Chart of the Day: Foreigners snapped up 18% of total apartment purchases in Q2

There was a surge of demand from China, Hong Kong, and Taiwan.

The purchases of uncompleted apartments by foreigners accounted for 18% of the total number of transactions in Q2, up 10% YoY or 40% QoQ to 410 units, according to data from Jefferies Equity Research.

The report noted that this was the highest share of non-locals in purchases for uncompleted apartments since Q2 2018.

In H1, the share of non-Singaporean private property purchases rose to 22% YoY. Jefferies also mentioned that there is a surge of demand from overseas buyers during the quarter, particularly from Hong Kong and China. Buyers from the two markets, along with Taiwan, makes up 11% of the total recorded transactions.

Typical demand profile of transactions ranges between $1.5-3m. Interest was concentrated across central area projects such as Boulevard 88 and One Pearl Bank. Agents also commented that the projects of developers with presence in Hong Kong such as Artra, Margaret Ville, Parc Esta, Stirling Residences were preferred by Chinese buyers.

For mid-August, foreign purchases accounted for 5% of the total uncompleted apartment transactions, as compared to 22% for H1, thanks to higher number of purchases from locals. Jeffries noted that these prospects are back to buying city or city-fringe units in Singapore.

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!