The research of Knight Frank regarding the residential sector concluded that there is an increase in the proportion of foreign homebuyers in Singapore. It was recorded that in the second quarter of 2014, foreign buyers comprise 22.9% of the buyer’s population. In the latest survey record (third quarter of 2014), homebuyers boosted to 27.7%.Private Property

To note, the homebuyer’s population referred herein is composed of non-permanent residents (NPR) and permanent residents (PR).

According to Tan Kee, Knight Frank Executive Director, the increase in the share of foreign homebuyers in the property market means that foreigners are now adapting to the high cost of properties and property ownership in Singapore. It can be recalled that the high cost of private properties in the country is attributed to the cooling measures implemented by the government. These cooling measures are intended to decrease foreign demand over the private market.

The highest rate of foreign ownership as of Q3 (2014) is in District 23. District 23 lies at the north west of the country and is composed of the following estates: Bukit Batok, Upper Bukit Timah, Choa Chu Kang and Hillview Avenue.

District 23 also has the highest proportion of NPR and PR homebuyers. It rocketed from 5.5% (Q2 of 2014) to 8.8% (Q3 of 2014).

In total, there were about 717 foreign transactions in Singapore and 17.3% of which were from residential districts like District 11, 10 and 9. These districts only had 14% rate back in Q2 this year.

If converted to percentage, District 11 got 20.2% of the total foreign transactions, District 10 got 34.5% and District 9 got 36.3%.

The increasing rate of foreign homebuyers in Singapore is expected to rise over the years because of the integrity of the country. Singapore is known to be an established and continually striving global city with strong economic power and comfortable living environment.

Properties to check out in Singapore include Sophia Hill Residences, Ace @ Buroh, BelleWaters, and Botanique @ Bartley.