12 Jan '12, 9pm

Undue focus on foreign purchasers - TODAYonline

It has been more than a month since the introduction of the additional buyers' stamp duty for private home purchases. While the mood has lifted somewhat - many market watchers now expect a smaller price decline of about 10 per cent instead of the 30 per cent talked about in early December - the pessimism among local investors and developers remains. The new rules require every foreign buyer to pay a stamp duty of 10 per cent on top of the prevailing buyer's stamp duty of about 3 per cent. Although figures released by the authorities show that foreign buyers accounted for 19 per cent of all purchases in the second half of last year, the majority of investors and developers reacted to the new measures as if the additional 10 per cent stamp duty applied to all investors. Permanent residents who buy a second and subsequent residential property pay only 3 per cent more in stamp...

Full article: http://www.todayonline.com/Commentary/EDC120113-0000065/U...

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