Investors spooked by 'overvalued' properties

A PERCEIVED inflation of Singapore property prices is deterring high-net worth investors here, according to findings from a survey commissioned by Legg Mason Global Asset Management (LMGAM) on Friday.

The survey, which polled some 5,370 affluent investors in 19 countries between last December and January this year, found that 78 per cent of core investors - defined as those aged between 40 and 75 - agreed that local property prices are "overvalued".

Some 89 per cent of millennials - defined as those aged between 18 and 39 - echoed similar sentiments. As a result, the proportion of investors viewing real estate as one of their top three investment opportunities has slid to 29 per cent, down from 41 per cent in 2015 and 49 per cent in 2014, LMGAM said.