Singaporean investment overseas slides

Investment by Singaporean buyers in overseas property declined at the end of 2014, according to official figures.

The value of overseas property purchases by Singaporeans transacted by real estate agencies in Singapore fell from $3 billion in 2013 to $2 billion, the Monetary Authority of Singapore has declared.

$1.1 billion of real estate overseas was purchased by buyers in the first six months of 2014, while the second half of 2014 saw that sum slide to $900 million.

Britain, Malaysia and Australia accounted for 91 per cent of total sales, in terms of value. By sales numbers, they made up 76 per cent of activity. Buyers were also interested in property in Japan, the Philippines and Thailand.

Experts told Asia One that economic conditions overseas contributed to the decline in appeal.

"Britain was affected by the euro zone debt crisis and pending elections, Australia by a stagnating economy and Malaysia by growing uncertainty over its economic direction," said Mr Tan Kok Keong, chief executive of REMS Advisors.