Foreign investors are back in Singapore with Malaysians the second biggest spenders.
Recent figures reveal that Malaysians are buying property once again in Singapore. Having shied away from this regional power house in 2012 alongside other overseas investors due to cooling measures put in place to slow the market. Recent figures reveal that Singapore has retained its attractiveness as a place to invest in property. Many are drawn in due to the island-state’s stable economic and political systems certifying its safe haven status.
According to Singapore’s Urban Redevelopment Authority there has been a 48 percent increase in foreign purchases for the first half of this year if compared to the same period of 2016.
Singapore’s neighbouring Malaysia are the second biggest players in the market. They look to spend between SGD 500,000 and one million on property in Singapore. They seek out property in the central areas that includes districts 18, 19 and 27. Addresses such as Serangoon Garden, Hougang, Punggol, Tampines, Pasir Ris, Yishun, and Sembawang.
Unsurprisingly the Chinese make up the majority of overs transactors. Often buying property between SGD 500,000 to SGD 1 millon. Indonesians coming in at third position but interestingly buy the most expensive property compared to other foreign investors. 10 percent of Indonesians purchase property in excess of SDG 5 million, and 11 percent look between SGD 3 and 5 million.
Indians and Americans are the two other nationalities that are buying property in Singapore. This news of India coincides with recent figures news illustrating how the strength of the rupee has ensured that overseas property is cheaper for Indians. This has crated a huge surge in their overseas property purchases.
