Singapore secures 11th spot in the list of prime global cities

SINGAPORE: Singapore has secured the 11th position in Knight Frank’s 2024 Prime Global Cities Index, driven by a 5% year-on-year growth in prime residential prices, alongside a 2.4% increase quarter-on-quarter. This uptick signals continued resilience in the city-state’s luxury real estate market. Despite this positive growth, the 5% annual increase remains slightly below the 20-year long-run average of 5.3%, indicating a more measured pace of growth compared to historical trends. The index also highlights a broader recovery in global prime residential markets, with the annual growth rate reaching 3.2%. As markets around the world gradually rebound, cities like Singapore and Australia are becoming key players, with investors attracted to their stable real estate environments and the prospect of solid long-term returns. Singapore’s strong performance reflects its appeal as a prime destination for luxury property investment despite global economic challenges. The city’s resilience in this sector aligns with its broader reputation as a global financial and business hub, offering a stable and lucrative environment for investors in the high-end residential market.