From Breakingviews - Pricey property is a pointy dilemma for Singapore
View of construction of new private residential properties in Singapore April 29, 2021. REUTERS/Edgar Su
The reasons for the squeeze are simple. Construction was delayed during the pandemic, more people are working from home, and there is unprecedented interest in Singapore as a place to live, work and invest as geopolitical tensions between the United States and China increase. Like in most other places, inflation is also high, at 4.7%. It’s a pointy problem however for a country that traditionally has managed housing for the masses well.
The moves are meant to dampen demand from local and overseas investors. The government says buying by non-Singaporeans is low, about 4% of all private residential purchases on average over the last three years, but it has nonetheless doubled stamp duty for foreigners to 60%. Singapore now has the highest such levy in the world, per Savills.
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