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Singapore "hottest" property market | | Source : EconomicTimes | Date : 2007-07-22 | | | Singapore has emerged as the world's "hottest" property market this year, with Japan and China also among the top favourites of real estate investors, an international consultancy said Thursday.
Capital values of prime property in the city-state soared 50 per cent in the first six months of 2007, Jones Lang LaSalle said in a press statement.
Globally, the value of property bought or sold for investment totalled a record $382 billion in the first half, up 16.6 per cent from the year before, it said.
Global real estate investment expanded for the 16th consecutive quarter, with the Americas, Europe and the Asia Pacific seeing record volumes, it added.
Property investment in the Asia Pacific jumped 12 per cent to $55 billion, mainly bolstered by cross-border investments, the consultancy said.
"Japan, China and Singapore represented the strongest real estate markets in the region," it said.
"Singapore became 2007's hottest global market, with prime capital values increasing by 50 per cent (in the first half) fueled by astounding rental growth and yield compression."
Singapore's property market is heating up after years of weakness following a regional financial crisis in 1997.
A strong domestic economy and efforts by the wealthy island-nation to raise its competitiveness, including a decision to build two massive casino resorts, have helped perk up the property market.
Stuart Crow, head of Asia capital markets at Jones Lang LaSalle, said Asia remains attractive to investors due to its strong economies, improved liquidity through real estate investment trusts and better transparency.
"Cross border investment is at an all-time high, yet is likely to increase further in the next 12 months, particularly in the most sought after markets of Japan, Singapore, India and China," Crow said.
In the Americas, total investment was up 32 per cent to $170.7 billion and investment in Europe climbed 4.0 per cent to $156.6 billion, with the UK, Germany and France accounting for more than two thirds of the volume, it said |
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