Foreign Buyers Hitting 16% of Transactions in 1st Quarter of 2011
Its no surprise that foreign buyers are the ones that is zapping up most of the properties in Singapore, allowing the figures to hit yet another height.
The studies according to DTZ were recorded and reported in Straits Times today surprising previous average figure of 12% over 2010.
FOREIGN home buyers snapped up 16 per cent of all private homes sold in the first quarter – the highest quarterly percentage since data became available in 1995.
Experts say the high foreign proportion in the market is because such buyers have been less affected by the rounds of cooling measures which have muted local interest.
The overseas impact has been telling, according to the DTZ Research report that contains the new buying figures. – more from Straits Times Online
Despite strong cooling measures which should have been affecting their buying decisions, foreign investors see their purchases as a long term investment as they’re unfazed by the seller’s stamp duty measures.
The many reasons why foreigners buy into Singapore include:
- Stronger Singapore Dollar against the US Dollar, a great way to curb declining currency value
- Singapore’s Political Stability
- Singapore Government’s welcome policy of foreigners’ investment
- World class education system
- ASEAN footing of Singapore with its convenient location which is popular with Asian countries like China, Vietnam, Indonesia, India.