According to the Urban Redevelopment Authority, foreigners who are not permanent residents of Singapore purchased 144 non-landed private homes of RMB 5 million or more from January to August this year, 182.4 percent and 5.9 percent more than the same period in 2020 and 2019, respectively.
In the first eight months of this year, local and foreign buyers purchased a total of 425 units priced at RMB 5 million or more.
Moreover, according to the survey data, foreign buyers most prefer properties in Singapore's District 10, followed by District 9, District 3 and District 6.
These areas are more expensive mainly because most multinational companies, universities, and traditionally affluent areas are concentrated in these areas.
Among the most popular new real estate projects for foreign buyers are Canninghill Piers, The Aveni, Riviere and Irwell Hill Residences.
The most popular resale projects are Nouvel 18, D'Leedon, Marina One Residences and Wallich Residences Wallich Residence.
Despite the government's increase in the Additional Buyer's Stamp Duty to 30 percent for foreign buyers last December, foreign investors still consider local luxury homes cheaper than in other cities, where property prices have also risen.
Although the government introduced a new round of cooling measures on Sept. 30, it had little impact on cash or capital-rich high-net-worth individuals.
With the Singapore dollar continuing to strengthen amidst an uncertain economic outlook, foreigners see Singapore real estate as a safe asset.
Although lending rates have increased, this will not dampen foreign buyers' interest in local real estate.
On the contrary, the number of private homes purchased by foreign buyers will continue to increase.
As the supply of high-end real estate market in Singapore is quite limited, prices will get higher as the demand increases.
So if you want to get in, you need to hurry up, lest it will be hard to catch up as prices go higher and higher.