Friday, September 21, 2012

Foreign home buying sees slight increase in Q2

The number of expatriates, including non-permanent residents (NPRs) and permanent residents (PRs) buying private properties in Singapore, inched up to 22 percent in the second quarter of this year from 21 percent previously, Knight Frank said. 

However, this figure is substantially lower than last year’s level when foreigners accounted for 31 percent of overall transaction volumes. This sharp decline is mainly attributed to rising macroeconomic uncertainties and the introduction of the additional buyer’s stamp duty (ABSD).

Meanwhile, the proportion of Chinese home buyers fell to 19 percent in Q2 from 23 percent in Q1. Notably, the total number of buyers from China slumped by 50 percent to 361 in Q2 from 738 in the same period last year.

On the other hand, Malaysians remain the leading buyers of Singapore homes accounting for 26 percent of overseas transactions in Q2, with cultural similarities and geographical proximity being key factors.

View the original article here

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