The hike in the additional buyer’s stamp duty (ABSD) for property has resulted in a steep fall in demand from foreigners, with analysts expecting the dampening effect to persist for an extended period.
The hike in the additional buyer’s stamp duty (ABSD) for property has resulted in a steep fall in demand from foreigners, with analysts expecting the dampening effect to persist for an extended period. In January 2023, foreign buyers accounted for 5 per cent of non-landed private resale home transactions, before falling to 3.7 per cent in May after the noted PropNex Research. The figure fell further to 1.2 per cent in September, and, by October, had slipped to 1.
1 per cent, or nine transactions. PropNex head of research and content Wong Siew Ying said that of the nine transactions linked to foreigners, seven involved buyers from the United States, and one each from Switzerland and Oman. Ms Wong expects Singaporean and Singapore permanent resident (PR) buyers to continue to dominate resale condo sales. She said that according to Urban Redevelopment Authority (URA) Realis data, foreigners from non-exempted jurisdictions accounted for 104 out of 165 resale condo transactions by foreigners from January to April, compared with 42 transactions from May to Nov 2
Singapore Property Stamp Duty Foreign Buyers Demand Transactions
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