InternationalBuyers LineUpfor LuxuryinAsia

Following long months of restricted travel and closed borders in many countries across Asia,a gradual relaxation of the rules means high-net-worth individuals are resuming property purchases in some locations But while lifted restrictions encourage travel and investment in Asia,the threat of a global economic downturn and weakened currencies are also affecting property markets

In Singapore,for example,the number of international buyers? including foreigners and permanent residents? of luxury apartments for 2022 through September was 198, approximately 62% of the 320 international buyers in 2021, according to the Urban Redevelopment Authority in Singapore

Last year didn? t see as many international buyers as the year prior,says Lewis Cha,executive director,List Sotheby?s International Realty,Singapore ?Although Covid-19 continued to plague the world in 2021,the growth of emerging industries like biomedical,fintech,and big tech,along with rebounding stock markets and cryptocurrency gains,resulted in more money being poured into luxury real estate,?he says

While easing pandemic restrictions in 2022 spurred cross-border travels,Cha says the increasing pressure of a fast-changing financial market and escalation of geopolitical threats is affecting the Singapore housing market However,the negative news could have a positive impact on the Singapore market in the coming year

?As ultra-high-net-worth buyers are opportunistic and savvy, they would see any fall in the stock market as a possible opportunity to pick up some prime real estate for less,?Cha says

In Japan,which recently reopened for tourism,more-relaxed policies as the pandemic loosened its grip increased buyer interest in luxury properties,says Miwa Urata,sales agent,List Sotheby?s International Realty,Japan However,she believes the weak yen is having a greater effect on the Japanese property market

?I expect that,in addition to the weak yen,the winding down of the pandemic will soon give people a chance to come to Japan,and therefore more clients will be previewing properties,? she says ?After all,many clients make the decision to buy after seeing the actual property?

Investor Haven InSingapore

Foreign buyers continue to be drawn to Singapore,although some properties are restricted to local buyers,such as designated ?good class bungalows?on the main island,Cha says.

?Luxury apartments in good-quality buildings with high-end finishes and fittings that are priced from S$5 million and up, located in the Core Central Region that includes prime residential districts 9,10,and 11,the Downtown Core,and Sentosa Cove,are available for anyone to buy,?Cha says ?In Sentosa Cove,a residential enclave on the resort island of Sentosa,both permanent residents and foreigners can buy villas,subject to approval by the Land Dealings Unit?

Foreign buyers purchase in Singapore for a variety of reasons ?Some buy for a second residence because