The drop in foreign buyers was more stark in the prime district.
SINGAPORE – The additional buyer’s stamp duty hike has proven effective in dampening demand from foreign investors, as evidenced by a 71 per cent decline in condominium sales to foreigners in the past 12 months since it was rolled out.
In the 12-month period leading up to the ABSD hike, foreign buyers accounted for about 14 per cent of condo sales in the CCR. This dropped to about 6 per cent in the past 12 months. “Many investors have financial holding power and do not need to sell their property hurriedly at a discount, preferring to lease out the units... Hence, it is not surprising that prices have held up, even though transaction volumes have softened,” she said.
“Quite a few are of South Asian descent but holding US citizenship. Nowadays, foreign buyers of luxury non-landed private residential properties have a predilection... for value-for-money deals, rather than splurging based on emotional value, that is, paying whatever it takes when they like one ,” he said.
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