Americans replaced Chinese as the top foreign buyers of private apartments in Singapore, according to OrangeTee & Tie.
(Bloomberg) — Americans replaced Chinese as the top foreign buyers of private apartments in Singapore, according to OrangeTee & Tie.
Mainland Chinese have been the largest foreign buyer group in the Asian hub since 2016, accelerated by an influx of wealth into the city-state during the pandemic. To keep a lid on prices, the government doubled stamp duties for foreign buyers to 60% — the highest among major markets — and also raised levies for buyers of second homes in late April.
Property buyers of certain nationalities including the US, however, are exempt from such tax hikes. They’re given the same stamp duty treatment as Singaporeans due to respective free trade agreements. In the second quarter this year, Americans bought 56 properties, compared with the 51 purchased by Chinese, the OrangeTee & Tie data showed.
“Americans may continue to be among the top foreign buyers in Singapore” since they are less affected by the increased taxes, while other foreigners may either wait to purchase properties after becoming permanent residents or switch to buying non-residential properties, said Christine Sun, senior vice president of research and analytics at OrangeTee & Tie.
Read More: Singapore’s Property Tax Won’t Hurt These Foreign Buyers
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