Asia Pacific property markets earmarked for strong 2013
Property prices in cities within the Asia Pacific Region look set for another solid year of growth, according to the latest figures released by Knight Frank, the international property consultancy.
Knight Frank’s research covered the major cities of the Asia Pacific, a region where property markets have been driven by strong economic growth and rapid urbanisation.
Jakarta, the Indonesian capital, is predicted to be the biggest benefactor, seeing its property prices rise by 20% throughout 2013, building on strong appreciation of 2012.
Thailand’s capital Bangkok, also looks set to enjoy a healthy rise in its property prices, of around 10 – 20% during 2013.
Government incentives in both cities are helping facilitate continual investment in their property markets from overseas agents, and are also proving popular with expatriates.
It is a stark contrast to the governmental measures of Hong Kong, who imposed heavy taxes on foreign property investment in a bid to deflate unprecedented market prices and avert a potential collapse.
The emergency measures initiated in October 2012, targeted the flood of ‘hot money’ from overseas investment which catapulted its commercial and household property prices to record highs, and was fueling growing speculation over the stability of its property market.
There was a similar situation in Singapore, which also implemented government measures aimed at deterring foreign property investment in its markets. As a result, the report states that both cities property prices are expected have measured and stable growth throughout 2013.