The economic downturn Singapore endured during the pandemic has not affected its property market, reported South China Morning Post (8 November 2020). While government data showed that the national economy shrank by 13.2 per cent year-on-year in the second quarter, private home prices rose by 0.3 per cent quarter-on-quarter, according to the Urban Redevelopment Authority. Foreign buyers who stayed away from the market during April and May have returned in the months since. Juwai IQI Holdings executive chairman Georg Chmiel believes travel restrictions impacted foreign buying behaviour, saying "only those who are very familiar with [the market] and know exactly what they want are willing to buy sight unseen". He added, "Mainland Chinese are still the biggest foreign buying group in Singapore and most of them – about 60 per cent – paid less than S$1.5 million (US$1.1 million)."