Indonesians are one of the major home buyers in the Singapore property market, along with mainland Chinese and Malaysians.
According to data released by the Urban Redevelopment Authority (URA), 1,706 Indonesians, including permanent residents (PRs), acquired private homes in Singapore last year. In addition, 1,770 Chinese and 2,060 Malaysians also purchased houses in 2010.
Over 50 percent of them acquired homes with prices ranging from S$1.5 million to S$5 million, while 24.6 percent acquired homes worth between S$1 million and S$1.5 million. Around 5.7 percent of foreign buyers bought homes priced at S$5 million or above.
Ong Teck Hui, Head of Research and Consultancy at Credo Real Estate, said many Indonesians have marked Singapore as their top destination for property investment because they believe Singapore is a safe haven that enjoys economic success and political stability.
Mainland Chinese top the list of major foreign home buyers in Singapore, acquiring 1,358 homes year-to-date. This was followed by Malaysians at 1,083 homes and Indonesians with 847 residences.
The positive climate in Indonesia is resulting in such investments, said Christopher Fossick, Managing Director of Jones Lang LaSalle (JLL) for Singapore and Southeast Asia.
“We see how Indonesian investors are putting their money into real estate outside the country, particularly in Singapore, but also in China, and as far afield as the UK and the US.”
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