Figures from real estate group Jones Lang Lasalle reveal that in this quarter, mainland Chinese buyers purchased 241 homes in Singapore, more than any other group of foreigners. This figure makes up 8% of all non-landed sales and 22% of all purchases by non-Singaporeans in the past three months.
(Rising dragons. Chinese spending power in the Singapore property market continues to increase. Image courtesy of Singapore Tourism Board.)
Speaking to the Straits Times, a GPS Alliance agent explained that “there are a lot of Chinese immigrants here and their mindset is that renting is expensive, so they would rather buy.” Mr Teo had recently sold a Bishan Loft unit to a Chinese PR.
A study done last year by DTZ Research, a multinational company that does investigations into commercial property markets, showed that the trend was already becoming apparent. Chinese buyers had overtaken Indonesians in terms of the number of homes bought, and they have now outdone the Malaysians, who were previously first.
Industry authorities say that the safe environment that Singapore represents is an attraction to Chinese buyers with cash to spend. The stricter rules introduced in China for home-buying has prompted investors to look elsewhere for property, such as Australia and Southeast Asia.
Director of residential at OrangeTee, Steven Tan, commented that a clear trend was growing. “Things are already changing this quarter… This trend is likely to continue, with the Chinese increasingly significant in their buying power.”
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anonymous said...
Great News.
April 12, 2011 2:03:00 PM
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