Singapore Real Estate Declines
Global accounting firm PricewaterhouseCoopers mentions in a recent report that Singapore real estate demand is to fall in 2014. According to the Emerging Trends in Real Estate Asia Pacific forecast report, Singapore slipped four places in 2014 ranking.
Singapore is considered one of the most expensive real estate markets in the world. The decline was due to oversupply fears in some parts of the market. Small-office space has shown increased demand, but strata office space sales declined after first six months of strong demand in 2013.
The top five property markets are Tokyo, Shanghai, Jakarta, Manila, and Sydney in 2014, as PWC mentions. Interests in real estate markets in places like Jakarta and Manila are going up due to expectations for higher interest rates in the future, as higher interest rates would provide unmatched returns versus anywhere else.
The Manila real estate market is likely to go up in the future, as its fast growing economy and increased transparency and eased government red tapes are attracting multinationals and as well as Filipino citizens working abroad.
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