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Singapore hits property buyers with Hong Kong-style tax
In an attempt to cool the booming property market, the Singapore government is increasing the additional buyer's stamp duty for foreign buyers from 10% to 15%.
This new policy is following suit of similar measure implemented in Hong Kong in October 2012. The latest curb could shift demand to housing markets in the United States, Canada, Australia and Malaysia.
According to Citigroup, overseas buyers had already begun to look abroad and away from Singapore after its previous round of cooling measures, accounting for just over 6% of Singapore home sales, down from 18% in 2011. From South China Morning Post, January 17, 2013:
Read the full story on SCMP.com.
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