The Singapore and Hong Kong property markets: Lessons for the west from successful global cities

Abstract

Explanations for the Asian economic miracle have ignored the role of cities, urban politics and the real estate sector. However, urban politics have a role to play in reducing negative externalities, especially the rise of property values, that have the power to retard economic growth. This paper analyses the role of global real estate capital flows, the property sector, and the politics of the global city in economic growth and urban development. Also an attempt to explain property prices in a global city is made. The paper compares strategies of marketing and selling the city, strategies that became popular in the 1980s in the West, to more comprehensive type of regulation in the East. The case is the city state of Singapore, and the empirical data from the interviews conducted among the Finnish business community in Singapore.

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