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Singapore fell to the 28th spot in Cushman & Wakefield’s (C&W) top global cities for property investments, according to the latest report from real estate consultancy.
The city-state was bumped off from its previous ranking at 14th as its total commercial property investment volumes plummeted by 30.5 percent to US$6.42 billion (S$8.22 billion) in the year to June (Q3 2013 – Q2 2014).
In comparison, New York clinched the number one spot by raking in US$55.4 billion worth of real estate investments, followed by London (US$47.3 billion) and Tokyo with US$35.5 billion. Completing the top five are Los Angeles and San Francisco, which garnered US$33.1 billion and US$23.8 billion respectively.
“The top 10 cities changed little from last year, with the exception of Dallas moving into 9th at the expense of Houston (11th). Shanghai, Beijing, Miami and Stockholm join the top 20, while Toronto, Singapore, Moscow and Seoul fall out,” said the report.
Globally, property investments surged by 17.2 percent to US$788 billion (S$1 trillion) during the same period.
Meanwhile, the report revealed that demand for properties in Asia remains strong. However, market activity has been muted by economic uncertainty and the tougher mortgage rules in some markets. As a result, overall transactions in the region rose at 5.5 percent in the year to June.
Additionally, international investors are rediscovering their interest in the region, with foreign-buying activities growing by 43 percent. The most active players in the region are from Hong Kong, Singapore and China, followed by the US, Canada, UK and Germany.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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