Observers said the doubling of property taxes has dampened the interest from overseas investors in buying residential properties in Singapore.
Sales of luxury homes in Singapore fell by half in the first quarter this year, with just one foreign buyer.These are mostly apartments that are worth at least S$5 million .
In contrast, foreign buyers made up the bulk of such transactions over the same period in 2023, picking up 52 units, just beforeObservers said the doubling of property taxes has dampened the interest from foreign investors in buying residential properties in Singapore. An agent who specialises in such sales told CNA that 80 per cent of the enquiries now come from locals, and more than half go on to sign on the dotted line for a unit.
“For local investors, we continue to see active investment demand for this market which currently holds up these prices and pushes up some of the prices especially around central region projects.”
Property Tax Property Market Luxury Properties
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