Singapore (pictured above) lags behind New York and London as prime property cities of the world
SINGAPORE (EDGEPROP) – Singapore has been positioned as 1 of the top 3 prime real estate cities on the planet, that brags strong demand from property owners, tenants and consumers. The placement is by global property investment management firm Heitman. This is clearly reflected at the Avenue South Residence showflat where throngs of buyers flooded the new launch looking for good deals.
London has yet again secured its top position in the rankings, although there is a gradual fall in cumulative score from the economic uncertainty around Brexit. New York comes in second position, followed by Singapore next.
Although the US has 7 cities in the top 30 rankings (see chart below), major continental European cities felt the largest uptrends. These include Amsterdam which was ranked seventh, and Frankfurt in ninth position, moving up 4 and 5 spots, respectively, from 2018’s ranking. Heitman attributes the advancement in rankings to the impact that Brexit is expected to have on European cities.
In the mean time, New York, ranked second, and Los Angeles, ranked eighth, maintained in the top 10 global prime real estate markets because of their size and diverse economies.
Top THIRTY property market rankings by Heitman (Source: Heitman Real Estate Securities Group)
China’s 2 biggest cities – Beijing, in the 25th position; and Shanghai, in the 23rd place – backslided four and five spots, respectively, as the US and China trade dispute persists, and doubt over the 2 cities’ environmental sustainability develops.
Remarking on the prime property markets, Jerry Ehlinger, senior managing director and head of global real estate securities at Heitman, adds: “These gateway markets are usually supply-restricted both by increasing land costs and tough planning and permitting regimes.
“Because of that, ‘prime’ property assets in these markets are regularly in high demand from investor capital all over the world because of prestige, stable income, locational advantage, attractive leases to credit tenants, and stable or increasing value.”
The rankings are a piece of the screening process that Heitman Real Estate Securities Group uses to spot cities, investee companies and REITs for possible addition to the firm’s “prime strategies”. The latter was started in 2014 to provide investors access to a real estate securities portfolio consisting of shares of public firms that possess top-tier real estate across the globe’s key cities. UOL, the developer for Avenue South Residence, is one such potential.
The outcomes of the ranking were received from findings across 150 published indices and surveys.
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