PHOTO: ST FILE
SINGAPORE remains the world's second most expensive housing market after Hong Kong, according to an annual CBRE report which compares private residential property markets across 35 cities. But average price growth was significantly slower, at just 1.1 per cent.
Hong Kong kept its top position with an average residential property costing US$1.235 million or US$2,091 per square foot (psf). Singapore came a distant second at US$874,372 or US$1,063 psf, with Shanghai third at US$872,555 or US$714 psf.
CBRE noted that these top three cities have all introduced cooling measures to keep prices under control.
Asian cities took half of the spots in the top 10, with Shenzhen coming in fifth and Beijing, ninth. The other cities in the list were Vancouver (4th), Los Angeles (6th), New York (7th), London (8th) and Paris (10th).