With the reopening of the second-largest economy in the world, Singapore's real estate market is preparing for a surge in demand from Chinese buyers. Since Beijing announced it was ending its three-year global isolation, real estate agencies in the city-state have noticed an increase in inquiries from mainland Chinese consumers, according to industry watcher OrangeTee & Tie. There has been an increase in inquiries about immigration to Singapore since the border reopened.
Chinese buyers made up 6.9% of foreign purchases of private apartments last year, the highest percentage since before the pandemic, according to OrangeTee & Tie data, making them the largest foreign buyer group in Singapore since 2016. According to Christine Sun, senior vice president of research and analytics for the organization, the number of homes purchased by Chinese people this year may rise by more than 10% as a result of increased supply.
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