More Indonesians, Mainland Chinese snapped up prime homes in Q1

Total foreign purchases rose by 5.4%.

Indonesian and Mainland Chinese buyers bought more luxury homes in the first quarter. A report by DTZ showed that the number of Indonesian home purchases in districts 9, 10 and 11 almost dubled to 41 in the first quarter of the year, compared to just 23 in the fourth quarter of 2015.

Meanwhile, the number of Mainland Chinese purchases rose to 25 in Q1, compared to 17 in Q4.

Overall transaction activity for Indian, Malaysian and Mainland Chinese nationalities eased by 15% to 20% during the quarter, but the number of home acquisitions by Indonesian buyers rose by 12.5% to 72 units.

As a result, home acquisitions by non-Singapore Permanent Residents increased by 5.4% q-o-q to 236 units, while home purchased by Singapore Permanent Residents increased by 2.6% to 591 units.

The report also showed that there were more foreign buyers purchasing homes in the price range from $2.0m to $3.0m.