The number of luxury condominium units bought by foreigners rose to the highest in almost a decade before Singapore doubled taxes on purchases by the demographic.

Foreigners bought 159 non-landed, luxury homes in Singapore’s core central region in the first quarter, according to a report by OrangeTee & Tie Pte. That’s up from 71 units a year earlier.

The number of luxury condominium units bought by mainland Chinese buyers increased to 111 units, up 158% on-year, the real estate company said.

Singapore authorities last month doubled property levies for foreigners to 60%, the highest among major global cities, as part of efforts to cool the housing market. The government has said that the policy is a preemptive move as investment demand for residential property is likely to continue to grow otherwise.

“The cooling measures may not affect buyers’ perception of Singapore as one of the best places for property investment,” said Christine Sun, a senior vice president at OrangeTee, citing economic fundamentals. “Some high-net-worth individuals may continue to park their wealth here as luxury properties are pricey in many other cities.”

Singapore’s home sales surged 80% in April from a month earlier to a seven-month high as more projects were launched, government figures showed Monday.

Foreigners bought 70 units in April, the most since May 2022, according to Lee Sze Teck, senior director of research at Huttons Asia Pte. Most purchases were in the S$2 million ($1.5 million) to S$5 million category, he said. Geopolitical tensions may have led more foreigners to buy Singapore properties as a safe-haven asset, he added.