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Lower ratio of foreign homebuyers
The fraction of foreigners buying a private residential unit in Singapore has declined, according to Knight Frank.
Based on caveats lodged data as at 18 July 2014, the proportion of Permanent Residents (PRs) and non-PRs (NPRs) decreased from 29.1 percent in Q1 2014 to 24.8 percent in Q2 2014.
District 18 saw the largest number of foreign homebuyers in Q1 2014. There was also a substantial rise in the proportion of PRs and NPR homebuyers in the district from 6.6 percent in the first quarter to 14.1 percent in the second quarter, which is also higher than the average proportion of 10.4 percent in 2013.
Alice Tan, Director and Head of Research at Knight Frank Singapore, said, "This spike in the proportion of foreign homebuyers could be partly attributed to the relocation of the Overseas Family School to a site along Pasir Ris Drive 3. Slated to be completed in April 2015, the relocation of this renowned international school has indirectly helped to boost sales of new project units recently launched in the vicinity."
Meanwhile, foreign homebuyer purchases in prime residential properties in Districts 9, 10 and 11 made up about 15 percent of the 834 foreign homebuyer transactions in Q2 2014 -- slightly lower than 16.9 percent recorded in Q2 2013.
Within Districts 9, 10 and 11, foreign homebuyer transactions also comprised a significant proportion of total transactions. They formed 40.6 percent, 32.8 percent, and 24.7 percent of total transactions in Districts 9, 10, and 11 respectively from April to June this year.
"Despite the fall in the proportion of foreign buyers in 2Q 2014, Singapore's residential properties remain attractive given the country's stable economic fundamental and conducive living environment. These are expected to lead to a gradual return in interest from foreign homebuyers in the medium to long-term," Tan said.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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