Chinese buyers bought the most condos in Singapore in 2022 compared to other foreigners, and the total number of private non-landed homes bought by foreigners is almost back to what it was before the pandemic. Buyers from China bought 932 private condos in the first 3 quarters of 2022, almost twice more than Malaysians.
Since 2016, the Chinese have been the largest group of foreign buyers. In 2022, they will make up 6.7% of all transactions. They were also the best place to buy a luxury condo for $5 million or more, which accounted for almost 20% of sales, or 81 units. The United States was in second place with 34 units, and Indonesians were in third place with 28 units.
The report also said that the total number of foreign (non-PR) buyers of all condos is getting close to pre-pandemic levels. This is happening despite the fact that property restrictions will be put in place in December 2021 and interest rates will go up.
Foreigners bought 607 condos in the first eight months of 2022, which is slightly less than the 632 units they bought in the same time frame in 2019.
Foreign buyers made up 4.3% of all condo buyers in the last eight months, which is more than the 3.8% they made up in the same time last year.
“Even though the additional buyer’s stamp duty has gone up, some buyers think that luxury properties here are cheaper than in many other cities, where prices have also gone up,” said Ms. Christine Sun, at OrangeTee & Tie.
She also said that the latest measures to slow down the market, which were put in place last week, are “not likely to be significant” because these high-net-worth people have enough cash or capital.
The report also said that foreign (non-PR) buyers liked District 10 the most. After this came Districts 9, 3, and 6.
OrangeTee & Tie said that the “sweet spot” for condo prices for foreign buyers is between $800,000 and $2 million.
Most Chinese and Indian buyers bought units between $800,000 and $3 million from January to August 2022. Most of the units bought by Malaysians were priced at less than $2 million.