Purchases of private flats by foreign buyers down 50% after new tax was imposed - Singapore News

The new tax rate makes it much more expensive for foreigners to move to Singapore

SINGAPORE: A higher property tax for foreigners imposed in April has already resulted in a plunge in foreign buyers. The government announced on the evening of April 26 that stamp duties for second-home buyers and foreigners purchasing private property would be increased to cool the market.

In comparison, the property tax rate for foreign buyers in Hong Kong and Vancouver is 29 per cent, while in London, Melbourne, and Sydney, it’s only around 14 per cent. The property tax rate of 4.3 per cent in New York is surprisingly low.

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