In Singapore, foreign buying of private apartments drops to 17-year low
- Non-permanent resident apartment purchases accounted for just 4.1 per cent of total sales last year, according to an analysis of government data
- Purchases by non-resident Chinese also slumped, but they are still flocking to Singapore because of its political, financial and legal stability, analysts said
Purchases of units fell to 742 last year, according to Singapore-based real estate consultancy firms ERA Realty Network and OrangeTee & Tie Pte. That is the lowest since 2003, when non-permanent residents bought 671 units, based on an analysis of government data as of Tuesday that takes into account new, sub-sale and second-hand flats.
Singapore’s two-month “circuit breaker” lockdown last year put a stop to viewings and closed display units. Even as the country eased virus curbs, border restrictions are still largely in place globally, preventing foreigners from travelling to the city state to purchase units.
“For the luxury market, many buyers prefer to physically inspect the premises or visit a show flat before making a purchase,” said Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie. “Last year, many overseas buyers were not able to travel to Singapore to view properties in person which may have resulted in a dip in foreign purchases.”
Non-permanent resident apartment purchases in 2020 accounted for just 4.1 per cent of total sales, the lowest in more than two decades, according to government data compiled by ERA Realty Network and OrangeTee & Tie.