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Property Prices In Singapore To Rise By Up To 30% Over Next Two Years - Citigroup Property prices in Singapore are expected to rise by up to 30% over the next two years, according to Citigroup, financial services company. The predicted rise in prices will be due to high occupancy levels and demand outstripping supply, according to Wendy Koh, the Director of sia Pacific Equity Research at Citigroup, who was speaking at an Asia Pacific property conference in Singapore on Monday. Current occupancy rates are at a record 95.7% and are expected to climb even hire over the next two years. What's more, not enough proprties are being build to satify demand, with only around 5,000 units being completed last year compared to 9,000 required to satisfy demand. If we take into account the completion this year which is only about 5,000 units, and last year's demand was about 9,000, and on annual basis the last 10-year average was about 8,000, occupancy rates should continue to rise. Property prices in Singapore increased by 7.55% in 2006 according to the Global Property Guide. filed: 24 April 2007 |
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