{"id":28669,"date":"2016-10-05T06:55:47","date_gmt":"2016-10-04T23:55:47","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-is-asias-2nd-most-expensive-city-says-wealth-report\/"},"modified":"2016-10-05T10:39:12","modified_gmt":"2016-10-05T03:39:12","slug":"singapore-is-asias-2nd-most-expensive-city-says-wealth-report","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-is-asias-2nd-most-expensive-city-says-wealth-report\/","title":{"rendered":"Singapore is Asia\u2019s 2nd most expensive city, says wealth report"},"content":{"rendered":"


\nSingapore has overtaken Hong Kong as the second most expensive city in Asia.
\nSingapore has been ranked as the second most expensive city in Asia, overtaking Hong Kong which is in third place, reported The Straits Times citing a wealth report from Julius Baer.
\n\u201cSingapore has overtaken Hong Kong as the second most expensive city in Asia as the latter remains out of favour with Chinese tourists,\u201d stated the report.
\nShanghai remains the most expensive city for the second year in a row. Watches, cigars, botox, hospital stays and high-end skin cream are especially pricey in the Chinese city.
\nThe findings are part of the bank\u2019s lifestyle index, which shows the costs of luxury living by looking at 20 goods and services across 11 Asian cities, with the data gathered from June 2015 to June 2016.
\nWhen it comes to luxury homes, however, Singapore is much more affordable, as prices in the city-state fell 26.4 percent from last year, in local currency terms.
\nHigh-end home prices also dropped 21.9 percent in Mumbai and 11.9 percent in Tokyo. Julius Baer compared homes of around 4,000 sq ft in prime locations.
\nIt noted that property prices in Singapore remained soft as previously imposed property loan restrictions and stamp duties deterred non-resident investors and dampened speculative activity.
\n\u201cHowever, we are starting to see signs of a bottoming of activity, particularly in the prime districts where sales volumes have increased sharply in the first half of 2016 due to the various incentives and discounts offered by developers,\u201d said Julius Baer.
\nIt noted that Singapore\u2019s reputation as a liveable and business city, and for quality healthcare services, will help attract foreign home buyers over the medium term.
\nThe gradual easing of property prices is also a prudent measure which has \u201clikely forestalled a more aggressive economic adjustment\u201d, it said.
\nGold club membership in the city-state has also become cheaper, with prices falling 4.2 percent. This comes as buyers stopped trading in memberships, after the government announced that it was not renewing the leases of two clubs and was taking back the land from three others.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore is Asia\u2019s 2nd most expensive city, says wealth report<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore has overtaken Hong Kong as the second most expensive city in Asia. Singapore has...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-28669","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-7sp","jetpack-related-posts":[{"id":21687,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-and-hong-kong-are-the-new-safe-havens-of-apac-says-knight-frank\/","url_meta":{"origin":28669,"position":0},"title":"Singapore and Hong Kong are the new safe havens of APAC, says Knight Frank","date":"August 2, 2016","format":false,"excerpt":"\r APAC investors are turning to Singapore and Hong Kong in 2016, according to a new report from Knight Frank Sydney\u2019s CBD. Image credit: Gordon Wrigley (Flickr) While property investors in APAC have traditionally planted the most money in Japan and Australia, a dearth of prime assets has prompted a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":137192,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-overtakes-hong-kong-as-the-most-expensive-asia-pacific-city-for-private-homes\/","url_meta":{"origin":28669,"position":1},"title":"Singapore overtakes Hong Kong as the most expensive Asia-Pacific city for private homes","date":"June 1, 2023","format":false,"excerpt":"\r According to the Urban Land Institute Asia Pacific Centre for Housing, the median price of Singapore's private homes is $1.2 million, compared to $1.16 million in Hong Kong.\r \r Source : cnbc.com\r Read more...Singapore overtakes Hong Kong as the most expensive Asia-Pacific city for private homes","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102038,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-is-asias-second-most-expensive-city-for-wealthy-people\/","url_meta":{"origin":28669,"position":2},"title":"Singapore is Asia\u2019s second most expensive city for wealthy people","date":"December 5, 2018","format":false,"excerpt":"\r Singapore remains one of the most expensive cities. Singapore has been ranked as Asia\u2019s second most expensive city to maintain an upscale lifestyle, revealed the latest Julius Baer Lifestyle Index. In fact, the city-state rose one spot in the rankings partly due to the stronger Singapore dollar and an\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":76972,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-falls-to-8th-most-expensive-place-in-asia-to-rent-mid-market-homes\/","url_meta":{"origin":28669,"position":3},"title":"Singapore falls to 8th most expensive place in Asia to rent mid-market homes","date":"January 17, 2018","format":false,"excerpt":"\r Singapore has continued to slip down the list of the most expensive location for rental accommodation in Asia as it settled in the eighth place, down one notch from last year, revealed a survey by ECA International. Notably, the city-state was ranked fourth in 2016. Lee Quane, ECA International\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113026,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-is-the-7th-most-expensive-city-in-asia-for-expats-to-live-survey\/","url_meta":{"origin":28669,"position":4},"title":"Singapore is the 7th most expensive city in Asia for expats to live: Survey","date":"December 12, 2019","format":false,"excerpt":"\r Singapore\u2019s rise is attributed to the strong Singapore Dollar.\u00a0\u00a0 Singapore is the seventh most expensive city in Asia for expats to live, and the 13th most expensive city globally, according to the latest\u00a0Cost of Living Survey by ECA International, reported Singapore Business Review. The city-state rose two spots and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/12\/Singapore-7th-most-expensive-cities-in-the-world-for-expats.png?fit=600%2C257&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":115348,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/expat-rents-in-singapore-increase-for-the-first-time-in-five-years\/","url_meta":{"origin":28669,"position":5},"title":"Expat rents in Singapore increase for the first time in five years","date":"April 2, 2020","format":false,"excerpt":"\r The average monthly rental for expatriates in Singapore rose 1.4% from last year to $6,069 (US$4,233) \u2013 its first increase in five years, showed a study by ECA International. 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