An increasing number of expats are turning away from the traditional apartment or condo to purchase property with land in Singapore.
Land is scarce in the city-state of Singapore, but foreigners this year have been eagerly buying so-called “landed properties”.
According to new research by property agent Knight Frank, foreigners were responsible for the purchase of around 150 landed properties in the first half of 2010 – only slightly less than the number purchased in the whole of 2009.
The 81 units purchased in quarter two comprised the largest number of landed homes bought by foreigners since 2007, and around seven per cent of the total amount of landed properties sold within this period.
The analysis also showed that fewer foreigners are buying apartments and condominiums. In quarter one, foreigners bought 2,262 landless residences, while in quarter two, they bought 2,093.
A spokesman for Knight Frank’s consultancy and research department said: “The strong interest for landed homes is due to an increasing recognition for landed homes as a priced commodity in land-scarce Singapore. The bulk of new residential properties launched are condominiums and apartments, and newer choices from landed homes are limited.
“Landed homes are also becoming increasingly attractive to foreigners who are seeking exclusive projects in quieter locations away from main town centres.”
According to a report published this week by Global Property Guide, Singapore currently has the best performing property market in the world, with prices rising faster than anywhere else in the world.