Chinese homebuyers in Singapore dropped to 19% in 2Q12

Foreign homebuyers was significantly lower at 22% than 31% in 2011.

According to Knight Frank, the proportion of foreigners, including permanent residents (PR) and nonpermanent residents (NPR), buying private residential properties in Singapore increased slightly to 22 per cent in 2Q 2012, compared to 21 per cent in 1Q 2012.

This is significantly lower than 2011 where foreigners accounted for 31 per cent of the total transactions volume. Foreign buying interest remained subdued arising from the effects of ABSD measure and increasing macroeconomic uncertainties.

The proportion of home buyers from China dropped further, from 23 per cent in 1Q 2012 to 19 per cent in 2Q 2012. On a yearly basis, the total number of Chinese buyers halved to 361 in 2Q 2012 from 738 in 2Q 2011.

Meanwhile, Malaysian buyers continued to take the lead, accounting for 26% of foreign transactions in 2Q 2012. Given the geographical proximity and cultural similarity, Singapore remains a safe investment destination for investors from Malaysia.

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