20 Oct '11, 9am

Locals form over 80% of private home buyers, foreign ownership up

Locals form over 80% of private home buyers, foreign ownership up

SINGAPORE: The number of foreigners owning private property in Singapore has grown to 16 per cent in the first half of this year, compared to 12 per cent for the whole of last year. National Development Minister Khaw Boon Wan revealed the numbers in Parliament on Thursday, in response to concerns from several MPs about the impact of property ownership by foreigners. Despite the growing demand from foreigners, Mr Khaw said locals still account for more than four-fifths of all private home purchases this year. He said recent cooling measures are having a clear impact though the full effects will take some time to achieve. While the private housing market is still rising, the rates of price increase have been trending down since the third quarter of 2009. So far this year, the price increase was 6 per cent, compared to the 18 per cent rise for the whole of 2010. For successfu...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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