Luxury Condo Sales In Singapore Dominated By Rich Chinese

Luxury Condo Purchase:

Purchase of luxury condo by rich Chinese are hitting waves in the news. Since 2016, the Chinese have dominated the international property buyer market. Chinese buyers nearly return to pre-covid 19 numbers.

Luxury Condo Purchase By Rich Chinese:

credit:ura

China Chinese have purchased the most private condominiums in Singapore this year (2022) as against buyers from other countries. This highlights the amount of money coming into Singapore from the second-largest economy in the world.

Top Foreign Buyers in Singapore:

Chinese buyers acquired 932 private apartments from January to August of 2022. This is followed by buyers from Malaysia, India, the US and Indonesia. It is interesting to note that Chinese private property purchasers forms 6.7 percent of all deals this year. They hold the record since 2016 as the largest group of foreign buyers in our city state.

Eighty one units of premium luxury condos above S$5 million are bought by the Chinese buyers, pushing the US citizen buyers to second spot with thirty four units purchased.

Sales rebound for the first 8 months of 2022 to nearly pre c19 level with more than 14,000 units sold to foreign buyers. Exceptionally wealthy Chinese buyers top the chart for foreign sales this year. They snap up top luxury condos.

Singapore introduced property controls in December 2021, which raised stamp fees for second-home buyers and foreigners buying private property. Singaporeans buying 2nd home will need to pay 17% in Additional Buyer’s Stamp Duty (ABSD) while Singapore permanent residents pay 25%. Foreigners’ 1st and subsequent home purchases are at 30%. This has not dampened interest.

Singapore’s luxury condo market is actively being pushed up in sales by foreigners especially the Chinese. It is believed that our country’s property prices are reasonable as compared to some other cities. Another recent cooling measure on 30 Sep 2022 will only leave the slightest dent in HNWI’s deep pocket.

In June 2022, it was reported that a Chinese buyer from Fujian bought 20 apartments at Canninghill Piers, a prime district new condo launch.

source:https://www.bloomberg.com/news/articles/2022-10-05/rich-chinese-are-biggest-singapore-luxury-condo-buyers