Chinese buyers snap up luxury condos

Chinese buyers have snapped up the biggest share of Singapore's condo market in 2022 compared with other foreigners, as total foreign buying of private non-landed homes almost bounced back to pre-pandemic levels.

Buyers from China (both permanent residents and non-PRs) purchased 932 private non-landed units in the first-eight months of 2022 - almost twice the number bought by Malaysians, who came in second - according to a report by real estate consultancy OrangeTee & Tie. The Chinese have been the biggest foreign buyer group since 2016 and account for 6.7 per cent of total transactions in 2022.

They also took the top spot for luxury condominiums going for $5 million or more, accounting for almost 20 per cent of sales or 81 units.

Buyers from the United States came in second with 34 units, and Indonesians third with 30 units.

The report noted that the total number of foreign (non-PR) buyers for all condo purchases was nearing pre-pandemic levels - undeterred by property curbs implemented in December 2021 and higher interest rates.

In the first-eight months of 2022, foreigners bought 607 condo units - slightly lower than the 632 units purchased in the same period in 2019.

In terms of proportion, foreign buyers made up 4.3 per cent of total condo purchasers in the eight months, up from 3.8 per cent in the same period last year.

The Straits Times

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