While homes in the United States are the most popular among mainland Chinese buying abroad, they are willing to pay much more in other countries, The Wall Street Journal reported Tuesday.
The average prices of homes mainland buyers searched for in Singapore is US$3.7 million, it said, citing data from Juwai.com, a real estate information portal.
That makes the city state the most expensive among the top 10 destinations for mainland homebuyers, but is also ranked last among the 10 in popularity.
These property shoppers are also willing to spend more for a home in France, Portugal, Britain and Canada than in the US, which, at US$725,500, ranks seventh out of the 10 countries in the average price of the homes they look for.
Juwai.com, which targets mainlanders looking for homes abroad, examined data from searches, enquiries and clicks in the first quarter of this year.
The US “attracts buyers at every point along the price spectrum, and the larger number of lower-priced transactions bring down the average price,” co-chief executive Andrew Taylor said.
Worried about the health of the property market at home, mainland buyers are looking at homes abroad as an alternative investment, as well as for immigration or their children’s education, the newspaper said.
“The booming Chinese economy has generated private wealth on a vast scale, a loosening regulatory environment makes it increasingly easy for Chinese to invest overseas and a slower domestic property market has driven investors to search for new opportunities on other shores,” Juwai said.
– Contact us at [email protected]