Starting from Thursday (April 27), foreigners purchasing any residential property in Singapore will be subjected to an increased additional buyer’s stamp duty (ABSD) of 60 percent, which has been doubled from the previous rate of 30 percent. This is the third round of cooling measures since December 2021.
The authorities have mentioned that the demand for homes from local buyers who intend to occupy the units themselves has been particularly robust, while there has also been a resurgence of interest from both domestic and foreign investors in the residential property market. The authorities have cautioned that if not kept in check, there is a possibility of prices exceeding economic fundamentals, which could result in a persistent surge in prices relative to incomes.
Source: Channel News Asia
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