Prices of luxury homes in Singapore have moderated in the first quarter of this year due to property cooling measures, data from CB Richard Ellis' (CBRE's) Asian Luxury Residential Capital Value Index showed on Monday.
The measures, announced in January, included raising seller's stamp duty and reducing credit available to those who already have outstanding mortgages.
CBRE said the increase in prices of luxury homes in the core central region moderated to 0.9% quarter-on-quarter, while sales volume was also down by 20.4%.
Prime rents in Singapore remained unchanged, but CBRE said they appeared to show signs of softening towards the end of the quarter, along with the slowdown of expatriate leasing demand.
Commenting on the outlook of luxury residential markets in Singapore, Joseph Tan, executive director of residential at CBRE said that with the absence of further government initiatives in 2011, he expects minimal growth in both the inflow of foreign investors and home prices.
As such, CBRE said it expects the volume of luxury transactions in 2011 to be about 150 to 200 units, with prices likely to average at $3,000psf for resale projects and $3,500psf for new projects.
Source: Channel News Asia
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