Below are some statistics for Q3 2019:
- Overall Property Price Index: +0.9%
- Year-on-Year: +1.7%
- Landed houses: -2.2%
- Non-landed: +1.7%
- Core Central Region (CCR): +2.9%
- Rest of Central Region (RCR): +1.7%
- Out of Central Region (OCR): +0.7%
Lured by Singapore's stable political environment and relatively strong office rentals, Hong Kong investors pumped a total of US$1.4 billion (S$1.94 billion) into the Republic's real estate in the first half of 2019. This accounted for more than a quarter of the US$5.2 billion in total outbound real estate investment from Hong Kong during the period, making Singapore the top destination as they view Singapore as a comparatively safe haven given the challenges that their countries are facing.
Some buyers may have sought an alternative to financial hub Hong Kong due to ongoing protests, while others may have shifted funds from China after its yuan currency was devalued.
In Singapore's prime districts, Chinese citizens bought 76 apartments worth more than S$5 million in the period from January to August, versus 75 purchases by Singaporeans, data until Sept 19 showed. Expensive apartments in premium neighborhoods are mainly bought by foreigners because at such high prices Singaporeans have the option to buy landed property.
Sales of Singapore apartments worth at least S$10 million have hit an 11-year high this year even though the government had in July 2018 last year adopted further measures to cool its real estate market such as hiking additional stamp duties for foreign buyers to a whopping 20 percent from 15 percent. Foreigners agree that Singapore properties are more attractively priced than in their own cities.
Huttons Asia's real estate advisor Kiwi Lim believe that Singapore's healthy population growth, rising household income, positive clear long term infrastructure plans of government and a strong desire of young Singaporeans to own their own homes will remain key drivers for both home prices and demand over the long term. Even with the current economic uncertainties globally, Kiwi Lim believes that Singapore will remain a very attractive safe investment haven for foreign investors as well as possessing an ideal environment for family or own stay.