Property markets in the Asia Pacific region are beginning to see prices fall after several governments introduced cooling measures.
That’s the verdict from real estate firm Jones Lang LaSalle and their monitor of nine leading luxury markets which illustrates what is happening.
The firm says Singapore has seen growth decrease by 5.6% since the end of 2012 though many Asian markets saw a flat last quarter which, says Jones Lang LaSalle, will continue through 2013.
However, there were some bright spots with prices rocketing in Jakarta, Indonesia, by 27% in a year and despite the best efforts by governments at cooling their overheated property markets there were moderate increases in Mumbai (3.2%), Manila (3.3%), Kuala Lumpur (6.9%) and Bangkok (3.5%).
Jones Lang LaSalle say in their Asia monitor that it now appears that prices are beginning to fall in those cities with most of them recording slight drops for the final quarter of 2012.
Singapore’s slide in property prices has been put down to the government’s initiatives there which include increasing the stamp duties paid by those buying second homes and foreign buyers.
Shanghai’s property market also took a hit with their prices falling by 0.5% but the measures which worked there didn’t have an effect in Beijing and Hong Kong where they recorded annual growth rises of 3.3% and 5% respectively.
Jane Murray, the firm’s head of research for the region, said that the early part of this year will still see a steady increase in sales activity and some price growth.
She added: “Policy restrictions will