On April 27, 2023, new cooling measures in Additional Buyers’ Stamp Duty were introduced, with double the taxation on foreigners buying their first and 2nd homes.
Some measures are extremely targeted, such as the EC Mortgage Servicing Ratio policy of December 2013, which are for Executive Condominium buyers, and the 35per cent ABSD on properties bought in Trust, implemented in May 2022. A real case study would be the period between 2010 and 2013, when Singapore recovered from the Global Financial Crisis of 2008/2009 and pent-up demand caused home prices to surge .
Since the December 2021 cooling measures, several additional measures have been introduced, some of them within a few months of each other. Pockets of intense scrutiny may be in areas like rental hikes, the all-cash, high-COV HDB resale market, and how foreigners whose countries are under FTAs with Singapore are buying property. For the latter, nationals and PRs of Iceland, Liechtenstein, Norway and Switzerland, and US citizens are subject to the same ABSD rate as Singaporeans, meaning they pay 0per cent ABSD on their first property here.
In Q1 2023, we read about some 20 units in Klimt Cairnhill being sold to foreigners. Then, there was a 6,286-sqft unit at Les Maisons Nassim which was sold for S$36m in the same quarter . Then in Q2 2018, the price index continued to rise by 3.4per cent. Not only that, the take-up rose by nearly 50 per cent.
As of April 2023, two measures have been introduced . The first was the BSD rate hike in Singapore’s February budget, aimed at higher-priced properties, and the second was the April ABSD rate increase, mainly aimed towards foreigners.
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Source: asiaonecom - 🏆 10. / 59 Read more »