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Foreigners back in private home market

Posted on 5 Nov 2009 | Comments Off

Foreign buyers are streaming back into the private homes market in growing numbers, especially those from China.

They account for 22.7% of such sales in Q3, above the 19.7% average

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FOREIGN buyers are streaming back into the private homes market in growing numbers, especially those from China.

New research from property consultancy Savills Singapore shows foreigners accounted for 22.7 per cent of private home sales in the third quarter – above the 19.7 per cent average since the start of 2000.

Buyers from China have dislodged those from India for the No. 3 spot in the rankings this year with a contribution of nearly 15 per cent of total foreign purchases. This puts China just behind Indonesia in the second spot and Malaysia at No. 1

In the past two years, India had been in third spot, but it has slipped to fourth.

Last year, buyers from China had moved up to the No. 4 spot, dislodging buyers from Britain.

Buyers from Myanmar featured more strongly, coming in at No. 8. They did not make it to the top 10 last year, and were 10th in 2007.

In the July to September period, foreign buyers – including permanent residents – lodged 2,448 private home caveats, a key step to buying a home.

This is up from 1,807 caveats in the second quarter and just 498 in the first, according to data compiled by Savills. Continue reading →

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Foreign buyers warm to mid-tier city-fringe homes

Posted on 27 Aug 2009 | Comments Off

Q2 resurgence sees Indonesians pick up 5 times the number they bought in Q1

Foreign buying of private homes rose in Q2 but is not back in full force in terms of its share of higher-priced transactions, according to a caveats analysis by DTZ. The quarter also saw a resurgence of purchases by Indonesians, who were the top buyers in the upper-tier segments.

Foreigners, excluding Singapore permanent residents (PRs), made up only 15 per cent of those who bought private homes costing over $1,110 per square foot (psf) in Q2 2009, much lower than their 29 per cent share in 2006 when the property market began to heat up.

In terms of absolute price quantums, too, non-PR foreigners made up 14 per cent of total transactions done at above $1.5 million in Q2 2009 – considerably below the 20 per cent figure in 2006.

‘The profile of foreigners has changed gradually over time. They are increasingly moving to mid-tier homes located at the city fringes,’ DTZ said.

Knight Frank executive director (residential) Peter Ow said the trend is also due to several city-fringe projects being launched recently in locations such as Novena and Holland Road at prices that foreign buyers have found attractive.

‘Their prices are about 30-40 per cent lower than prime Orchard Road properties with similar-quality finishes. And most of these projects are near MRT stations and often 10 minutes’ drive to Orchard Road,’ he added.

DTZ’s analysis showed that homes in the prime districts of 9, 10 and 11, as well as district 15, accounted for 47 per cent of total private homes bought by non-PR foreigners in Q2 – much lower than a 62 per cent share in 2006.

The total number of private homes bought by both PRs and non-PR foreigners more than trebled from 497 units in Q1 to 1,678 units in Q2. Continue reading →