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Luxury homes flourish amidst renewed vigour from ultra-rich foreign buyers

Dyson and Saverin are amongst the more prominent ultra-rich individuals looking to own one of their own luxury properties in Singapore, but they are not alone. Foreigners bought over 254 private homes in April to June 2019, up by 46% from the 174 units made in Q1.

April to June 2019 alone recorded 139 transactions for properties worth more than $3,000 psf – a number that has not been seen since 2007 before the Global Financial Crisis. Cushman and Wakefield also reported that foreigners bought 200 units priced at $4m and above between July 2018 when the cooling measures were first announced and up until June – a slightly better number than the 190 units transacted in the preceding period.

But they aren’t lining up to buy properties in Singapore for its tranquility – they’re also bracing up for potential losses, especially affluent Chinese investors. “The strong interest from Chinese investors could be attributed to the stability of Singapore currency as a hedge against the impact of the US-China trade war on the Chinese yuan,”

– Nov 13, 2019

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