KUALA LUMPUR: Chinese ultra-high-net-worth individuals are significantly shifting their property investment strategies, according to new data from real estate network Juwai IQI. Once dominant in the U.S. market, Chinese buyers are now favouring Southeast Asian countries and Australia, with Thailand emerging as the top destination for luxury residential property purchases priced at US$5 million and above. “Thailand has overtaken the United States as the most sought-after location,” said Kashif Ansari, Co-Founder and Group CEO of Juwai IQI. “We’re seeing a clear pivot — today’s buyers are motivated by lifestyle and personal enjoyment, not by emigration opportunities.” Emerging Markets Replace Traditional Giants The ranking of top destinations has undergone a dramatic reshuffle. In 2023, the U.S., UK, and Singapore held the top three spots. A year later, these have been displaced by Thailand, Australia, and Canada. Malaysia has also made a notable leap, climbing to fourth place in 2024 from outside the top ten the previous year. Top Destinations for Homes Over US$5 Million 2024 2023 1 Thailand United States 2 Australia United Kingdom 3 Canada Singapore 4 Malaysia Australia 5 United Kingdom UAE 6 Korea Japan 7 United States Thailand 8 Japan Canada 9 Singapore Korea 10 Spain Austria The drop in U.S. popularity is especially stark, falling from first place in 2023 to seventh in 2024. Similarly, the UK and Singapore have slid in rank, as buyers turn their attention to cities that offer better value, accessibility, and lifestyle benefits. A Lifestyle-Driven Market One of the most significant changes in buyer motivation is the decline in emigration-focused purchases. Only 3% of buyers in 2024 indicated that emigration was their primary reason for investing, down from 7.25% in 2023 and 11% in 2019. Instead, a vast majority — 94% — are purchasing properties for personal or family use. Ansari explained that this trend reflects a new kind of global mobility. “These buyers are no longer chasing passports or immigration programmes. They are investing in homes that align with their lifestyle — for vacations, education, or simply enjoyment. It’s about quality of life.” Proximity to international schools remains a top consideration, with 16% of respondents listing it as a priority. This points to a broader trend: Chinese high-net-worth families are looking for properties that support long-term living arrangements, particularly for their children’s education or multigenerational use. Visa Programmes Tighten, Buyer Behaviour Shifts The global tightening of real estate-linked visa programmes has played a role in this shift. Several countries are curbing or scrapping golden visa options, prompting investors to reconsider their strategies. Spain is ending its golden visa programme and moving to ban non-residents from purchasing second homes. Portugal has removed real estate from its visa criteria, and Greece has raised the minimum investment requirement from €250,000 to €800,000. Ireland has already closed its investment visa scheme entirely. Chinese nationals previously dominated these schemes. In Ireland, for instance, they accounted for 89% of golden visas awarded. In Portugal and Spain, the figures were 64% and 62%, respectively. With such routes now closed or restricted, Chinese buyers are focusing less on residency incentives and more on intrinsic property value. Malaysia on the Rise One of the standout stories in the 2024 data is Malaysia’s growing appeal. The country now ranks fourth in the global list of preferred destinations for ultra-luxury homes. According to Ansari, Malaysia offers a compelling blend of affordability, international schooling, and a high-quality lifestyle — comparable to Bangkok or Singapore, but at a fraction of the cost. Prime property prices reinforce this value. In Kuala Lumpur, average prices for luxury homes stand at just $240 per square foot, compared to $1,090 in Bangkok and $1,810 in Singapore. Malaysia’s revised Malaysia My Second Home (MM2H) programme, combined with political stability and a strong cultural affinity with China, makes the country a practical and attractive option for wealthy Chinese families. Malaysia is also seeing a surge in tourism and education-linked migration. In the first five months of 2024 alone, over 1.2 million Chinese tourists visited the country. Chinese student enrolment in Malaysian universities has increased by 35% between 2021 and 2023. Australia’s Enduring Appeal Australia has climbed to second place on the list, thanks to a combination of educational opportunities, political stability, and a favourable currency exchange. The Australian dollar declined 5% against the yuan in 2024, enhancing purchasing power for Chinese buyers. Meanwhile, Australia continues to attract strong interest from Chinese students — more than 221,000 were enrolled in 2024 — and remains the top source of approved foreign residential investment. Chinese buyers in Australia spent an average of AU$1,044,386 on residential property in Q2 2024. Cities like Sydney and Melbourne are expected to remain on the radar of luxury buyers well into 2025. Looking Ahead As global mobility increases post-pandemic and visa restrictions reshape investment channels, the Chinese ultra-wealthy are rewriting their playbook. They are no longer just looking for assets that offer a gateway to the West. Instead, they are choosing locations that match their lifestyles, offer world-class amenities, and provide long-term value for themselves and their families. Markets to watch in 2025 include London, Bangkok, Vancouver, Sydney, and Melbourne — cities that combine cultural relevance, educational access, and liveability. “Ultimately, these buyers are global citizens,” said Ansari. “They want homes that reflect who they are and how they want to live — not just where they can get a visa.”
