Singapore, 09 Jan 2023 In a much-awaited move, China lifted COVID-driven travel restrictions on its citizens on Sunday, with property analysts in Singapore expecting the move to help prop up home sales in the city-state this year as mainlanders turn to the city’s safe haven status to park their wealth.
Purchases of condos by mainland citizens is likely to rise by up to 70 percent this year from 2022 levels, according to Tricia Song, head of research for Southeast Asia for CBRE.
“On the back of the slightly earlier-than-expected reopening of China’s borders, we believe that there should be a positive impact on the private housing market, particularly in the higher-end and luxury property market,” she said, noting how Chinese investors make up at least a third of the overall foreign home buying activity in Singapore.
Christine Sun, the property agency’s senior vice president of research and analytics told Mingtiandi that enquiries from potential Chinese buyers have already risen based on the feedback from their agents, and she expects homes purchases by mainlanders to rise by 10 to 15 percent this year, following China’s full relaxation of COVID restrictions on Sunday.