Brace yourselves for a 5% hike in prime property prices

Thanks to a bullish market sentiment.

Singapore's prime property market expects a 5% price hike in 2018, the fifth highest across 13 cities around the globe, Knight Frank revealed.

According to its research, this could be attributed to rising market sentiment.

It tied with Madrid, as the city is continuing to see higher sales of spec homes.

The market in Paris expects the highest price hike of 9%, largely thanks to renewed confidence in their economy and the president.

Meanwhile, according to Knight Frank's internal forecasts, Singapore and Geneva could be 2018's most improved markets.

"Singapore’s luxury residential market, in the doldrums for several years, is expected to shift up a gear in 2018 as market sentiment improves," the firm said.