Wednesday, May 30, 2012

Reviews on Asia Pacific's Property Markets in First Quarter 2012

Average high end residential property prices in eight key markets in the region Asia Pacific rose by 1% in the first quarter of 2012 compared with the last three months of 2011, according to the latest index from Jones Lang LaSalle.

Hong Kong, Bangkok, Kuala Lumpur and Jakarta showed increases in the first quarter, Beijing, Shanghai and Singapore showed declines whilst Mumbai was stable.

Jakarta was up 4.3% in the first quarter of this year and in the twelve months to the end of March 2012, delivered the strongest price performance among the monitored markets, with growth of about 16%.

After declining over the past six months, luxury residential prices in Hong Kong showed initial signs of stabilizing, up 1.4% quarter on quarter, largely due to low interest rates and more active mortgage lending by banks.

Average prices in Singapore’s luxury prime market declined by 2% quarter on quarter after remaining stable for six consecutive quarters on the back of on going rental adjustment.

Capital values for luxury apartments in Shanghai fell by 1.2% quarter on quarter, while average prices in Beijing fell by 2.3% as tightening policies remain in place and sales volumes are down in the China Tier I markets.

Kuala Lumpur saw high end capital values up by 6.9% in the first quarter due to some additions to its stock. Capital values would have been largely stable ignoring the change to stock.

‘The first quarter increase is a continuation of a trend we have witnessed over the last 18 to 24 months in the Indonesian residential market, where price increases have been consistently pushed through by developers on the strength of robust demand levels,’ said Todd Lauchlan, country head for Jones Lang LaSalle Indonesia.

‘Demand is being driven by significantly increased affordability, and with record low interest rates, high consumer confidence levels and strong income growth we expect to continue to witness the rise of the Indonesian middle class,’ he added.

To read more go to: http://www.propertywire.com/news/asia/asia-pacific-property-prices-201205146520.html

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