30 Aug '17, 4am

Foreign demand muted due to strict stamp duty, strong Sing dollar

The proportion of foreign property buyers in Singapore remains low, data shows. With the Additional Buyer’s Stamp Duty (ABSD) and strengthening Singapore dollar, foreign demand for homes in Singapore remained muted even as private home sales soared 50 percent year-on-year during the first seven months of 2017, reported TODAYonline . Data from Cushman & Wakefield showed that the proportion of foreign buyers dropped to a four-year low last year and remains at that level. SEE ALSO: Surging developer sales point to further property market recovery In H1 2017, just six percent of total purchases came from foreign buyers, down from nine percent in 2013, when house prices started to fall following the introduction of the Total Debt Servicing Ratio (TDSR) framework. Chinese nationals emerged as the biggest group of foreign buyers, accounting for 29 percent – unchanged from four ye...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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