{"id":119943,"date":"2021-01-28T02:43:19","date_gmt":"2021-01-27T19:43:19","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/foreign-buying-of-private-homes-down-to-its-lowest-since-2003\/"},"modified":"2021-02-02T17:51:51","modified_gmt":"2021-02-02T10:51:51","slug":"foreign-buying-of-private-homes-down-to-its-lowest-since-2003","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/foreign-buying-of-private-homes-down-to-its-lowest-since-2003\/","title":{"rendered":"Foreign buying of private homes down to its lowest since 2003"},"content":{"rendered":"


\nForeign buying of private homes down to its lowest since 2003Travel restrictions imposed in various countries prevented foreigners from visiting the city-state, many whom prefer to physically inspect the property or visit a show-flat before making a purchase.
\nSingapore saw foreign buying of private homes decline to its lowest in 17 years at 724 units in 2020, reported Bloomberg citing ERA Realty Network and OrangeTee & Tie.
\nThe drop in sales came as travel restrictions and lockdowns imposed in various countries prevented foreigners from visiting the city-state.
\nAn analysis of government data as at Tuesday (26 January) \u2013 which took into account second-hand, sub-sale and new apartments \u2013 showed that non-permanent residents purchased 671 private homes in 2003.
\nThe city-state rolled out a two-month lockdown in 2020 to curb the spread of COVID-19, shutting down showflats and putting a stop on viewings.
\nAnd while it has eased virus curbs, most countries across the world kept their border restrictions, deterring foreigners from coming to Singapore to acquire units.
\nRecommended article:\u00a0Expat Guide: Buying and Financing A Home As A Foreigner in Singapore
\n\u201cFor the luxury market, many buyers prefer to physically inspect the premises or visit a show-flat before making a purchase,\u201d said Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie as quoted by Bloomberg.
\n\u201cLast year, many overseas buyers were not able to travel to Singapore to view properties in person which may have resulted in a dip in foreign purchases.\u201d
\nBased on government data gathered by ERA Realty Network and OrangeTee & Tie, acquisitions of apartments by non-permanent residents made up 4.1% of total sales in 2020, making it the lowest in over two decades.
\nCurrently, Singaporeans accounted for the biggest proportion of buyers, with the contribution from such group increasing two percentage points to 80.2% from the previous year.
\n\u201cAnecdotally, we have also observed more Singaporeans reducing their overseas investments,\u201d said Sun.
\nNicholas Mak, Head of Research and Consultancy at ERA unit APAC Realty, expects sales among foreigners to gradually pick up due to developers launching more projects this year and the rollout of vaccine.
\nSuggested read:\u00a0Buying Your First Home as a Singaporean-Foreigner Couple: What\u2019s Different?
\nHe noted, however, that the expected hike in foreign buying is premised on the government not introducing another round of cooling measures.
\nThe recent hike in private home sales and prices has sparked concerns of the authorities imposing more policy curbs, which could include a hike in stamp duties for foreigners, said DBS Group Holdings.
\nMak noted that while acquisitions by Chinese, excluding those holding permanent residency status, fell from 339 in 2019 to 215 in 2020, these group of buyers continue to flock the city-state due to its legal, financial and political stability.
\nIn fact, he described Singapore as \u201cone of the most friendly nations\u201c for Chinese buyers. And considering that the population of China\u2019s middle class is so big, \u201cjust a tiny fraction of them buying apartments in Singapore can cause a surge\u201d, he said.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s Listings, Project Reviews and Guides.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Foreign buying of private homes down to its lowest since 2003<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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Amongst the major groups of foreign\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36534,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-foreigners-buying-homes-in-singapore\/","url_meta":{"origin":119943,"position":4},"title":"More foreigners buying homes in Singapore","date":"November 30, 2016","format":false,"excerpt":"\r JLL recorded an increase in foreigners buying private homes in Singapore. Singapore\u2019s private residential market attracted even more foreign buyers during the first nine months of this year (9M 2016), according to the latest report from property consultancy JLL. 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Photo: Treasure at Tampines was the best-selling project in June.\u00a0 Sales of new private homes in Singapore more than doubled in June from May, hitting the highest monthly sales since November 2019 and the highest June\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/119943"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=119943"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/119943\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/119944"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=119943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=119943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=119943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}