Foreigners buying residential property in Singapore will now pay 60 per cent additional buyer’s stamp duty, up from 30 per cent. While this is the steepest increase in the latest round of property cooling measures, our guests on this episode of the Heart of the Matter podcast say it won’t dampen demand in the long
Foreign buyers who want to sink their roots in Singapore and contribute to the economy will think twice initially about buying a residential property, said Hutton Asia’s Mr Lim in the podcast.
But instead of turning to other cities to invest, some may even consider applying for permanent residency ahead of their planned timeline, he added, primarily because Singapore is seen as “a very comfortable environment for them, very safe”. PropertyGuru Group’s Dr Lee also noted that even with the new ABSD rate, foreigners will still be attracted to buy properties here, compared to cities like Shanghai where prices are much higher.Heart of the Matter host Steven Chia speaking with real estate consultant Aric Lim and property analyst Dr Lee Nai Jia . Lim: I see a huge influx of foreigners, primarily because Singapore is a very safe haven for them to bring their family, and children here to seek education.
Lee: The question is, what happens when things turn sour? Then you have a major correction. The integrity of the financial system will be threatened in that sense, and it will have widespread impact on the economy.
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