Home buyers from the United States and Europe leapt back into the Singapore property market in the first nine months of this year, chalking up 70 percent more purchases compared to a year ago, local media reported Wednesday.
Property consultancy Savills Singapore said that the total number of purchases by Americans jumped to 246 units this year from 154 last year, while sales to Europeans shot up to 619 units from 353 in the same period last year, local daily The Straits Times reported.
Savills attributed the surge in interest to the recovery of some key Western economies.
A number of banks in these countries have shifted hedge funds here, bringing along a number of high net worth individuals and private investors who are here on long-term work assignments.
According to Savills, some may prefer to buy a private home rather than lease as current interest rates are low, while others buy in anticipation of further strengthening of Singdollar.
Together, Americans and Europeans made up 13 percent of home purchases by foreigners in the third quarter this year.