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Luxury Home Prices Record Further Increases but Rents Weaken

By on Dec 13, 2013 in Research

Asia Luxury Residential MarketView Q3 2013

  • Asia Luxury Residential MarketView Q3 2013Overall luxury residential prices in ten major markets in Asia tracked by CBRE Research increased by 1.4% q-o-q in Q3 2013. In Beijing average asking prices surged by 8.6% q-o-q despite repeated government measures to curb property prices. Prices in Shanghai, Guangzhou, and Shenzhen also recorded steady price growth thanks mainly to upgrading demand.
  • Overall luxury residential rents declined by -0.4% q-o-q. In Shanghai the end of the peak expatriate leasing season saw several landlords adjust asking rents downward, causing average rents of luxury apartments to decline by -1.3% q-o-q.
  • Authorities will continue to closely monitor price movements in residential property markets, particularly in locations where cooling measures are already in place. Tightening policies are not expected to be loosened in the near term as governments remain determined to steer the market away from overheating.
  • In China the possibility of property taxes being extended into new regions is likely to result in increased demand from buyers keen to purchase before new measures come into force, a trend that will result in further upward pressure on prices. Prices in Southeast Asia – with the exception of Singapore and Vietnam – are expected to rise.

This is an extract from Asia Luxury Residential MarketView Q3 2013, click to download the full report at Asia Luxury Residential MarketView.

Chris Hardy has extensive research experience. Chris specializes in property research internationally writing for CBRE specifically about global issues and trends.

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