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Number of foreign buyers here tumbles to world average

The government's cooling measures have brought the percentage of foreigners buying up Singapore property on par with most other countries.

Speaking to the media yesterday at the inaugural OPPLive Asia conference at Marina Bay Sands, OPP Editorial Director John Howell shared that the curbs have been quite successful in deterring foreign buyers.

"Foreign buyers here are now down to around seven percent, but seven percent is still the world average. So the number of foreign buyers buying in the UK is about seven percent; US (is) six and a half percent; and Australia is also about seven percent."

He added, "So what Singapore has done is brought the number of foreign buyers in Singapore down to the world average. Ultimately, if people want to buy, they will find ways to do it."

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The two-day conference which ends today aims to bring local and international businesses together to explore growing opportunities in Asia's property market.

It includes a series of seminars, panel discussions and an exhibition featuring property investment opportunities from around the world. PropertyGuru Group is among the 37 exhibitors and others come from as far as Turkey, Brazil and Senegal. About 700 delegates are expected to attend.

OPPLive Asia is an extension of the annual OPPLive conferences held in London since 2005. Singapore was picked to hold the event because the country's rich real estate market and its appetite for overseas property represent a growing demand for information on investing abroad.

Xavier Wiggins, Founder and Chairman of OPP said, "Noting this trend, we hope to bring international property investment into Singapore and Asia in a big way and unleash the power of networks within the industry here. The opportunities in Asia remain largely under exploited and the time is ripe for OPPLive Asia to have its very first launch in Singapore."

Image source: www.opp-connect.com

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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