[SINGAPORE] Chinese interest in US and Singapore homes has fallen as ultra-wealthy buyers prioritise lifestyle and investment over emigration, data from real estate technology group Juwai IQI showed.

In 2024, Thailand emerged as the top destination for high-net-worth Chinese buyers interested in purchasing homes worth US$5 million or more, overtaking the US, which fell to seventh place.

Buyer enquiries rose in Australia, which climbed from fourth position in 2023 to second place in 2024. The country was followed by Canada, Malaysia, the UK and Korea. Japan took the eighth spot.

Meanwhile, interest in Singapore homes priced at US$5 million and above fell, with the city-state slipping to ninth place in 2024, from its third position in 2023.

The decline in interest in US and Singapore homes came as more buyers focus on lifestyle needs over citizenship, said Juwai in a report released on Tuesday (Apr 15). “They are buying vacation homes, student housing for children and residences that support their global lives.”

According to data from Juwai’s survey, 94 per cent of buyers last year were looking for homes that they or their families would use.

In comparison, 6.5 per cent of them were purchasing for investment purposes, while only 3 per cent mentioned emigration – down from 7.3 per cent in 2023 and 11 per cent in 2019.

Proximity to top schools was a primary concern for some Chinese expats. Cities such as London, Vancouver, Sydney and Melbourne still attract this cohort, but lifestyle now outranks financial strategy, said Juwai.