Ultra wealthy individuals seek solace in Singapore post-pandemic

The Lion City is the most desirable location in Asia for affluent homebuyers.

Ultra-high-net-worth individuals (UHNWIs) from the Asia-Pacific region are gearing to buy new homes in 2021, with Singapore topping their list of Asian locations.

Latest survey results from real estate consultancy firm Knight Frank showed that 26% of UHNWIs are planning to buy new homes in 2021, a 5% increase from last year's results.

Knight Frank also reported that the United Kingdom, United States, Australia, and Singapore are the top four locations preferred by UHNWI homebuyers.

“Asian home buyers from India, Japan, Malaysia and South Korea rated Singapore in their top-five list of locations when considering investment homes abroad. The manner in which Singapore’s government was able to financially support businesses as well as put in place measures to control the spread of COVID-19 further enhanced Singapore’s reputation as a safe bastion for investors in an unpredictable world,” said Nicholas Keong, head of residential international project marketing at Knight Frank Singapore.

The slight contraction in home prices, 0.2% in 2020, sweetened the pot for prospective homebuyers, Keong added.