Dim prospects, ABSD set to cut foreigner home buying again this year

Singapore

THE appetite for Singapore residential property among foreigners continues to diminish, depressed by higher purchase taxes and dim prospects for gains or returns.

The number of private homes bought by non-resident foreigners (non-permanent residents) dropped 22 per cent to 895 units last year, from 1,148 units sold in 2014. And with no sign of any removal or reduction of the additional buyer's stamp duty (ABSD) rates and rosier prospects at other gateway international cities, the prospects for 2016 remain glum, say industry insiders.