Wealthy mainland Chinese have been the top foreign buyers of expensive private properties in Singapore this year as the city-state reaps the benefits of post-pandemic reopening and a relatively strong currency, despite tax increases.
Mainland Chinese buyers accounted for about one-fifth of the 425 luxury units - defined as costing more than S$5 mn ($3.52 mn)- sold from January to August this year. This was followed by 34 units bought by Americans and 28 units by Indonesians.
Singapore has long been a magnet for the mega-rich, wooed by the Southeast-Asian city-state's stable politics, strong currency, and reputation as a safe haven to park assets, analysts said. Singapore's property prices have also tended to accelerate gradually, with few booms and wild busts seen in other popular markets. Meanwhile, China is facing a property crisis, with slumping sales and developers defaulting on debts, and consumer confidence has been soured by repeated COVID-19 lockdowns.
All in, the number of luxury units sold to foreigners in Singapore in the first eight months of this year - including those with permanent residency - has outpaced the 282 in the same period in pre-pandemic 2019 and the 322 in 2018.
The data, from the Urban Redevelopment Authority and property consultancy OrangeTee & Tie, show that Singapore property remains popular among foreigners despite the government raising taxes for purchases last December.
