Who are Singapore’s top foreign homebuyers?

It’s no longer buyers from Mainland China. 

Americans have displaced Mainland Chinese buyers as the top foreign homebuyers in Singapore, data from OrangeTee showed.

In a report, OrangeTee revealed that there were 56 homebuyers from the United States in 2Q23, whilst there were only 51 from the Mainland.

From 2017 to 1Q23, Mainland Chinese buyers were the top foreign buyers in Singapore.

In the same report, OrangTee said that total foreign purchases in 2Q23 dropped following the cooling measures implemented in April 2023.

In 2Q23, 205 units were purchased by foreigners, a 22.6% drop from 1Q23.

“This is the lowest transaction volume since 145 units were transacted in Q1 2022 after the implementation of cooling measures in December 2021,” OrangeTee added.

With the drop in transaction volumes, the proportion of foreign purchases also dipped from 6.9% in 1Q23 to 4.2% in 2Q23.

“Conversely, Singaporeans purchasing non-landed properties, excluding executive condominiums, surged 40.8% from 2,766 units in Q1 2023 to 3,895 units in Q2 2023,” OrangeTee added.