Average capital values for luxury apartments to drop 3%

Take-up rates seen to be robust.

According to Colliers International, over the next three months, mass-market and mid-tier homes will continue to be favoured over the high-end/luxury segment.

As such, prices of luxury/super-luxury apartments are expected to continue trending downwards after falling 0.6% from January to September. For the year as a whole, average capital values for luxury/super luxury apartments are expected to soften by not more than 3%.

Here's more:

With regards to rents in the luxury/super-luxury segment, developments which are superior in terms of location, facilities, unit layout and services offered should still enjoy healthy take-up rates.

Nonetheless, leasing activity which improved in the July to August period is likely to slow down during the October to December quarter amid the year-end festivities.

Coupled with mounting completions, the average monthly gross rents of luxury/super-luxury homes, which have weakened 1.4% over the past three quarters, is expected to hold firm or decline marginally in the final quarter of 2013.

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