Interest from both local and foreign investors in the residential property market is starting to come back, says National Development Minister Desmond Lee.
SINGAPORE: The increases in the additional buyer’s stamp duty are a “pre-emptive measure” to dampen local and foreign investment demand amid renewed interest in residential properties, said Minister for National Development Desmond Lee on Thursday .
Singaporeans buying their second residential property will pay an ABSD rate of 20 per cent, up from 17 per cent, while those buying their third and subsequent residential property will have to pay an increased rate of 30 per cent, up from 25 per cent. This is driven by two things – a strong demand from Singaporeans to buy homes to live in, and renewed local and foreign interest in investing in residential properties, said the minister.
For example, foreign investments, as a proportion of property transactions, fell from about 20 per cent in 2011 to about 3 to 4 per cent in the last few years, he added. The average from 2017 to 2019 was about 6 per cent.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A guide to the new measures to help first-timer families buy an HDB flatFirst-time home-owners in Singapore can now take advantage of more enhanced housing measures that can help them improve their HDB Build-To-Order (BTO) applications. According to National Development Minister, Desmond Lee, the new measures will allow first-time HDB applicants secure a new flat more quickly and with more supporting grants to ease financial burdens. If you are planning to buy an...
Read more »
Fencer Samson Lee out of SEA Games team after missing training sessionsThe Singapore men’s epee team’s bid for a second consecutive gold at the upcoming SEA Games has been dealt a blow, after veteran fencer Samson Lee was dropped from the squad for missing three training sessions. He had reportedly missed training due to the birth of his...
Read more »
From Yishun to West Coast: Prawning at Orto opens at new location, also offers zi charIt was only last August that people were up in arms about the closure of Orto leisure park and Kampung Kampus in Yishun. The lease was set to expire, and they'd have to move out of their premises by mid-2023. The leisure park was known to be a destination for lovers of prawning. But prawning enthusiasts can rejoice. Last Friday...
Read more »
Guide to the New Measures to Help First-Timer Families Buy HDB FlatWondering how the new measures to help first-time families buy a home affect you? We break down what exactly these new measures are so you...
Read more »
UEFA's new Football Board seeks clarity and changes to handball lawThe UEFA Football Board has urged more clarity on the handball law and recommended changes for next season after holding its inaugural meeting in Nyon at the headquarters of European soccer's governing body.The board, which includes managers such as Carlo Ancelotti and Jose Mourinho plus former players li
Read more »
PGA Tour merges Canadian and Latin circuits, creates new player pathwayThe PGA Tour Latinoamerica and PGA Tour Canada will merge into a single circuit that will begin play in early 2024, the PGA Tour said on Tuesday as it offers a new pathway for golfers to move up the ranks.The newly-branded PGA Tour Americas will stage 16 events across Latin America, Canada and the United
Read more »