Tag Archives: Indonesia

Indonesians are among top buyers of S’pore property

Indonesians were the third largest group of overseas property buyers in Singapore during the first quarter of 2013, accounting for 24 percent of all foreign deals.

“Indonesia’s purchase position rose one percent from 2012,” said Novriyanto Lius, a property sales manager executive at Far East Organization, who predicted that purchases by Indonesians will grow to 30 percent by 2014.

Meanwhile, mainland Chinese remained the largest group of foreign buyers at 30 percent, followed closely by Malaysians at 27 percent.

According to Lius, robust interest from Indonesian buyers was attributed to the government’s property policy which makes it easier for foreigners to acquire property.

Back in 2012, Singaporeans owned 80 percent of homes in the country, 13 percent were owned by property agents, while foreigners accounted for the remaining seven percent.

However, foreign homeownership jumped to 12 percent in Q1 this year. This despite the fact that property in the city-state is considered expensive, with the most affordable private property priced at around S$600,000.

The government has been trying to cool the property market as near-record low interest rates and immigration fuel a surge in demand. It raised stamp duties for foreign buyers in January while introducing new loan borrowing limits.

Furthermore, an additional stamp duty was placed on Singaporeans looking to buy their second property and permanent residents (PRs) buying their first home.

Source – PropGuru – 22 May 2013

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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