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Singapore residential market sees increased demand from other nationalities

March 9, 2015 3:22 PM SGT

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SINGAPORE (Mar 9): In 4Q2014, about 78% of all transactions by non-Singaporeans were attributed to the top four buyer groups from mainland China, Malaysia, Indonesia and India, according to a DTZ report out today. This was 4.0 percentage-points lower than their collective share in 3Q2014.

Meanwhile, 4Q2014 recorded increased activity by other nationalities, namely from the US, UK and other nationalities in South East Asia. Unlike the US and UK nationals, slightly over 50% of purchases by these SEA nationals were concentrated in District 1.

Transactions of private homes in Singapore held up q-o-q in 4Q2014. However, total transactions fell by about 38% compared to the same period last year.

For the whole of 2014, private residential transactions amounted to about 12,200 units, comprising 6,700 units in the primary market and another 5,500 units in the secondary market.

The fall in primary market transactions was more pronounced, declining by 54% y-o-y. Besides the weakened buying sentiment, the significant slowdown in primary market sales was also a result of the cut back in private home launches in the year.

As the overall number of new launches fell in 2014, the share of private home purchases by Singaporean buyers comprised only 71% of all sales for the year. This was 4.0 and 6.0 percentage-points lower than their shares recorded in 2013 and 2012 respectively.

In contrast, the proportion of purchases by Singapore Permanent Residences increased by 3.0 percentage-points to 18% in 2014 while the proportion of purchases by foreigners remained relatively unchanged y-o-y, recording a 9% share for both 2013 and 2014.

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