About The Report
JLL recorded a rise in foreigners purchasing private homes in Singapore.
Singapore’s private residential marketplace brought even more foreign buyers during the very first nine months of the year (9M 2016), based on the most recent report from property consultancy JLL.
Who are buying?
“The riches increase of the Chinese and their increasing acquaintance with the Singapore residential marketplace overtaking the Indonesians,” said Ong Teck Hui, National Manager for Consultancy and Research at JLL Singapore. They are also keen in getting properties that are near MRT or city fringe properties like the upcoming ones at PLQ – Park Place Residences.
Their lead was kept by Chinese buyers with 230 deals. While it is a small fall from 243 deals annually past, it still consisted of more than a quarter (29.4 percent) of all foreign trades in the private residential market during 9M 2016.
Who’s the 2nd Group Buying Then?
In the next place were the Indonesians, who accounted for 114 trades (14.6 percent), followed by the Malaysians’ 82 deals (10.5 percent) and the Americans’ 57 trades (7.3 percent).
Notably, the Chinese were brought to suburban houses with such properties making up 58 percent of the units they purchased in the time under review, thanks to their affordable costs.
Respectively, 68 percent of their purchases and 40 percent were found in the prime districts.
With CCR houses being the top selection of the group moving forwards, demand for private residential properties in Singapore among foreigners is anticipated to pick up in 2017.
“Foreigners continue to be interested in investing in Singapore’s private residential marketplace because of its principles and prospects of long term capital gains. At the center of demand is local and regional riches increase,” Ong included.