The rush to add real estate has led to a jump in upmarket housing prices in China. FMTNews
Properties are being purchased in Asian hotspots as opposed to London and NY, where market remains sluggish.
“It’s been flat-out,” said Monika Tu, founder of Black Diamondz, an Australian company that caters to Chinese buyers of luxury real estate. In another favourite Singapore, virtual tours and photos have been enough to seal multi-million dollar deals, pointing to how transactions are evolving. That’s in contrast to London and New York where real estate remains sluggish amid lockdowns.
“Some buyers may want to divert their funds to other countries as the yuan may be devalued further to combat the weakening of their economy,” said Christine Sun, the head of research and consultancy at OrangeTee & Tie Pte in Singapore.Hong Kong used to be a favoured destination due to its proximity to mainland China and fewer market restrictions.
“Malaysia appeals to them because there’s a substantial local Chinese population here, making it easier for them to integrate, and our luxury properties are still cheaper than the likes of Singapore.”
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