Foreign buyers buy Singapore homes

Experts say the high foreign proportion in the market is because such buyers have been less affected by the rounds of cooling measures which have muted local interest. The overseas impact has been telling, according to the DTZ Research report that contains the new buying figures.

Its analysis of caveats lodged for both new and secondary sales found that foreigners bought 1,028 units in the three months to March 31. That 16 percent share of the market tops the previous record of 15 percent - or 784 units - in the fourth quarter of 2007.

Foreigners were also active in the last quarter of last year when they bought 1,092 units, accounting for 13 per cent of the market.

Demand from permanent residents (PRs) remained stable at 17 percent in both quarters. DTZ said Chinese buyers - including permanent residents - also set a record, accounting for 24 per- cent of purchases made by non-Singaporeans in the quarter. They have overtaken Malaysians for the first time.