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Singapore residential property snapped up by mainland Chinese buyers

Singapore residential property snapped up by mainland Chinese buyers

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Mainland Chinese made up 7.6 percent of total sales in Singapore in a three-month period this year.

The latest figures released shows that mainland Chinese buyers formed the biggest group of foreigners to purchase property in Singapore.

In the second quarter of this year between April and June, Chinese buyers bought 640 properties, which is 100 more units compared to the previous quarter.

This amounted to 26 percent of all purchases made by foreigners, or 7.6 percent of total property sales in Singapore in three months.

The mainland Chinese are attracted to property here as the market is less voilatile.

A majority of them would buy more than one unit: A three to four-room apartment to live in and perhaps another one or two- room apartment for investment purposes.

However, the overall picture shows that foreigners in general are driving up the demand for high-end residential properties locally.

Foreign buyers purchased 43 percent of all properties that were sold for S$1.5 million or more.

In comparison, Singaporeans are entering into the lower end of the property market: They bought 75 percent of all properties that cost S$500,000 or less in the same period.

Read the original article here.