[ad_1]
Singapore sold more luxury homes to foreigners in three months ended June than any other quarter during the past 12 years, as Chinese and Hong Kong investors sought a safe haven to park their money amid the escalating US-China trade war and deteriorating public order in Hong Kong.
Up to 140 super luxury homes, those priced at more than $8 million, or $3,000 per square foot, were sold to foreigners in the second quarter, even with a 20 per cent additional buyer’s stamp duty imposed on foreign buyers.
“There has been a spike in that category and we suspect that a lot of them actually could be a mixture of Hong Kong residents and mainland Chinese,” said Alan Cheong, head of Savills Singapore’s research and consultancy.
“We have not seen those numbers (of foreigners buying super luxury homes in Singapore) since the first quarter of 2007.”
The record sales to foreigners underscore how the Lion City has become one of the hottest residential property markets on the planet, driven by Hong Kong and Chinese investors.
[ad_2]
Source link
