SINGAPORE - The luxury end of Singapore's residential market is hot, and according to Colliers International Group, it's because of increased interest from mainland Chinese nationals.
"The increase in luxury home sales could be due to more China buyers seeking an alternative from Hong Kong, while others may have shifted funds from China after the yuan was devalued," said Tricia Song, the head of research for Singapore at Colliers. She added the Singapore dollar is also perceived to be more stable.
Of those, 97 units, or about one-third, were purchased by mainland Chinese nationals, which make up the largest foreigner buyer group in Singapore."Based on the available data, we have not seen any strong evidence to suggest a sharp inflow of Hong Kong money into Singapore residential properties. However, we note that there is more Chinese interest, particularly in luxury homes," Song said.
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