06 Jul '18, 10am

New curbs flatten outlook for Singapore's property market.

New curbs flatten outlook for Singapore's property market.

SINGAPORE (Nikkei Markets) -- The recovery in Singapore's private home market is barely a year old but the outlook is already darkening after the government announced new curbs in a bid to check prices. The measures, announced late Thursday, caused a scramble for apartments as buyers rushed to beat the deadline before they took effect on Friday, while real-estate and bank stocks tumbled when the markets opened. The new rules include higher additional stamp duty for Singapore residents buying a second home and for foreigners investing in the housing market. The government also lowered the maximum loan quantum for property purchases and levied new duties on developers buying existing sites for redevelopment. With the latest increase, Singaporeans buying a second home must pay an extra 12% of the property value in stamp duty, up from 7% previously, while foreigners without re...

Full article: https://asia.nikkei.com/Business/Markets/Nikkei-Markets/N...

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