More foreigners buying private homes in Singapore

More foreigners buying private homes in Singapore

SOURCE: Propertyguru

More foreigners became active in the Singapore property market in November, buying almost one in three new private homes in the country.Nearly 30 percent of the total number of new private homes were snapped up by foreigners and permanent residents (PRs) in November, up 8 percent from the 22 percent recorded in October, according to analysis released by DMG & Partners Research.

The growth was attributed to Chinese buyers, who are becoming more active in the Singapore property market."They really started coming in during the fourth quarter of 2007. Previously their numbers were single digit, but now we have seen their group hitting sometimes up to 20 percent," said Brandon Lee, property research analyst at DMG & Partners, who spoke to The Straits Times.He added that Indonesians and Malaysians are also continuing to form the bulk of foreign property buyers, with Indonesians making up 25 percent of the group and Malaysians comprising between 25 percent and 30 percent.

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