, Singapore

Singaporeans eye overseas property purchases amidst high costs back home: survey

Foreign properties could be used as retirement homes.

Four in five or 83.3% of Singaporeans would consider investing in real estate overseas if they had the money and had all the necessary resources due to the rising prices of local residential properties, according to findings from WorldFirst’s market study.

Better growth and yield potential, coupled with the possibility of having a home for retirement, were also cited as important factors for the Singaporeans surveyed by WorldFirst. The report found that these Singapore respondents were in the age range of mid 20s to early 30s, were unmarried and of the average income group. Males were also found to be more likely to invest than females.

Also read: Singapore's pool of foreign properties is now the largest in Asia

The survey was completed by over 400 Singaporeans and studies behaviours concerning real-estate investments, wedding planning, medical tourism and travel habits.

“Singaporeans are most interested in investing in a property they can rent out now and retire in (37.5%), followed by overseas holiday rentals and diversified property funds at 20.5% and 20.3%, respectively,” the firm said in a statement.

With regards to weddings, almost all of the respondents or 90% expressed that they found local weddings to be expensive with more than half thinking it would be cheaper to have an overseas wedding. Singaporeans surveyed cited that accommodation, venue, catering and staffing would cost less overseas.

“Language barriers and cultural challenges are the least of their worries,” WorldFirst added. The only challenge to them would be the logistics of getting friends and family to the wedding.

Also read: Property curbs may push Singaporeans to seek New Zealand homes

Meanwhile, 2 in 5 Singaporeans would also rather go overseas for cosmetic surgeries than in Singapore due to lower medical costs abroad provided they had done their research and felt confident about the medical team involved. Dental (36.3%), cancer (26.3%), eye (20.8%) and vital organ surgeries (20%) were other areas Singaporeans would consider going overseas for.

In addition, a majority of Singaporeans would not change their travel plans even when the Singapore dollar is low against the currency of the country they are planning to travel to, with only 17% citing they would delay such plans until the currency improved.

“Few Singaporeans think about overseas exchange rates and money transfer fees when engaging in overseas real-estate investments, overseas weddings or medical tourism,” WorldFirst said in a statement. 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

C&W Services transforms headquarters into a ‘living lab’
The new office is set to be the ground for the firm’s new facilities management technologies.
How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.

Event News

Event News