Singapore has been ranked by Asian ultra-high-net-worth individuals (UHNWIs) as the second most preferred destination to acquire a residential property overseas after the UK, revealed Knight Frank’s latest Wealth Report.
This comes as concerns over currency, security, healthcare and education constitute important drivers of the global housing market, noted Tay Kah Poh, Executive Director and Head of Residential Services at Knight Frank Singapore.
The city-state also emerged as the top destination for Asian UHNWIs looking to invest in commercial property, ahead of the UK and the US.
The report defined UHNWIs as someone with a net worth of more than US$30 million excluding their primary residence.
Asia is home to 46,080 UHNWIs in 2016, with Singapore accounting for 2,500.
“Notwithstanding the smaller community of UHNWIs in Singapore compared to other key Asian gateway cities, Singapore continues to appeal especially to the Asian community to live, work and set up shop, standing out as a magnet in the region for talent, investment and business,” said Knight Frank Singapore Director & Head of Consultancy and Research Alice Tan.
“The moderated property prices from the effect of property cooling measures have enhanced the value proposition of Singapore property, and demand for property is gradually returning with improved transaction volume over the past year in 2016.”
Christopher Chitty, Senior Content Specialist edited this story