Singapore’s property market may be closer to a bottom than Hong Kong, according to LaSalle Investment Management, which manages more than $58 billion ($79.7 billion) in real estate funds.
Governments in Asia’s two most expensive residential markets have imposed curbs in recent years to tame prices and improve affordability. As demand has dropped amid a slowdown in the region’s economies, home prices in both cities are in the midst of a correction.
“Hong Kong and Singapore are in a different cycle,” LaSalle’s Chris Chow said in an interview. “Although Hong Kong also has government austerity measures for residential, that hasn’t really translated into actual price correction until recently even though the measures came in a couple of years before.”
In Hong Kong, prices surged 370% from their 2003 trough through a peak in September before the correction began, as fears of a slowing economy in China damped sales. Home prices in Hong Kong have dropped about 13% since September.
Prices in Singapore have fallen 1.2% since September and 9% from the peak in 2013 as property curbs cooled demand. Singapore prices had surged 92% from 2003 until the record set in September 2013.
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Governments in Asia’s two most expensive residential markets have imposed curbs in recent years to tame prices and improve affordability. As demand has dropped amid a slowdown in the region’s economies, home prices in both cities are in the midst of a correction.
“Hong Kong and Singapore are in a different cycle,” LaSalle’s Chris Chow said in an interview. “Although Hong Kong also has government austerity measures for residential, that hasn’t really translated into actual price correction until recently even though the measures came in a couple of years before.”
In Hong Kong, prices surged 370% from their 2003 trough through a peak in September before the correction began, as fears of a slowing economy in China damped sales. Home prices in Hong Kong have dropped about 13% since September.
Prices in Singapore have fallen 1.2% since September and 9% from the peak in 2013 as property curbs cooled demand. Singapore prices had surged 92% from 2003 until the record set in September 2013.
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