Foreigners were responsible for nine percent of all Singapore condominium purchases during the first nine months of the year, according to newly-published research.
Buyers from China were the largest foreign buying nationality (excluding PRs), accounting for 34 percent of all overseas buyers according to OrangeTee Research. Indonesian buyers, at 32 percent, were the second most active nationality while Malaysians at 13 percent ranked in third place.
Interestingly, the proportion of foreign buyers is up – from eight percent in 2012 – despite the government’s implementation of taxes aimed specifically at foreign property buyers in Singapore.
Quoted by local media, OrangeTee’s Head of Research Christine Li, said: “Over the last one year or so, I think because of the high Additional Buyers Stamp Duty levied on the residential property market, we did see some China buyers shifting their attention to industrial as well as commercial properties in Singapore.”
She added that OrangeTee Research expects this trend to continue.