More than a third of Asians own a property overseas, according to a new report from HSBC.
Australia was ranked as one of the top real estate hotspots for wealthy Asians, with buyers showing strong interest in Queensland and the Australian Capital Territory, rather than New South Wales and Victoria.
The data compiled by market research firm RFi found that nine per cent of Chinese, 12 per cent of Singaporeans and 26 per cent of Malaysians currently invest in an Australian-based property.
"With the growing needs for children’s overseas education, holiday homes, a better retirement life and diversified wealth opportunities, overseas property investments are becoming an integral part of their lifestyle and wealth portfolios," explained HSBC Malaysia’s head of retail banking, Lim Eng Seong.
There also appears to be ongoing interest in the Australian market over the next 12 months, with 25 per cent of affluent Asians planning to buy in Queensland, plus 20 per cent interested in Victoria, 18 per cent hoping to invest in New South Wales and 16 per cent predicting they will buy in Western Australia.
Posted by Steve Douglas