Singaporeans’ deep-seated desire for home ownership has seen them snap up the biggest share of residential properties versus foreigners in a decade.
About 79 percent of private apartments went to Singaporeans in the first quarter, the most since the first three months of 2009, according to property consultants OrangeTee & Tie. And the homes weren’t cheap — the proportion of local purchases of luxury units jumped to 69 percent from 36 percent in the same period a year ago.
“The rising number of affluent locals purchasing luxury homes indicates their confidence that Singapore remains a safe haven for capital preservation and appreciation,” Christine Sun, head of research and consultancy at OrangeTee, said.
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