Friday, February 3, 2012

Fewer foreigners buying private homes in S'pore

Business Times: Thu, Feb 02
(SINGAPORE) The proportion of private homes picked up by foreigners who are not Singapore permanent residents spiked in December before easing in January, according to preliminary numbers.

A caveats analysis by DTZ Research shows that the foreign buying share increased to 23 per cent in December, from 16 per cent in November and 20 per cent in October. However in January 2012, the share slipped to just 3 per cent - although the caveat pool for the month is small, with just 131 caveats lodged so far. More will stream in over the coming weeks.

In comparison, for October, November and December last year, 2,147, 2,191 and 1,711 caveats respectively were lodged.

Despite the small caveat pool for January, the sharp drop in foreign buying share to 3 per cent in that month from 23 per cent in the preceding month is remarkable, say analysts.

DTZ's Asia Pac research head Chua Chor Hoon suggests the surge in foreign buying share in December could have been due to foreigners rushing to close purchases on the night of Dec 7, when the government announced the additional buyer's stamp duty (ABSD)...

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Martin Koh/ Sherry Tang
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