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StockTalk(7.21): Americans Overtake Chinese as Top Buyers of Singapore Condos: Will the Drop in Foreign Purchases Affect the Real Estate Market?
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Americans have overtaken mainland Chinese buyers as the top foreign buyers of Singapore condominiums, according to a report by OrangeTee. Non-permanent resident citizens from the US bought 56 non-landed homes in Q2, slightly more than the 51 non-PR mainland Chinese buyers purchased.
The drop in foreign purchases followed the government's decision to double the Additional Buyer's Stamp Duty (ABSD) payable for foreigners to 60% in April. Americans are among the top foreign buyers as they are less affected by the increased ABSD, said Christine Sun, senior vice president of research and analytics at OrangeTee. She also noted that with more housing supply coming on stream, overall property prices are expected to stabilize.
What are your thoughts on the current state of Singapore's real estate market?
Will the drop in foreign purchases have a significant impact on the market?
Will the drop in foreign purchases have a significant impact on the market?
Join us and share your thoughts on today's topic. Please leave a comment below to share your opinion with us. Your feedback is valuable, and we appreciate your participation.
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What are your thoughts on the current state of Singapore's real estate market?
Join us and share your thoughts on today's topic. Please leave a comment below to share your opinion with us. Your feedback is valuable, and we appreciate your participation.
Moogoorooloo : The US buyers overtook the Chinese buyers because the drop in the number of Chinese buyers is larger than the drop in the number of US buyers, and not because more americans are buying Singapore real estate.
The drop in Chinese buyers' interest can be attributed to the recent ABSD increase for foreign buyers and the lacklustre Chinese economy.
Datravion wherler : I love this app wish the rewards were better does and one have a promo code
ZnWC : What are your thoughts on the current state of Singapore's real estate market?
Singapore government long term policy on housing is very clear - price should be reasonable and affordable by local residents. Hence government will roll out new measures if there is sign of any overheating in real estate. Anyone who wish to invest in Singapore estate property for long term should not be worry about short term drop in foreigner purchase.
Will the drop in foreign purchases have a significant impact on the market?
The short answer is no impact. I'm not worried about drop in foreign purchase as Singapore has 2 advantages. First construction business is sustainable. Second long term outlook of Singapore economy is stable. The drop may imply that Singapore real estate price is moving towards a stable and sustainable level.
Kopikarp : The Singaporean real estate market is currently undergoing a shift due to the increased Additional Buyer's Stamp Duty. American buyers, less impacted by this tax, have overtaken Chinese buyers, highlighting the dynamic nature of international property investment. The drop in foreign purchases, driven by this tax change, may have a moderating effect on the market. While the interest rate difference between the US and Singapore could play a role, it's likely a secondary factor compared to the tax increase. The upcoming housing supply could stabilize prices, making the market more balanced. Overall, the impact of policy changes will continue to shape this market.