Singapore is becoming a magnet for foreign investors as the sales of residential properties in prime locations were sold like hotcakes last April. About 19 percent of the homes sold were worth more than $5 million each and the owners of these luxury properties were mostly foreigners. This is also the reason why this year’s Q1 had increased in sales by as much as six percent said the URA Realis data. While the volume is still quite low in general, many are expecting positive changes in the market as more buyers venture in the real estate investment.
Lee Nai Jia said in an interview that they observed how foreigners are now gaining interest in most luxury apartments. Even if the stamp duties when buying a property in the country went higher compared to the other neighboring areas, foreigners are still lured in here. Some said that they are keen on how transparent Singapore is when it comes to dealing with the real estate market. More money is also coming in from them as they see the prime properties in Singapore to be worth its price.
On the other hand, Savills Residential’s senior director mentioned that most of the buyers today are Chinese permanent residents in Singapore. George Tan also assumed that majority of those who bought these high-end properties also checked out the properties sold in Hong Kong. They chose Singapore instead because of the lower prices compared to the cost of buying units from its fellow Asian country. As the price currently decreases, investors see it as an opportunity and will soon give them great value in the long run.
China buyers, who are considered as PRs, are also eyeing on the newly launched properties located at District 10 as well – one of the best spots for luxury properties in Singapore.