As of Thursday, Singapore will be implementing increased property stamp duties for non-citizen permanent residents. The new rates will see a 5 percentage point increase, bringing the stamp duty to 30% and 35% for their second and subsequent property purchases respectively.
The government cites "resilient demand" and renewed acceleration in property prices as the main reasons for the measure.
The government had previously introduced two rounds of cooling measures in the last two years and raised stamp duties in December 2021.
Despite the economic impact of Covid-19, the property market remained "buoyant". The authorities warn that unchecked property price increases could outpace economic fundamentals and result in a sustained increase in prices relative to incomes.
The government expects the stamp duty changes to impact around 10% of residential property transactions based on last year's data.
According to flash estimates by the Urban Redevelopment Authority, private home prices in Singapore increased by 3.2% in Q1 2023, up from 0.4% in the previous quarter.
The pandemic-related construction delays have contributed to the steady climb in property prices and rents over the past few years.
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