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07/09/2010 - Singapore property market on top of the world  07/09/2010 - Singapore property market on top of the world

A report by Global Property Guide has confirmed that Singapore currently has the best performing property market in the world.  The report’s statistics highlight price changes after inflation and gives a more realistic picture than the nominal figures usually preferred by real estate agents.

Singapore has seen house prices increase year on year by 34 percent.  Hong Kong ranked second with growth of 21.42 percent whilst Taiwan increased by 11.51 percent over the same period.  House prices also rose in Shanghai by 5.78 percent.

Thailand also shows a 10.49 percent gain in the last quarter ending in June.

However, property prices in European countries such as Ireland, Bulgaria, Lithuania, Iceland, Russia, Croatia, and Slovakia continue to show a decline.

The Global Property Guide report shows that, during the year ending June 30 2010, eighteen countries saw house prices increase whilst another eighteen countries experienced a drop in prices.

Growth in the Asian property markets remains strong with low interest rates and an increase in foreign demand further fuelling house prices gains. This had led to fears of about a possible bubble in some property markets. 

Some governments have responded to this with anti-bubble measures.  Singapore, Hong Kong, Taiwan and China have all tightened credit supply.  Singapore and Hong Kong have also released more land onto the market and China has increased minimum down payments for second home mortgages to 50 percent.  Additionally, Taiwan has raised interest rates from a record low of 1.25 percent to 1.375 percent.

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