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According to Jones Lang LaSalle's "The Residential Index," average capital values rose by 1.9% q-o-q in 3Q12 across monitored luxury residential markets in Asia, compared with the 0.8% q-o-q increase recorded in the previous quarter.
Here's more from Jones Lang LaSalle:
Luxury residential prices in Singapore and China showed signs of stabilising after declining over the past six months, while prices increased further in Hong Kong and Jakarta.
Sales transactions in China and Hong Kong remained at similar levels to 2Q. In South East Asia (SEA), activity in Singapore rose in September, whilst markets such as Jakarta and Manila remained buoyant.
Of the nine featured luxury residential markets, five saw an increase in capital values during the quarter, while the remainder recorded minimal or no change.
Luxury residential prices in Hong Kong rose further during 3Q (+1.7% q-o-q, +5.7% YTD), underpinned by low interest rates and stronger buyer sentiment. Luxury residential prices in Singapore stabilised after correcting for two consecutive quarters, largely supported by end-user demand.
Average prices also began to stabilise in China, helped by fewer price discounts from developers. Primary capital values for the high-end market in Beijing rose by an average of 7.4%, although due mainly to larger units being launched, while capital values for luxury apartments in Shanghai were largely unchanged q-o-q.
Emerging SEA markets continued to see stable or increasing capital values. Jakarta (+6.3% q-o-q) outperformed all monitored SEA markets, supported by strong underlying fundamentals.
Average prices were flat in Manila and Kuala Lumpur and rose modestly (less than 1% q-o-q) in Bangkok, as a significant amount of new supply over the next one to two years is limiting upside potential in these markets.
In the twelve months to end-3Q12, Jakarta delivered the strongest price performance among the monitored markets, with growth of about 24%.
Policy restrictions in various markets (e.g., HPR in China, buyer’s stamp duty in Singapore, special and buyer’s stamp duty in Hong Kong) should remain in place at least until 2014, thus potentially limiting sales activity and further price increases, despite low interest rates.
Capital values of Singapore’s high-end properties are expected to edge up modestly in the next twelve months, mainly supported by domestic buyers. Hong Kong’s capital values are expected to see a mild correction over the short term, potentially offsetting much of the growth seen YTD, after the government introduced buyers’ stamp duty on foreign and corporate buyers in late October.
However, any further downside risk should be limited by tight supply and low holding costs.
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