Chart of the Day: Here is how much Singapore's amazingly high property prices scare foreigners

And they're freaked out by its 'softer outlook'.

Singapore is a foreigner's haven in more aspects than one, but its ever-rising cost of living, property prices, and not-so-rosy economic outlook are slowly shooing expats away.

According to CIMB's Cost of Living survey, buyers responded positively to the property price cuts. Sky Vue, with its more competitive pricing, achieved a much healthier take-up rate, compared to its more expensive adjacent development, Sky Habitat. 

Here's more from CIMB:

We also saw buyers reacting positively to price cuts, with Sky Habitat clearing more than 100 units since the re-launch.

This reinforces our survey results that suggest weak demand is driven more by expectations rather than affordability.

Foreigners view Singapore as a good city to own a piece of property, but cited high property prices as their key deterrent.

In a separate survey of foreigners not based in Singapore, 35% of the surveyed population believe that the biggest draw for investing in a property in Singapore is its infrastructure and security, with Singapore being seen as a clean and efficient city.

However, when asked what the main deterrent to buying a property was, the majority (83%) cited high property prices and softer outlook. Obviously, our survey also has some shortcomings as Indonesian tycoons or Middle Eastern tycoons are unlikely to take part in our survey.

In reality, these views are also reflected in lower take-ups by both foreign and investment demand. Foreign demand has fallen, now making up ~10% of new sales as compared to 15% two years ago. Investment demand has fallen as well, with upgraders making up more than 60% of new sales, vs. 50% two years ago.