As China moves to a post-pandemic approach to COVID-19, analysts expect more of its nationals to explore investing in the Singapore property market.
property analyst Nicholas Mak, head of research and consultancy at ERA Realty Network,Singapore's official growth forecast for 2023 is pegged atDemand for property tends to increase in tandem when the economic outlook is buoyant, Mr Mak said, likening it to a tide that brings in more buyers.
Mr Lam Chern Woon, head of research and consulting at Edmund Tie noted that the proportion of foreign purchases in private homes climbed to 9.2 per cent in January, up from 8.3 per cent in December, as China's border reopens. Reuters reported last month that Singapore has seen a"fresh influx of wealth since 2021" after many Chinese became disillusioned with China's draconian COVID policies, citing skyrocketing golf memberships and lawyers who set up family offices.
AnjiaSG, which helps Chinese clients with relocating to Singapore and buying property here, said it is getting five to six times more people asking them about their services, compared with about 100 enquiries it received each month during the COVID-19 pandemic. Mr Lee said that super-wealthy Chinese were said to be behind some of the purchases in Klimt Cairnhill in January, pushing the project to become the number three bestselling project that month. Fourteen out of 17 units at Klimt Cairnhill were sold to foreigners.
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