According to a recent report, Malaysians are buying more private homes in Singapore, compared with any other nationality.
DTZ Debenham Tie Leung found that 27 percent of the total transactions last year came from non-Singaporeans, including foreigners and permanent residents (PRs).
The study, which is based on URA data and caveats lodged, showed that Malaysians hit the top spot for two consecutive years, as the most active non-Singaporean buyers in the country.
Less than 19 percent of the total transactions last year were accounted to Indonesians. This was the lowest proportion since 1995, when the data for caveats lodged became available.
Malaysian home buyers achieved the top spot in all quarters last year, a big turnaround from the year between 2004 and 2007 when Indonesians made the top spot. Additionally, Malaysians were also responsible for the 25 percent transactions by non-Singaporeans during the fourth quarter of 2009, much higher than the 17 percent by Indonesians. The two groups of buyers accounted an equal result during the same period in 2008.
Mr. Joseph Tan, executive director for residential at CB Richard Ellis, said that cultural similarities and geographical proximity were the primary reasons why the country’s nearest neighbours were interested to live in Singapore.