Meanwhile, luxury residential prices in Hong Kong rose a further 1.7% in the third quarter of the year with year to date price growth totalling 5.7%, the residential index from Jones Lang LaSalle also shows.
Across the nine luxury residential markets in Asia monitored by the firm, average capital values rose by 1.9% quarter on quarter compared with the 0.8% recorded in the second quarter of 2012.
The index also shows five out of nine monitored markets saw an increase in capital values during the quarter, while the remainder recorded minimal or no change.
Luxury residential prices in Singapore stabilised after correcting for two consecutive quarters, largely supported by end user demand.
Average prices also began to stabilise in China, helped by fewer price discounts from developers. Primary capital values for the high end market in Beijing rose by an average of 7.4%, although due mainly to larger units being launched, while capital values for luxury apartments in Shanghai were largely unchanged.
While Jakarta continues to outperform all monitored South East Asian markets with quarter on quarter price increases of 6.3%, average prices were flat in Manila and Kuala Lumpur and rose modestly in Bangkok.
The form says that a significant amount of new supply over the next one to two years is limiting upside potential in these markets.
The residential market in Hong Kong has been particularly strong this year, thanks to low interest rates and stronger buyer sentiment, according to Joseph Tsang, managing director and head of capital markets, Jones Lang LaSalle Hong Kong.