This story appears in the November 2022 issue of Forbes Asia. Subscribe to Forbes Asia

This article is part of a Forbes article on who are the richest in China in 2022.See full list here.

Singapore’s housing market is bucking a global real estate downturn as wealthy mainland Chinese investors lead purchases of private luxury homes by overseas buyers. Despite soaring mortgage rates and government restrictions on purchases, as the ultra-rich move their families and assets to city-states seen as havens with stable currencies and political stability. , property prices have risen to record levels.

Economic and political uncertainty in China, along with draconian Covid-19 policies, are slowing growth in the world’s second-largest economy.Many wealthy families are seeking to live elsewhere , Singapore is one of their top destinations.

According to a report released in October by real estate consultancy OrangeTee & Tie, mainland Chinese buyers bought 42% of the private condominiums sold to overseas buyers in Singapore in the first eight months of 2022. They also make up the largest group of investors buying luxury properties in prime locations this year, scooping up nearly 20% of apartments priced above S$5 million ($3.5 million) apiece. added. Singapore’s new tax law on property purchases and lower mortgage lending limits are unlikely to dampen demand. “Singapore real estate will continue to be viewed as a safe haven asset as the Singapore dollar rises amid heightened economic uncertainty,” OrangeTee & Tie said in a report.

Meanwhile, more high net worth individuals are opening single family offices in the city-state and managing assets of at least SGD10 million to qualify for tax incentives. The number of family offices has almost doubled to 700 in 2021 from around 400 in 2020, according to the Monetary Authority of Singapore. As more global investors set up shop in the city-state, net capital inflows rose 16% last year to a record high of S$448 billion, he added.


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