StockTalk (4.27): What's the impact of Singapore's increased ABSD for foreign buyers under their latest cooling measures?
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Today's hot topic is about Singapore's latest round of property cooling measures.
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StockTalk (4.27): What's the impact of Singapore's increased ABSD for foreign buyers under their latest cooling measures?
The government has implemented these measures to promote a sustainable property market.
Effective April 27, the Additional Buyer's Stamp Duty (ABSD) for residential real estate purchases has been raised by 3 to 30 percentage points. This includes an increase in the ABSD that foreign buyers must pay from 30% to 60%. For instance, if you purchased a private house worth 2 million SGD, the ABSD payable by foreign buyers will now jump from 600,000 SGD to 1.2 million SGD.
Cast your vote below: Will the new cooling measures in Singapore have a significant impact on the property market?
Join us and share your thoughts on today's topic. What impact do you think this new round of cooling measures will have on the property market? Please leave acommentbelow to share your opinion with us. Your feedback is valuable, and we appreciate your participation.
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GodSpeed289 : The new cooling measures are to tame the rapid rise in housing costs by reducing homebuyers’ ability to finance purchases through property loans, with the hopes that this would translate to more conservative action from homebuyers
Even so, it may take a while before we see measurable differences in property prices. The (targeted) rich will definitely think twice before buying local properties for investment returns.
Vincent tmk : gov own local sporean duty to lower property price! Property is for stay not for speculation purposes! Why shld sporean vote for them if local poor sporean no longer able to afford house here? Go ask around what those folk think of pap gov. Inflation so high salary not raising. Many struggling to put foods on table at home. Let's face it we no longer shld more and more foreigner buying up property here.
BullnBearTrading : 1. The new cooling measures may deter foreign buyers from investing in Singapore's property market, leading to a decrease in demand and possibly lower property prices.
2. The measures could encourage local buyers to purchase properties, leading to a more sustainable and balanced market.
3. Developers may adjust their pricing strategies to accommodate the increased ABSD, which could impact the supply and demand balance in the market.
102414479 : Every inch of earthen gold is sold one less. The economic and financial center of the future is not afraid
whqqq : I think that's one way to make sure foreigners don't get too attached to Singapore... just charge them double for everything! In all seriousness, though, it remains to be seen whether these measures will have a significant impact on the property market.
Ooeui : The new round of cooling measures will likely have a significant impact on the property market in Singapore. The higher ABSD will increase the cost of purchasing a property for both local and foreign buyers, potentially leading to a decrease in demand and a slowdown in the market. Additionally, the increased ABSD for foreign buyers could discourage foreign investment in the Singaporean property market. However, it is also possible that these measures will help to promote a more sustainable and stable property market in the long term.
Demascus : Demand from foreigners should cool.. unless they find another loophole like 99+1 to avoid paying the taxman
若息则已 : Under the new cooling measures, not only the ABSD for foreign buyers are increased, the ABSD for citizens and PRs buying their second and more residential properties are also increased, albeit by a smaller %. Therefore i think total demand (not just from foreigners) will be impacted. But I do not think residential property prices will thus fall as other factors, such as higher interest rates and cost inflation, are at play.
Moogoorooloo : The doubling of ABSD for foreign buyers is substantial, but the 3% to 5% increase for Singaporean and PR buyers is negligible. After the initial shock wears off, Singaporeans will continue their obsession with property. To cool the property market, the ABSD for Singaporeans and PRs may need to be raised further.
Braight : Think it's been proven so far that ABSD is not an efficient tool to tame property prices. Time to try something else than beating the same horse?
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