Chinese nationals made up the largest number of non-resident homebuyers in Singapore in the second quarter of the year, as many found the Southeast Asian country to be more stable than its regional peers and worth the hefty tax on foreigners owning property.
More high-net-worth Chinese are shopping for investment property, often newer luxury flats, according to Christine Sun, OrangeTee & Tie's senior vice-president of research and analytics. Around a third of the city state's nearly six million residents also speak Mandarin, while Chinese expatriates make up Singapore's second-largest group, at 426,000 people, after Malaysians.And compared with other parts of Southeast Asia, Singapore lacks "economic uncertainties", real estate technology firm Juwai IQI said in a third-quarter 2022 outlook.
A spurt of luxury homes built over the past year gives foreign buyers an ample selection among Singapore's total volume of about 1.2 million flats, Sun said, with prices as high as $3 million per unit. Investments are often made to get approval for immigration or as part of a wealth-management portfolio, he added.
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