by OrangeTee & Tie Pte Ltd.

Wealthy Chinese Lead Home Purchases In Singapore, Sending Prices Soaring

OT Research Reports

Singapore’s housing market is defying a global property downturn as wealthy mainland Chinese investors lead a charge of overseas buyers snapping up private luxury homes. Property prices have climbed to record levels despite soaring mortgage rates and government curbs on purchases as the ultra-rich move their families and assets to the city-state seen as a haven with a stable currency and political stability.

China’s economic and political uncertainties, along with strict Covid-19 policies, have dampened growth in the world’s second largest economy. Many wealthy families there are seeking residency elsewhere, and Singapore is among their top destinations, says Dominic Volek, head of private clients at London-based investment migration consultancy Henley & Partners.

Buyers from mainland China purchased 42% of private condos sold to overseas buyers in Singapore in the first eight months of 2022, according to a report published in October by property consultant OrangeTee & Tie. They also constitute the biggest group of investors buying luxury properties in prime districts this year, scooping up almost 20% of apartments with price tags exceeding S$5 million ($3.5 million) each, it added. Singapore’s new tax laws for property purchases and lower loan limits on mortgages are unlikely to dampen demand. “With a strengthening Singapore dollar amid growing economic uncertainties, properties here will continue to be regarded as safe-haven assets,” OrangeTee & Tie said in the report.

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