Number of private homes bought by foreigners continues to shrink

Singapore’s property market has seen a significant drop in foreign buyers over the past year, even as global wealth continues to accumulate in the city-state.

From May 2023 to April 2024, only 321 condominium units were sold to foreigners, down from 1,054 units in the previous 12 months, according to Urban Redevelopment Authority (URA) data. 

Property experts attributed the decline largely to the 60 per cent additional buyer’s stamp duty (ABSD) imposed on non-residents, which has significantly curbed foreign investment, particularly in high-end residential properties.

Despite the regulatory constraints, Singapore continues to attract wealthy individuals.

In 2023, 3,400 high-net-worth individuals relocated to the city-state, according to investment migration consultant Henley & Partners’ 2024 World’s Wealthiest Cities Report.

This brought Singapore’s total number of resident millionaires to 244,800, along with 336 centi-millionaires – individuals whose wealth is at least US$100 million (S$130 million) – and 30 billionaires.

Source :https://www.straitstimes.com/singapore/housing/even-as-wealth-flows-into-s-pore-the-number-of-private-homes-bought-by-foreigners-continues-to-shrink

Meyer Blue Condo New Launch