Areas like the Indonesian island of Bali have already attracted a significant share of ultra-high net worth individuals, but the development of enclave regions around the Asia – from China to Indonesia, Malaysia, Vietnam and even Burma – will draw UHNW individuals to invest in property in these destinations.
Singapore remained one of the top cities for the world’s super rich to buy luxury residential property according to the recent Wealth-X and Sotheby’s International Realty Global Luxury Residential Real Estate Report 2015.
The city-state was ranked 7th on the list and was one of three cities in Asia-Pacific to place in the top 10. The other two were Hong Kong (in 3rd position) and Mumbai ( in 9th). The number one hub for UHNWIs to own prime real estate was New York, followed by London.
The report stated there 211,275 UHNWIs globally as of end-2014, up 6 percent from the year before. These are defined as individuals who have US$30 million or above in assets and are investing in property worth more than US$1 million.
“Singapore is a very attractive luxury real estate market with a thriving economy and international marketplace. We completed one of the largest residential transactions in Singapore in 2014. In addition to this robust local market, we manage referrals of Singapore buyers for many of our affiliates around the globe,” said Philip White, President and Chief Executive Officer, Sotheby’s International Realty.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
