Singapore bought overseas properties worth $20.62b in 2017

It ranked as the second most active buyer and overtook Hong Kong.

Capital outflows from Singapore have grown consistently in recent years, from just $11.11b (US$8.4b) in 2014 to $20.62b (US$15.6b) in 2017, JLL revealed.

According to its global capital markets report, the city state took the second spot for the most active cross-border real estate buyers and overtook Hong Kong. However, it trailed behind China.

Hong Kong's real estate purchases more than doubled since 2016 to around $20.36b (US$15.4b).

Meanwhile, China became the most active buyer of real estate for the first time, as its capital flows soared 30% to $38.21b (US$28.9b).

Buyers from Singapore, along with those in China, Hong Kong, South Korea, and Thailand represented 96% of the $50.24b (US$38b) that Asian investors exported to Europe.