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Luxury residential prices continue to rise in much of Asia; Hong Kong and Singapore showing some declines

Jones Lang LaSalle releases Q1 2013 Asia Pacific Residential Index

SINGAPORE, 13 May 2013 - In a steady start to the year, the first quarter of 2013 saw average capital values rise across seven of the nine luxury residential markets monitored in Jones Lang LaSalle’s Residential Index. Average capital values across the nine markets monitored were up 2.2 percent quarter on quarter and 6.1 percent year on year.

Indonesia continued to outperform all monitored markets with prices in Jakarta rising 8.7 percent from Q4 2012 and 32.9 percent on an annual basis. Prices in Kuala Lumpur (6.0 percent q-o-q) and Beijing (2.4 percent q-o-q) also rose solidly. Declines were registered only in Hong Kong (-1.1 percent q-o-q) and Singapore (-0.6 percent q-o-q) as tightening measures, implemented by governments on the back of previous strong price growth, came into effect. 

Commenting on the Hong Kong high end residential market, Joseph Tsang, Managing Director for Jones Lang LaSalle in Hong Kong said: “Unfortunately, with the current government continuing to adopt a heavy-handed approach in setting policy, volumes and prices are likely remain under downward pressure over the short term.”

Discussing the outlook for the rest of the year, Dr Jane Murray, Head of Research, Asia Pacific, Jones Lang LaSalle said: “In aggregate, the regional economy continues to outpace the rest of the world by a significant margin. The emerging Southeast Asian economies should continue to outperform this year, and across the monitored residential markets Jakarta is expected to lead price growth, supported by continued investor interest. However, policy restrictions in some markets will continue to limit price growth for the rest of the year, particularly in Hong Kong, China and Singapore. We expect high-end capital values in Hong Kong to fall by five to 10 percent over the remainder of the year, and to decline by up to five percent in Singapore. In mainland China, prices in Beijing are likely to continue to rise steadily throughout 2013, on the back of stronger rental growth, whilst we expect Shanghai prices to rise only marginally over the rest of the year.”


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Notes to editors
1. The Jones Lang LaSalle Residential Index tracks the capital value performance of high-end residential stock across nine featured markets in Asia.
2. Capital values are on a net lettable area basis 
3. Luxury residential properties include apartments, condominiums, detached and semi-detached housing that are located in traditional prime areas
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 25,400 employees operating in 78 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012. 

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