Foreign purchases of private homes soar by 102.8% in Q2

Most non-local buyers were from Mainland, China.

The number of non-landed homes purchased by foreigners soared by 102.8% to 292 units in Q2, data from the URA Realis showed.

Property expert, OrangeTee, said the increasing number of purchases from non-locals is an indication that many foreigners are “still keen to park their money in Singapore despite the cooling measures.”

“Given the geopolitical and economic uncertainties in other Asian countries, Singapore has emerged as their top investment destination,” OrangeTee added.

READ MORE: Chart of the day: Unsold private residential units increases in Q2

In Q2, most of the foreigner buyers, both non-permanent residents and permanent residents, were from Mainland China (342 units ), followed by Malaysia (218 units) and India (123 units) (Chart 5).

Overall, sales volume for the quarter rose by 27.5% to 6,811 in Q2. The price index for private residential homes also rose by 3.5% during the quarter.