Looking for your second property abroad: Possibilities and pitfalls

SINGAPOREANS’ love affair with property is so enduring, many will undoubtedly throw money at a second – or more – residential property, if they could. The only thing in their way is the daunting prospect of paying an Additional Buyer’s Stamp Duty (ABSD) of 20 per cent on the second home and 30 per cent on the third and subsequent purchases.

With the ABSD working out to S$200,000 for a S$1 million second property, it makes sense to look farther afield if you’ve got a serious property itch to scratch – and some moolah to spare.

Of course, the wealthy have long been buying overseas property, often scooping up the most desirable and pricey properties in a given location. These prime residential markets typically draw a significant number of international buyers, with Knight Frank’s Wealth Report 2024 showing that prices there surprised on the upside in 2023.