18 Mar '13, 8am

February #home sales plunge 65% after #coolingmeasures #property #sgproperty #sghouse #singapore

February #home sales plunge 65% after #coolingmeasures #property #sgproperty #sghouse #singapore

According to the latest data released by the Urban Redevelopment Authority (URA) today, February registered a total of 708 home sales, 65% down from 2,016 units in January this year. Experts said that the property cooling measures which were rolled out in January 2013 are starting to take effect. In addition, fewer units were offered due to the Chinese New Year festivity. A summary of the property cooling measures which took effect on 12th January 2013 is as follows: • Increase in the additional buyer’s stamp duty between 5% to 7% for Singaporeans buying their second property onwards • Permanent residents have to pay tax when they buy their first home • The top 1% of homeowners who live in their own residences, or 12,000 properties would have their property taxes increased • Loan-to-value limits are tightened for buyers seeking a second mortgage • Cash downpaym...

Full article: http://www.iproperty.com.sg/news/6556/February-home-sales...

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