Australia is the number-one destination for overseas homebuyers from Singapore, according to comments released today by Juwai IQI Co-Founder and Group CEO Kashif Ansari.
Ansari noted this was not a coincidence “Australia is also the number-one destination in the world for millionaires. Some 5,200 millionaires moved to Australia in 2023. That compares to 4,500 that moved to the UAE and 2,100 who moved to the United States according to data from Henley & Partners.
“Following the Lucky Country in the rankings are Thailand, Malaysia, Japan, and the United Kingdom. The ranking is based on data on enquiries made by property buyers located in Singapore between January of 2020 and November 2023 offering valuable insight into the preferences of Singaporean property investors when considering overseas investments.
The global focus has been on Chinese buyers for the past decade and a half, but buyers from Singapore have been active for longer. While the total international residential real estate investment out of Singapore isn’t comparable to the total from China, it still far out-paces any other country when you consider Singapore’s small size.
“There are several reasons that Singapore is one of the world’s top buyers of international real estate, but at the base of them all is a cultural preference for property investment and an abundance of capital. Singapore is a small country with a constrained domestic market, high levels of wealth, and an international outlook.
“When Singaporean investors purchase overseas residential real estate, they are usually seeking to diversify their investments, take advantage of Singapore’s strong dollar, avoid higher transaction costs at home, provide housing for their children who are studying abroad, or obtain second homes for retirement and holidays.
Australia tops the list, receiving 27.5% of all outbound residential property enquiries from Singapore. This significant share reflects Australia’s popularity among Singaporean investors, due to factors such as cultural ties, educational opportunities, a stable real estate market, lifestyle, and proximity.
“In the 2022-23 financial year, Singapore buyers acquired AU$300 million (US$199 million) of residential real estate in Australia. They bought more Australian residential property than did buyers from much larger countries, including India, Indonesia, the United Kingdom, and Malaysia.
Malaysia is the third most popular destination for Singaporean buyers after Thailand, accounting for 13.2% of their purchasing enquiries. Malaysia is a logical choice for property buyers because of its proximity and economic ties to Singapore.
