Real estate agents expect a surge in Singapore private residence transactions in 2020 as Malaysian cross-border buyers turn their back on Australia and flock to Singapore. This was a change from 2019 when Australia ranked first, and Singapore was only third.
Official data from Singapore’s Urban Redevelopment Authority (“URA”) and agents OrangeTee & Tie also reveals that Malaysians are the second most-active foreign buyers of non-landed private homes in Singapore. Non-landed private home purchases by Malaysians climbed quickly in the second half of 2020. Malaysians bought 175 non-landed private homes in Q3 2020. This number rose 11 per cent to 194 units in Q4.
Juwai IQI Group Co-Founder and CEO Kashif Ansari said, “While Malaysian buyers pushed Singapore from third to first place in 2020, they also changed the ranking of other destinations among the 10 most popular destinations. Australia dropped from first to second place with Malaysian buyers. The United States dropped from the second rank to third. Hong Kong and the Philippines dropped entirely out of the top-10. Japan moved from ninth to eighth place. The United Kingdom moved from eighth to seventh. Indonesia moved from tenth to ninth. New Zealand moved into the top ten at sixth place, and the UAE joined the top-10, ranking in tenth place.