London Daily

Focus on the big picture.
Tuesday, Jul 22, 2025

Foreign buying of Singapore apartments drops to 17-year low

Foreign buying of Singapore apartments drops to 17-year low

Purchases by non-resident Chinese also slumped, but they are still flocking to the city state because of its political, financial and legal stability, an analyst said.

Foreigners snapping up private apartments in Singapore declined to a 17-year low in 2020 as travel restrictions and lockdowns in various countries deterred them from coming to the city state.

Purchases of units fell to 742 last year, according to Singapore-based real estate consultancy firms ERA Realty Network and OrangeTee & Tie Pte. That is the lowest since 2003, when non-permanent residents bought 671 units, based on an analysis of government data as of Tuesday that takes into account new, sub-sale and second-hand flats.

Singapore’s two-month “circuit breaker” lockdown last year put a stop to viewings and closed display units. Even as the country eased virus curbs, border restrictions are still largely in place globally, preventing foreigners from travelling to the city state to purchase units.


Vehicles travel on Singapore’s Benjamin Sheares Bridge past the Marina Centre precinct and luxury waterfront condominiums in 2019.


“For the luxury market, many buyers prefer to physically inspect the premises or visit a show flat before making a purchase,” said Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie. “Last year, many overseas buyers were not able to travel to Singapore to view properties in person which may have resulted in a dip in foreign purchases.”

Non-permanent resident apartment purchases in 2020 accounted for just 4.1 per cent of total sales, the lowest in more than two decades, according to government data compiled by ERA Realty Network and OrangeTee & Tie.

Singaporeans currently form the biggest proportion of buyers, according to government data. The contribution from that group rose two percentage points to 80.2 per cent last year from 2019.

“Anecdotally, we have also observed more Singaporeans reducing their overseas investments,” Sun said, adding that many view Singapore’s currency and economy as more stable than other markets.

Sales among foreigners could gradually pick up with vaccine roll-outs and developers launching more projects this year after holding back in 2020, said Nicholas Mak, head of research and consultancy at APAC Realty Ltd. unit ERA. That is based on the premise that the government does not issue another round of cooling measures, he added.


Apartment and commercial buildings seen in Singapore in 2019.


A spike in interest among locals pushed up sales and prices, prompting concerns that authorities may issue policy curbs. One move that they might consider is increasing stamp duties for foreigners, according to an analysis by DBS Group Holdings Ltd.

While purchases by Chinese, excluding those with permanent residency status, declined to 215 last year from 339 in 2019, they are still flocking to Singapore because of its political, financial and legal stability, Mak said.

“Singapore is seen as one of the most friendly nations” for Chinese buyers, said Mak. “Because the population of China’s middle class is so huge, just a tiny fraction of them buying apartments in Singapore can cause a surge.”

Newsletter

Related Articles

0:00
0:00
Close
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
×