The increase in the number of homes acquired by non-permanent residents is outperforming that of their PR counterparts — a trend led by Chinese and Indian nationals — according to a new analysis.
The number of non-landed private homes bought by foreigners who were not PRs climbed 37.1 percent in 2010 to 3,988 units, compared with the 12.1 percent increase to 4,317 units acquired by PRs, according to an analysis of URA Realis caveats data conducted by Knight Frank.
This reflects the ongoing transformation of Singapore into a more globalised city and investment centre, said market watchers.
The number of apartments / condos picked up by non-PR Chinese nationals jumped 90.4 percent to 817 units in 2010, compared with a 31.5 percent increase to 794 units bought by Chinese citizens who were PRs, said the study.
The number of non-landed homes acquired by Indian nationals who were not PRs also rose 50 percent to 238 units last year, against a 16 percent increase to 788 units by PRs.
“China and India are clearly the economic powerhouses of the world and Singapore has always been seen as an attractive country to invest in, due to transparency of law, absence of capital gains taxes and no entry barrier for apartment/condo purchases, said Tan Tiong Cheng, Chairman of Knight Frank.
Ong Choon Fah, Head of Consulting & Research (SE Asia) at DTZ, expects that the trend of larger gains in non-PR foreign buying of non-landed private homes in the country will continue. “As Singapore becomes a more international, vibrant place with more entertainment and other attractions, it is being seen as a more desirable place to live in, and for a second home,” she added.
The analysis also showed significant percentage gains in the number of apartments / condos in Singapore bought by UK citizens in 2010 — both PRs and non PRs.
The number of units acquired by UK citizens who were non-PRs surged about 58 percent to 185 units, against a 48.5 percent increase to 153 units picked up by PRs.