Wealthy Chinese lose interest in US and Singapore homes

[threadfin]

Wealthy Chinese lose interest in US and Singapore homes​

The US falls to 7th place as top luxury property pick for China’s ultra-rich, while the Republic drops to 9th position

Chong Xin Wei​

Published Wed, Apr 16, 2025 · 04:19 PM

www.businesstimes.com.sg

[SINGAPORE] Chinese interest in US and Singapore homes has fallen as ultra-wealthy buyers prioritise lifestyle and investment over emigration, data from real estate technology group Juwai IQI showed.

In 2024, Thailand emerged as the top destination for high-net-worth Chinese buyers interested in purchasing homes worth US$5 million or more, overtaking the US, which fell to seventh place.

Buyer enquiries rose in Australia, which climbed from fourth position in 2023 to second place in 2024. The country was followed by Canada, Malaysia, the UK and Korea. Japan took the eighth spot.

Meanwhile, interest in Singapore homes priced at US$5 million and above fell, with the city-state slipping to ninth place in 2024, from its third position in 2023.

The decline in interest in US and Singapore homes came as more buyers focus on lifestyle needs over citizenship, said Juwai in a report released on Tuesday (Apr 15). “They are buying vacation homes, student housing for children and residences that support their global lives.”

According to data from Juwai’s survey, 94 per cent of buyers last year were looking for homes that they or their families would use.

In comparison, 6.5 per cent of them were purchasing for investment purposes, while only 3 per cent mentioned emigration – down from 7.3 per cent in 2023 and 11 per cent in 2019.

Proximity to top schools was a primary concern for some Chinese expats. Cities such as London, Vancouver, Sydney and Melbourne still attract this cohort, but lifestyle now outranks financial strategy, said Juwai.

It expects more purchases in specific micro-markets such as neighbourhoods near top-tier international schools in countries such as Canada and Australia, which are “traditional destinations” for Chinese high-net-worth-individuals.

Additionally, Chinese expats’ appetite for overseas properties have changed as some governments end property-linked visa programmes.

For instance, Spain is ending its golden visa scheme, which awards residency to foreigners who buy property worth at least 500,000 euros (S$747,245). Ireland has closed its programme, which offered golden visas to those who invested a minimum of two million euros in a publicly listed Irish real estate investment trust.

“These moves close the door on real estate-related golden visa programmes that have provided more than 11,000 visas to Chinese participants,” said Juwai.

It added: “The end of the real estate option for the most popular golden visas strips out a key incentive for buyers looking to tie property to residency.”

Therefore, Juwai expects more Chinese demand for “lifestyle-first assets that offer long-term personal or family use”.

Closer to home, more super-luxury Chinese buyers have been taking interest in Malaysia, which ranked fourth in 2024, up from outside the top 10 the year before.

“Buyers see a combination of strong value, international schools, improved visa policy and a lifestyle that rivals more expensive markets,” said Juwai.

It noted that families often purchase property near universities or international schools, especially in Kuala Lumpur, Johor Bahru, and Penang, where the education infrastructure appeals to overseas Chinese.

The changes to its extended-residency programme for foreigners, Malaysia My Second Home, have made it easier for wealthy foreigners to stay long term and use a fixed deposit to buy a home, thus spurring interest, it added.

“Malaysia has increasing appeal as a destination that delivers luxury lifestyle at better value,” noted Juwai. “Compared to Bangkok or Singapore, prime homes in Kuala Lumpur or coastal locations cost 87 per cent less, while offering comparable spaces, amenities and prestige.”

Citing data from Savills Research, Juwai noted that prime property prices in Singapore averaged around US$1,810 per square foot (psf), versus US$1,090 psf in Bangkok and US$240 psf in Kuala Lumpur.

 

[rocket]

Wealthy Chinese lose interest in US and Singapore homes​

The US falls to 7th place as top luxury property pick for China’s ultra-rich, while the Republic drops to 9th position

Chong Xin Wei​

Published Wed, Apr 16, 2025 · 04:19 PM

www.businesstimes.com.sg

[SINGAPORE] Chinese interest in US and Singapore homes has fallen as ultra-wealthy buyers prioritise lifestyle and investment over emigration, data from real estate technology group Juwai IQI showed.

In 2024, Thailand emerged as the top destination for high-net-worth Chinese buyers interested in purchasing homes worth US$5 million or more, overtaking the US, which fell to seventh place.

Buyer enquiries rose in Australia, which climbed from fourth position in 2023 to second place in 2024. The country was followed by Canada, Malaysia, the UK and Korea. Japan took the eighth spot.

Meanwhile, interest in Singapore homes priced at US$5 million and above fell, with the city-state slipping to ninth place in 2024, from its third position in 2023.

The decline in interest in US and Singapore homes came as more buyers focus on lifestyle needs over citizenship, said Juwai in a report released on Tuesday (Apr 15). “They are buying vacation homes, student housing for children and residences that support their global lives.”

According to data from Juwai’s survey, 94 per cent of buyers last year were looking for homes that they or their families would use.

In comparison, 6.5 per cent of them were purchasing for investment purposes, while only 3 per cent mentioned emigration – down from 7.3 per cent in 2023 and 11 per cent in 2019.

Proximity to top schools was a primary concern for some Chinese expats. Cities such as London, Vancouver, Sydney and Melbourne still attract this cohort, but lifestyle now outranks financial strategy, said Juwai.

It expects more purchases in specific micro-markets such as neighbourhoods near top-tier international schools in countries such as Canada and Australia, which are “traditional destinations” for Chinese high-net-worth-individuals.

Additionally, Chinese expats’ appetite for overseas properties have changed as some governments end property-linked visa programmes.

For instance, Spain is ending its golden visa scheme, which awards residency to foreigners who buy property worth at least 500,000 euros (S$747,245). Ireland has closed its programme, which offered golden visas to those who invested a minimum of two million euros in a publicly listed Irish real estate investment trust.

“These moves close the door on real estate-related golden visa programmes that have provided more than 11,000 visas to Chinese participants,” said Juwai.

It added: “The end of the real estate option for the most popular golden visas strips out a key incentive for buyers looking to tie property to residency.”

Therefore, Juwai expects more Chinese demand for “lifestyle-first assets that offer long-term personal or family use”.

Closer to home, more super-luxury Chinese buyers have been taking interest in Malaysia, which ranked fourth in 2024, up from outside the top 10 the year before.

“Buyers see a combination of strong value, international schools, improved visa policy and a lifestyle that rivals more expensive markets,” said Juwai.

It noted that families often purchase property near universities or international schools, especially in Kuala Lumpur, Johor Bahru, and Penang, where the education infrastructure appeals to overseas Chinese.

The changes to its extended-residency programme for foreigners, Malaysia My Second Home, have made it easier for wealthy foreigners to stay long term and use a fixed deposit to buy a home, thus spurring interest, it added.

“Malaysia has increasing appeal as a destination that delivers luxury lifestyle at better value,” noted Juwai. “Compared to Bangkok or Singapore, prime homes in Kuala Lumpur or coastal locations cost 87 per cent less, while offering comparable spaces, amenities and prestige.”

Citing data from Savills Research, Juwai noted that prime property prices in Singapore averaged around US$1,810 per square foot (psf), versus US$1,090 psf in Bangkok and US$240 psf in Kuala Lumpur.

Need gin to be ambassador for jb house

 

[Willamshakespear]

Every Human has their own free will & choice, regardless of buyer or Seller.

JUST DO NOT MAKE THE MISTAKE that resource rich Australia made, when it sold homes to 'supposed' rich China citizens. It was a CCP govt land grab, & fortunately realized later......

 

[syed putra]

I say this to my Chinese friends ! welcome to Malay archipelago.

 

[syed putra]

Every Human has their own free will & choice, regardless of buyer or Seller.

JUST DO NOT MAKE THE MISTAKE that resource rich Australia made, when it sold homes to 'supposed' rich China citizens. It was a CCP govt land grab, & fortunately realized later......

Australians are paranoid.

 

[eatshitndie]

good riddance to bad rubbish.

 

[k1976]

Tiagong they are flooding into jiuhu

 

[syed putra]

Tiagong they are flooding into jiuhu

I should follow like bees to honey.

 

[shock888]

This is good news for Sinkies if rich Tiongs stop coming. Let them go to AU and NZ.