To listen to some of the headlines produced around the latest CB Richard Ellis report on Singapore’s property investment market, you could be forgiven for thinking the second coming had arrived.
More on Investment properties in Singapore start selling again
Investment in property construction in Europe collapsed in the first quarter of 2009, declining 74% from the same period last year.. Construction investment came to 11.4 billion euros compared with 43.3 billion euros in the same quarter of last year, said a report issued by Cushman and Wakefield.
Singapore’s official private home price index slid 5.7% in Q4 2008 over the preceding quarter. For full-year 2008, the index fell 4.3%, reversing a 31.2% increase during 2007. This is the Singapore real estate market’s worst performance since Q4 1998 and property consultants are predicting a further decline of 10-20% in 2009, with luxury homes continuing to be the worst hit, as in 2008, this sector having seen the biggest increases over 2006/7..
More on Singapore Property Prices see Worst Decline in Ten Years
A recent land sale on Sukhumvit Soi 6, (Bangkok) has set a record at $7,500 per square meter, according to real estate agents, CB Richard Ellis Thailand (CBRE).
The price of the 4,800 square meter site in front of Jaisamarn Full Gospel Church beat the earlier record set by Central Retail Corp for a plot on Phloen Chit Road owned by the British Embassy in mid-2006.
CB Richard Ellis’ semi-annual Global Market Rents survey puts Dubai in the top ten most expensive office markets for the first time. Mumbai has slipped down to fourth place. London, of course take the top slot.
