Chinese investors are the keenest to buy Singaporean property | 07 November 2013
Investors from China are the keenest foreigners to invest in Singaporean property, according to new research.
A study conducted by OrangeTee Research has indicated that Chinese investors were involved in 34 per cent of foreign property purchases in Singapore this year.
Indonesians (32 per cent) have also been keen investors this year, whilst Malaysians (13 per cent) have also been heavily involved in the market.
Both residential and commercial purchases were considered in the research. However, in an interview with channelnewsasia.com, head of OrangeTee Research Christine Li suggested that many investors were switching their attentions from the former to the latter because of the increase in additional buyer’s stamp duty (ABSD).
She said: “Over the last one year or so, I think because of the high ABSD levied on the residential property market, we did see some China buyers shifting their attention to industrial as well as commercial properties in Singapore. Going forward we expect this trend to continue because 15 per cent ABSD is quite hefty on high-end homes.”
Sgproptalk.blogspot.co.uk reports that foreigners were involved in nine per cent of all property transactions, up from eight per cent in 2012. The figures were based on transactions made between January and October.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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