Tag Archives: China

Foreign interest up for private property

Foreign demand for private homes in Singapore increased 40 percent with 523 units purchased during the first quarter of 2013 compared to the 373 sold during the same period last year, although the figures are still below levels seen before the introduction of the additional buyer’s stamp duty (ABSD) in December 2011, The Straits Times reported.

Analysts also noted that there has been a shift in interest from luxury homes to mass market condominiums.

Quarter-on-quarter, foreigners (excluding PRs) took up 10.7 percent of the 4,884 private homes sold in Q1 this year, compared to 7.4 percent in the previous quarter.

This is also an increase from the first, second and third quarters of 2012 when foreign buyers purchased 5.7, 7.1 and 7.2 percent of new private homes sold respectively, according to the Urban Redevelopment Authority (URA).

Prime District 10 remained the most sought-after area to purchase property with District 19 following close behind. Projects popular among house hunters included d’Leedon in District 10 and La Fiesta in Sengkang.

The Chinese and Indonesians were the largest foreign buyer groups in Q1, followed by the Malaysians. Moreover, China buyers appear to be returning as a force in the market, accounting for 42.6 percent of the 108 foreign buyers in March.

Source : PropertyGuru – 23 Apr 2013

China home prices rise for 2nd month in July

The average home price in China’s 100 major cities edged up in July for the second consecutive month, reinforcing signs of a recovery in the property market even as the government seeks to spur broader economic growth, a private sector survey showed on Wednesday.

The average price of 8,717 yuan (S$1,700) per square metre in the 100 cities surveyed was 0.33 per cent higher than June, accelerating from June’s month-on-month increase of 0.05 per cent, the China Real Estate Index System (CREIS) said.

The data added to evidence that the property market is getting support from monetary policy easing and local governments which have tried to get around national property curbs that Chinese leaders have vowed to maintain.

The central government has sent eight “inspection teams” to top cities to check whether local governments are enforcing property curbs in late July.

But home prices in the 100 cities were still down by 1.77 per cent in July from a year earlier, marking the fourth year-on-year fall since June last year when CREIS first began calculating the year-on-year change.

The average home price in China’s top 10 cities, including Beijing and Shanghai, rose 0.27 per cent from June but was down 2.32 per cent year-on-year, the survey showed.

The Chinese government is due to publish data on home prices in 70 major Chinese cities for July on August 18. Home prices broke eight consecutive months of decline in June, official data showed.

Source Today – 2012 Aug 1