More than one third of affluent Asians have overseas property investments, with Australia being the number one destination regionally according to new research from HSBC.
In the survey a total of 37 percent of survey respondents said they already own overseas property, and many also indicated they were planning further investments during the next 12 months.
While Australia ranked as the most sought-after overseas property buying destination regionally, for Singaporeans it was Malaysia that emerged as the top location overseas for buyers and investors. India, China and the United Kingdom were ranked third, fourth and fifth respectively for Singaporean overseas property buyers.
HSBC’s international property investment research was conducted by RFi involving more than 7,000 affluent individuals across seven Asian countries to understand their international property investment appetite. HSBC defined "affluent" as being those individuals with investible assets of more than S$200,000.
Commenting on the findings, Alice Del Vecchio, Head of Mortgages for HSBC in Australia, said: “Looking ahead, interest in Australia is expected to remain strong so our economy is set to be a key beneficiary as foreign investment activity can help increase the supply of new housing by stimulating construction,” she said.
Del Vecchio credits Australia’s appeal amongst Asian investors to its proximity, quality education and lifestyle.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
Recent stories you may have missed:
Property bubble unlikely in Singapore: Citi
CapitaLand delays launch of Marine Parade project
Thailand crisis impacts Singapore property buyers
Singapore remains best in Asia for Quality of Living
If you have a property story you want us to publish email: andrew@allproperty.com.sg