This graph from the PropNex research team reveals that the bulk of purchases of homes in Singapore, or 84%, in May 2020, were concluded by Singaporeans. This is a 2 percentage point (ppt) Month on Month (MoM) increase from 82% in April 2020. In the mean time, foreign purchases fell by 2 ppt MoM to 16% over the same time frame.
The number of residential properties purchased by foreigners began to drop in February 2020 and remained depressed, largely because of the travel bans that stopped foreigners from seeing and purchasing real estate in Singapore.
Singaporeans picked up the slack, starting with popular mixed developments like Dairy Farm Residences, accounting for a bigger proportion of transactions in February 2020 with 83%, as foreign purchasing dropped to 17%. The effect of the travel bans would be reflected more keenly in the high end homes and CCR sector, which tend to have more foreign interest.
Property buys by nationals have been generally consistent since February 2020, and PropNex anticipates this could increase in the coming months, especially with the travel bans still in place. But foreign buying should gradually pick up again once global travel resumes.
PropNex said that Singapore is still an attractive investment location with positive long-term prospects for its property segment.
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