Singapore wants more foreigners to live there, a policy that is bound to buoy up property prices for years to come. Today, one in five of Singapore's 4.7 million residents are not Singaporean, and its government wants to expand the population by one-third over the next 40 to 50 years, mainly by immigration.
Estate agency, DTZ, says 40 per cent of luxury home buyers come from overseas, with numbers from India and China growing particularly strongly, because they are drawn to Singapore's mix of Chinese, Indian and Malay cultures. By increasing immigration levels the government wants to bring in new talent and expand the local market for goods and services to boost the economy.
Foreigners are allowed to buy condominium units on Singapore island and property with land on Sentosa Island. Most condo units are on 99-year leases. Singapore banks will lend 70 per cent of a property's purchase price.
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