slow the market, this is according to Nicholas Hoult who is Head of Research for Asia Pacific, was quick to add.
The Vales Executive Condo
By using higher taxes and mortgage market intervention for The Vales Executive Condo in Singapore, these policies are deliberately aimed at limiting the rise and in some instances causing a drop in markets and cities such as Singapore and Hong Kong. In Singapore that markets have dropped especially in the luxury residential area by over 10% as revealed in this latest report.
However the price gap between the high-end and the mid tier residential housing prices have begun to narrow and this became more evident in the final quarter of 2014 in The Vales, Tan added.
This might be the perfect time for Ultra High Net Worth Individuals (*UHNWIs) to re-examine their thoughts on luxury residential homes in Singapore. The indications are that if the government relaxes the cooling measures in this area of the market a quick recovery could be evident.
The Vales Singapore
The Real Estate Developers Association of Singapore (REDAS) has put out a call to the government to relax the cooling measures for the high-end residential sector, this is due to the fact that this area of the market tends to attract UHNWIs who also bring in investments into the country, which create jobs for Singaporeans, Tan concluded.
*UHNIs are people with a net worth of $30 million USD not including their primary residence for The Vales.