Prime residential capital value see modest rise in 2024

Singapore’s ranking improved, climbing four spots to 25th.

The prices of luxury homes in Singapore averaged $2,432.43 (US$1,800) per square foot last year, reflecting a slight growth of 1.1% from the previous year, according to Savills World Research.

In its latest World Cities Index that monitors 30 cities globally, Savills said last year’s growth was slightly slower than 1.3% in 2023, but more positive than the -3.9% to -2% projected last year. This expansion also helped Singapore land 25th, an improvement from 29th previously.

Savills expects the city-state to see a decline of 1.9% to flat capital value growth this year.

“Capital values for luxury apartments in Singapore are expected to remain stable in 2025. However, because of the likelihood of greater exchange rate volatility, when expressed in US dollars, prices may swing either way,” said Alan Cheong, executive director, Research & Consultancy, Savills Singapore.

Overall, Dubai, Sydney, and Madrid topped the list and are projected to see growth between +4% to 9.9%.

$1 = USD0.74

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