Singapore is fifth most expensive place in the world to buy prime property, report shows

According to the Knight Frank Wealth Report 2022, luxury residential markets around the world enjoyed a red hot 2021 as luxury homes became the asset class of choice for ultra-high-net-worth individuals (UHNWIs).

The value of the Knight Frank Prime Residential Index (PIRI 100) increased by 8.4 per cent in 2021, up from just under 2 per cent in 2020.

The index tracks 100 residential markets, of which a staggering 35 per cent saw an increase of 10 per cent or more. Only seven markets saw prices decline in 2021.

Dubai took first place, with prime prices jumping by 44 per cent. Moscow came in second at 42.4 per cent and San Diego in third with 28.3 per cent.

In Singapore, luxury residential prices went up by 3.5 per cent. In a ranking of the most expensive cities to buy property, Singapore came in fifth place, with US$1 million (S$1.4 million) buying 35.4 sq m of prime property.

In 2020, Singapore ranked in sixth place with US$1 million buying 36 sq m of prime property. Now, the city state is slowly narrowing the gap with New York (33.3 sq m).

Monaco continues to take pole position at 14.6 sq m. Hong Kong comes in second place at 21.3 sq m. London rounds up the top three with 30.6 sq m.

For those seeking real value, the emerging market destinations are the go-to options, the report indicated. In Dubai, US$1 million buys almost three times as much space (137 sq m) than in Singapore, while in Cape Town (220 sq m), buyers get ten times much more space for the money compared with Hong Kong.

Take a look at the full ranking below.