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Jones Lang LaSalle releases Q2 2012 Residential Index
HONG KONG & MACAU, 17 August 2012 – Emerging South East Asian cities are leading the charge in luxury residential capital value growth across Asia, according to the latest Residential Index from Jones Lang LaSalle. Jakarta and Manila registered double digit increases of 19.2 percent and 10.5 percent respectively in the 12 months to end-Q2. Meanwhile, Hong Kong, Singapore, Shanghai and Beijing have seen annual declines in high-end residential prices of up to 8 percent.
“Jakarta has outperformed its neighbouring markets once again this quarter in the high-end residential sector. The market has been fuelled by strong wage and employment growth, low interest rates and high consumer confidence. We expect this upward trend to continue for the rest of the year, in line with projections that Jakarta will see the strongest price growth in the luxury residential space in 2012,” said Todd Lauchlan, Country Head, Jones Lang LaSalle Indonesia.
Looking ahead, Dr Jane Murray, Head of Research, Asia Pacific, Jones Lang LaSalle said: “Prices in China are expected to soften further in the second half of 2012 with policy restrictions likely to remain in place, although tight supply in prime locations will likely limit price discounts by developers. Rental correction, government policies and generally weaker investor sentiment should underpin further price declines in Singapore in the second half of 2012. On the other hand, Hong Kong prices are expected to stay relatively flat in the last half of 2012 because of tight supply and low holding costs.”
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