After 2011, excluding in 2012 and 2015, China’s buyers have overtaken the Indonesians as the main community of foreigners buying homes here.
And here, observers find out that there are a number of Chinese buyers residing in Singapore already. Some are expatriates who work for the exponentially expanding number of Chinese businesses who have developed operations here.
Indeed in recent months, Chinese companies such as ByteDance and Tencent have also been among the active occupiers of prime office space, illustrating the strong growth pattern in the Chinese tech field.
The Chinese see property investments in the Republic as a store of value, a buffer against the possibility of currency devaluation and as homes for their children, analysts say.
As top buyers of properties in Singapore, Indonesians could have been overtaken. Yet here they remain heavy investors. Homes valued over S$5 million accounted for 39% of Indonesians’ transactions. Analysts refer to anecdotes of Indonesians buying up homes for their closeness to medical facilities in the prime districts.
The Chinese are buying up about a third of such high-end properties, although 14 percent of such sales are made by Americans.
The need for buyer keeping control comes when calming steps implemented in July 2018 jacked up the ABSD for foreigners and companies to 20 percent and 25 percent respectively.
If the home is held for longer than three years, there is also seller’s stamp duty levied on a sale. Beginning in 2009, the July 2018 regulations became the ninth – and most current – round of cooling steps.
The recent absence of one global purchasing dataset would make it more challenging to evaluate their purchasing actions. This month, the Business Times broke a report that the Urban Regeneration Authority on its Realis data portal had stripped out some pricing data on international sales in October.
In terms of price quantum, for example, the data may be used in any particular quarter to research the number of homes purchased by various nationalities, zooming in on various price groups – S$500,000 to S$1 million; S$1-S$1.5 million; S$1.5-S$2 million; and other similar price levels.
Industry watchers said that for a certain locality or time period, they would not be able to catch the purchasing activity of particular nationalities. During a review of Realis, the elimination of some data sets was performed, and the URA had informed BT because of their very poor utilization rates.
The share of non-landed home purchases transacted by non-Singaporeans stood at 20.4 percent of 12,049 units islandwide and 28 percent in prime districts in the first nine months of 2020. In the proportion of international sales, there was a minor decrease, considering travel restrictions due to Covid-19, analysts said.