Singapore’s sales in luxury apartments surge to 11-year high
Apartment sales in Singapore amounting to $7.3 million have hit its highest in 11 years, beefed up by increased demand from Chinese millionaires who look for safe investments according to OrangeTee & Tie.
Singapore is known as a go-to town of Southeast Asian elites as well as Chinese millionaires who look for stable investments.
From January to August of the year 2019, 68 condominium units in Singapore were sold for S$10 million, posting the highest sales since 2008.
The transaction analysis data also shows that the sales of apartments exceeded the numbers for each whole year from 2011 to 2018.
An OrangeTee expert noted that some buyers have probably sought an alternative to Hong Kong which was under attack by local protesters, while other buyers shifted from China’s currency depreciated.
“This may explain why we have observed more foreign buyers, especially mainland Chinese, coming into Singapore lately,” Christine Sun, head of research and consultancy said.