China’s border reopening sparks demand for Singapore property

Real estate agencies in the city state have seen more inquiries from mainland Chinese buyers, who made up 6.9 per cent of foreign purchases of private flats last year

Beijing’s reopening is also stoking greater migration interest, with Singapore among top destinations that wealthy Chinese are considering

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Real estate agencies in Singapore have seen more inquiries from mainland Chinese home buyers. Photo: Bloomberg

Published: 11:40am, 2 Feb 2023

Singapore’s property market is bracing for surging demand from Chinese buyers as the world’s second-largest economy reopens.

Real estate agencies in the city state have seen more inquiries from mainland Chinese, with industry watcher OrangeTee & Tie noting a 10 per cent to 15 per cent increase in January since Beijing announced it was ending three years of global isolation. The border reopening has also seen a spike in queries about immigration to Singapore.

“I’m definitely seeing an uptick in interest among Chinese friends interested in moving to Singapore since the border opened,” said Lily Li, who bought a 640sqft flat at the end of last year for S$1.3 million (US$989,000) including taxes.

“I’m getting a ton of calls asking me about our experience, and people seeking advice on how to rent and buy property.”

Chinese have been the largest foreign buyer group in Singapore since 2016 and made up 6.9 per cent of foreign purchases of private flats last year, the highest proportion since before the pandemic, according to OrangeTee & Tie data.

Christine Sun, the agency’s senior vice-president of research and analytics, potentially sees a more than 10 per cent increase in the number of homes bought by Chinese this year, in tandem with rising supply.