Fewer foreigners bought condos in Q2 after ABSD doubled; Americans overtake Chinese as largest buyer group
SINGAPORE - Fewer foreigners bought condominium units in the second quarter of 2023 as they were apparently deterred byA total of 205 private non-landed homes were bought by foreigners in the second quarter of 2023, down 22.6 per cent from 265 units in the previous quarter, a report by OrangeTee & Tie released on Thursday showed. The figures exclude executive condominiums which foreigners are not allowed to buy.
Americans, who did not feel the pinch as they are subject to the same stamp duty treatment as Singaporeans, overtook mainland Chinese as the largest group of foreign buyers in the second quarter of 2023, the report showed. Singaporeans buying their first home are not subject to ABSD. Transactions by mainland Chinese buyers fell significantly after April’s cooling measures, dipping 53.2 per cent from 109 units in the first quarter of 2023.
Ms Sun said Americans may continue to be among the top foreign buyers in Singapore as they are less affected by the increased ABSD. The rate for Singapore permanent residents buying their second residential property went up from 25 per cent to 30 per cent, and from 30 per cent to 35 per cent for third and subsequent properties.More On This TopicSingaporeans bought 3,895 condo units, excluding ECs, in the second quarter of 2023, with their purchases surging 40.8 per cent from the 2,766 units in the first quarter of the year.
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