Who's buying luxury homes in policy-battered Singapore?

Here’s a profile of the country's ultra-rich buyers.

Singapore remains a favored property hub by the world's richest individuals although the luxury residential sector has taken a hit from several rounds of cooling measures.

A report by Wealth-X and Sotheby's showed that Singapore is the seventh most popular spot for buying overseas properties by the world's ultra-high net worth individuals (UHNWIs).

The average age of a UHNWI buyer is 59 years old, with a median net worth of $143m (US$105m).

Over a quarter of these buyers are involved in finance, banking, and investment, while just over half of these individuals are self-made. The report also showed that 16% of UHNW owners in Singapore are not based in the city-state.

The top country for foreign owners in Singapore are Indonesia, China, and India. UHNWIs are attracted to Singapore because of its low interest rates and stable political, social and economic climate.

"Singapore is a very attractive luxury real estate market with a thriving economy and international marketplace," said Philip White, president and chief executive officer of Sotheby's International Realty Affiliates.

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