Overseas investors are back in force in Singapore with Indonesians digging the deepest.
Recent figures reveal that Indonesians buy the most expensive property in Singapore if compared to other foreign investors. The third biggest overseas spenders of property of this island state, Indonesians desire property in the central areas of Singapore. Seeking out property in districts 9, 10 and 19. This includes addresses such as Orchard Road, Cairnhill River Valley, Ardmore, Bukit Timah, Holland Road, Serangoon Garden, Hougang and Punggol. 10 percent of Indonesians purchase property in excess of SDG 5 million, and 11 percent look between SGD 3 and 5 million.
Foreign investors shied away from this regional power house in 2012. A result of cooling measures put in place to slow the market down. Recent figures reveal that they are once again active players in the market. According to Singapore’s Urban Redevelopment Authority there has been a 48 percent increase in foreign purchases for the first half of this year if compared to the same period of 2016.
Singapore has long since been a mecca for overseas investors looking for a safe haven to park their money. Its stable economic and political systems are enticing factors. The Chinese make up the majority of transactions. Often buying property between SGD 500,000 to SGD 1 millon. Singapore’s neighbours Malaysia also concentrating on a similar price bracket.
Indians and Americans are the two other nationalities that are buying property in Singapore. Recently overseas property has become more affordable and within easier reach for many Indians than even just one year ago due to the strength of the rupee. According to recent data revealed in the report ‘Looking beyond Borders’ by Knight Frank India and the International Real Estate Expo, Indians spent USD 112 million on overseas property in the last fiscal year. A hike of USD 23.6 million if compared to the previous year. Looking further back an increase of nearly 60 times from 2005 to 2006.
