According to Savills on Tuesday (Feb. 7), SINGAPORE and DUBAI will have the top-performing prime residential markets worldwide in 2023, with capital values in the two wealthy hotspots expected to increase by 6 to 7.9%. It did, however, point out that neither market is immune to rising interest rates and broader economic headwinds. In comparison to last year's 6.8% growth in prime residential capital value, Singapore's forecasted prime price growth is flat. The Republic's average prime capital value in December 2022 will be $1,780 per square foot (psf).
As 2023 approaches, there aren't many new launches in Singapore's luxury residential market. The potential for this area of the private residential market to outperform the others is very high, according to Alan Cheong, executive director of research and consultancy at Savills Singapore. China has recently reopened its borders to foreign travel. Dubai's anticipated increase in prime prices is modest compared to its projected increase in capital value of 12.4% in 2022. In December 2022, the average prime capital value was US$730 per square foot. The average price growth for the 30 global cities tracked by Savills' prime residential world cities index is predicted to be 0.5% in 2023, signaling a slowdown in many prime residential markets around the world.
Read the full article on The Business Times
For Real Estate Needs, Contact Michael Ciola At +65 9475 4785
