Foreigner buyers hit record in Singapore's private home market in Q1

Foreign buyers snapped up 16 percent of all private homes sold in Singapore in the first quarter, the highest quarterly percentage since data became available in 1995, local daily Straits Times reported.

Experts attributed the high foreign proportion in the market to the fact such buyers were less affected by the rounds of cooling measures.

Foreigners bought 1,028 units in the first three months of the year, real estate consultancy DTZ Research said in a report. The proportion of 16 percent being foreign buyers also hit a new record, and the previous record was 15 percent in the fourth quarter of 2007.

Foreigners were also active in the last quarter of 2010, buying 1,092 units or 13 percent of the total private homes sold.

Demand from holders of permanent residency -- those who are not citizens -- remained stable at 17 percent in both quarters.

Chinese buyers including permanent residents also set a record to account 24 percent of the total foreign buyers, overtaking Malaysians for the first time.

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