Foreigners to pay even more for property in Singapore
Foreigners to pay even more for property in Singapore.
Singapore skylieWikipedia Creative Commons via Chensiyuan
The beginning of 2013 means an additional increase in the cost of property for foreign investors in Singapore.
Foreign property investors in Singapore already pay a higher stamp duty on property than citizens.
As part of the government’s cooling measures to prevent a property market bubble, the beginning of 2013 means an additional increase in the cost of property for foreign investors in Singapore.
Starting 12 January 2013, the government hiked the stamp duty percentage by 5% (from 13 to 18%). First time buyers who are Singaporean citizens, meanwhile, pay the relatively low stamp duty of just 3%.
Additionally, foreigners who already own property in Singapore and who apply for a mortgage to expand their portfolios in the market will need to put more cash down on deposit.
- The World Economic Forum’s study, Global Competitiveness Report 2012-2013 ranked Singapore as having the second most competitive economy in the world (behind Switzerland). Hong Kong and Japan ranked 9 and 10 respectively.
- The proportion of prime new-build stock being purchased by foreigners nationals in Singapore is about 25%. The majority of foreigners come from:
- Great Britain