Most luxury residential property markets in the Asia-Pacfic region monitored by JLL saw small gains, or remained flat, during Q3, according to the latest research report by the real estate firm,
In Bangkok, luxury prices saw a 0.1 percent quarter-on-quarter rise and a 1.1 percent year-on-year increase.
Strongest gains were seen in Manilla and Hong Kong with the lattet seeing sales activity increase since the relaxation of conditions associated with the Double Stamp Duty policy.
Manilla saw moderate 2.8 percent growth in the quarter, supported by strong investor demand for luxury condominiums, Buyers in Jakarta have seen quieter conditions due to an ansense of new supply to the market, while buyers in Kuala Lumpur appeared to have adopted a “wait-and-see” attitude, according to JLL, as a result of tighter lending conditions imposed by local financial institutions.
JLL predicted that prices In bith Hong Kong and Singapore are likely to continue to correct in the coming quarters and throughout 2015 due to new suply, continuing property cooling measures, and expected increases in interest rates.
JLL’s report looks at luxury residential properties in each city, including apartments, condominiums, detached and semi-detached housing in traditional prime areas.
Earlier this month Knight Frank’s Global Cities Index, which looks at the top 5 percent of the market, noted a 1 percent quarter-on-quarter increase in Q3, and a 3 percent year-on-year jump.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.
