Singapore’s property market is bracing for surging demand from Chinese buyers. Real estate agencies in the city-state have seen more inquiries from mainland Chinese. Industry watchers note a 10% to 15% increase in January 2023, since Beijing announced it was ending three years of global isolation. The border reopening has also seen a spike in queries about immigration to Singapore.
Chinese have been the largest foreign buyer group in Singapore since 2016 and made up 6.9% of foreign purchases of private apartments in 2022. Some expect more than 10% increase in the number of homes purchased by Chinese this year, in tandem with rising supply.
Still, such demand is unlikely to fuel price rises in the city-state as the number of Chinese buyers is still small compared with locals. Home prices grew at the slowest pace in more than two years in the last quarter of 2022, taking the annual gain to 8.6%.
China’s reopening is also stoking greater migration interest. The city-state is among top destinations for wealthy Chinese. Migration inquiries from Chinese nationals in China and Hong Kong jumped 600%. Queries about Singapore residency were the fourth highest in 2022, after Portugal and Greece residency and Grenada citizenship. Singapore’s “safety and security, stable political environment, pro-business policies and good infrastructure” are attractive to global investors.
Perhaps we should welcome them in Johor where the largest overhang of condos, service apartments are now available – but will our authorities do the right thing?
Reference:
Singapore property market braces for surging Chinese demand, Sing Yee Ong, www.theedgemarkets.com, 2 Feb 2023
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