According to research conducted by Savills, Singapore and Dubai will top the world’s price charts in the coming year. the most expensive homes properties located in these two cities expected to rise in 6%-7.9% on a yearly basis. “Both locations will witness steady flow of high-net-worth people However, they will be impacted by more expensive interest rates or other economic challenges,” Savills’ report states. Savills report states.
Marina View Residences price bid came just S$101 above the amount the group had applied for the Marina View Residences to be released on the government’s reserve list.
“Moving to 2023 in Singapore, the most sought-after residential market is in an environment that has seen a few new launches. Since the borders have been opened in China for travel outbound there is a chance for this sector of the market for private residences to perform better than the other segments is extremely high,” claims Alan Cheong, executive director of research and consulting of Savills Singapore.
Miami and Miami in Miami in the US as well as Milan and Milan in Italy are positioned to claim the third place with a predicted price increase in the range of 4%-5.9% y-o-y in 2023. In the meantime, Cape Town in South Africa, Rome in Italy as well as Kuala Lumpur in Malaysia could have prices rise by 2%-3.9% on a yearly basis in the coming year.
The prices of prime homes of Hong Kong were hit hard this year, dropping 8.5%, and the city could see further decreases this year, which range from 7.9%-6%. However, the city is likely to remain among the most expensive market for residential homes worldwide, with prices of $4,070 per square foot.
“Overall most of the most sought-after residential markets in the world are set to see a slowdown in 2023 with an average increase to 0.5% forecast across the 30 cities in the world that are that are monitored by Savills,” the report states.
Based on 30 cities which are tracked by Savills The international firm predicts that 17 will see slow growth in comparison to 2022. Several cities are likely to experience drops. “Recessionary situations, more volatile rates of interest and inflation will impact the residential market’s performance, however the second quarter of the year offers opportunities for growth in the global economy,” said Paul Tostevin the director of Savills global research.