Data show that Canada's home prices in October were 9% lower than in February, and the number of property transactions this year was 40% less than in 2021; in the United States, despite the smaller drop in home prices, the number of existing home transactions in August this year was 20% less than the same period last year.
Against such a backdrop, Singapore's property market is still on fire!
A new report from OrangeTee&Tie, one of Singapore's largest real estate agencies, shows that the total number of foreign property transactions in Singapore this year has approached pre-epidemic levels.
According to the data: In the first 8 months of this year, the total number of properties traded by foreign buyers in Singapore was about 14,000 private apartments, with the top five foreign buyer groups being China, Malaysia, India, the United States and Indonesia. Among them, Chinese buyers bought 932 private condominiums from January to August this year, accounting for 6.7% of the total transactions by foreign buyers and double the number of condominiums purchased by Malayssian buyers.
Meanwhile, wealthy Chinese also topped the list of luxury condominium buyers worth S$5 million (about Rmb25 million) or more, with transactions amounting to 81 luxury condominiums, accounting for 19.2 percent of sales.
A Chinese tycoon is reported to have bought 20 luxury apartments worth S$85 million (about RMB 423 million) at Canninghill Piers, a new residential development in Singapore, in June this year.
In the same month, another tycoon bought a luxury unit at Nouvel Ardmore, located in Kafeng Residence, Orchard Road, for S$22.29 million (equivalent to about Rs152 million).
In September this year, another Chinese tycoon paid S$60 million (about RMB 310 million) for four apartments in a luxury development on Orchard Road.
In fact, it is not uncommon for international buyers to purchase properties in Singapore, especially in the last decade.
In the current Singapore property market, the proportion of foreign buyers buying properties is gradually increasing, even in some property projects in the central core, the proportion of foreign buyers buying is as high as 35%.
Among them, Chinese buyers can be said to be the main force. Some data show that investors from mainland China became the largest group of overseas buyers in Singapore's property market in 2019, accounting for one-third of foreign buyers.
After the outbreak, the pace of international buyers investing in property in Singapore has slowed down. However, with the economic recovery, they have become active again.
Since March and April this year, there has been a resurgence of foreigners buying properties, especially after the relaxation of Singapore's relevant policies in April, with an increase in travel and on-site viewing.
According to the research firm, Chinese buyers, including those who have obtained permanent resident status, bought a total of 366 private residential units in the second quarter of this year, a surge of 106 percent from the first quarter.
