SINGAPORE: The most recent data shows that the biggest number of foreign buyers of private apartments in Singapore now come from the United States.
In April, in an effort to cool the property market, stamp duties for foreign buyers were raised from 30 per cent to 60 per cent, which is the highest rate among major markets around the globe. However, due to respective free trade agreements from around ten years ago citizens from certain countries—including the US, Iceland and Norway—are given the same stamp duty treatment as Singapore citizens.
But since US citizens are not as affected by higher duties, they “may continue to be among the top foreign buyers in Singapore”, Bloomberg quoted Ms Christine Sun, the senior vice president of research and analytics at OrangeTee & Tie, as saying.