Singapore Back to Real Estate News Homepage to RSS for this country

SG Property News

SG Fewer private homes sold to foreigners

Property Here - Monday, October 28, 2013

Share to:

Several nationalities, namely the Chinese, Malaysians, Indonesians and Indians bought fewer private homes in the third quarter this year compared to the previous quarter, according to data from DTZ and reported in the media. 

Specifically, the number of units purchased by Chinese, Malaysians and Indonesians each declined by 43 percent, resulting in 238, 240 and 149 units respectively. On the other hand, the number of units bought by Indians fell by 36 percent to 71 units. 

Despite the drop, these nationalities remained the top four buyer groups among foreigners and permanent residents (PRs) who acquired private homes in the first nine months of the year. In total, they took up 81.3 percent of the 4,028 units during the period compared to an 80.9 percent share of the 7,717 units last year. 

In comparison, the number of private houses purchased by US citizens stayed unchanged at 44 units in Q3 compared to the previous quarter. 

Lee Lay Keng, Head of Singapore Research at DTZ, noted: “US buyers have been less affected by the additional buyer’s stamp duty (ABSD) measures compared with other foreign buyer groups.” 

“This is because US citizens who are buying their first Singapore residential property are exempt from ABSD, as they are given the same treatment as Singapore citizens under the terms of the US-Singapore free trade agreement. Sentiment among US buyers could have therefore held up, in spite of the new TDSR (total debt servicing ratio) framework,” she added.