Expats buying Singapore property

The property market in Singapore is receiving a boost from the expatriate community as foreigners move in to snap up apartments.

According to a statement from Jones Lang LaSalle, overseas interest has pushed up the average value of prime property to around $1,935 per square foot.

Indeed, private apartment prices have reached record levels during the first quarter of 2011.

Dr Chua Yang Liang, head of research for south-east Asia and Singapore at the estate agent, told Overseas Property Professional that Chinese, Indonesian and Malaysian buyers accounted for at least half of the sales in Singapore during the first three months of the year.

He added: "The preference of the expatriate community is for larger four-bedroom apartments of at least 2,800 square foot.

"The smaller size units are not particularly attractive as the majority of middle and upper management families relocating prefer spacious four-bedroom units that come with entertainment areas."

Expatriates can save money when they purchase overseas property by making use of foreign exchange brokers, which will lower their expenses when transferring currency internationally.

Click here to make an International Monet transfer to Singapore

Posted by Sarah Pitton