Singapore’s property market sees a sudden lift despite economy mired in recession, reports South China Morning Post (11 September 2020). Foreigners and possibly mainland Chinese are behind the resurgence. Sales of new flats and condominiums rose for a fourth straight month to 1,233 units in August, according to data compiled by OrangeTee & Tie, based on statistics released by the Urban Redevelopment Authority. The volume is the highest since July 2018 with foreign buyers making 421 deals in June to August, surpassing the sum of transactions in the preceding eight months. “This could be due to a delay in data update, which sometimes takes a few months after the buyer exercises the option to purchase the unit,” said Christine Sun, head of research and consultancy at OrangeTee & Tie. While demand was down in the first half of the year, enquiries from mainland Chinese buyers on Singapore properties have returned this quarter, according to Georg Chmiel, executive chairman of property portal Juwai IQI. They have made as many buying enquiries as in any other quarter since September 2019, he added. “The Chinese economy is rebounding, Singapore is beginning to open up again,” he said. “There aren‘t a great number of destinations with equal levels of appeal for wealthy Chinese buyers.”