Despite a slew of cooling measures introduced in July to tame its property market, Singapore has topped a luxury real-estate ranking.
The sunny island nation has ousted Hong Kong to take over the first place on Knight Frank LLP’s Prime Global Cities Index.
Driven by the limited availability of high-end properties, luxury home prices rose 13 percent in the quarter ended September 30 – as compared to a year ago.
On the other hand, Hong Kong has fallen to the 14th place with third quarter year-on-year price gains of just 5.5 per cent, Bloomberg reported.
Globally, the price of luxury properties rose by 2.7 percent on average across the 43 cities tracked in the index. This is the weakest performance in annual terms in almost six years.