Higher mortgage rates, property tax and inflation have already caused home buyers and investors to hold back – so why another round of cooling measures? Real estate consultant Ku Swee Yong weighs in.
In the immediate term, foreign investors might give the residential market a miss and channel their funds to the office, retail and industrial segments even though rental returns at 2 to 4 per cent per annum are lower than commercial loan interest rates of 5 per cent or more.
The previous rounds of cooling measures were rather recent, 17 months ago in December 2021 and seven months ago in September 2022. From a financial investment point of view, the raising of foreign buyers’ ABSD from 20 per cent to 30 per cent in December 2021 sounded steep. But somehow, that did not cool the market.
as a significant supply of new housing units - almost 40,000 - will be completed across public and private housing markets in 2023.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore announces new property cooling measures, additional buyer's stamp duty doubled to 60% for foreignersProperty cooling measures: Additional buyer’s stamp duty to be raised for Singaporeans and PRs buying their second and subsequent properties
Read more »
New property cooling measures: Singapore hikes additional buyer's stamp duty, doubles foreigner rate to 60%The Singapore government stepped up additional buyer stamp duty (ABSD) rates for residential properties, in a fresh round of cooling measures aimed at curbing investment demand. For Singapore citizens, ABSD for the purchase of their second property will be raised to 20 per cent from 17 per cent and to 30 per cent from 25 per cent for their third...
Read more »
Snap Insight: Xi-Zelenskyy call does more for China’s image than peace in Ukraine - at least for nowCalling for negotiations and sending an envoy are low risk actions that do not threaten Xi Jinping and Vladimir Putin’s relationship, says former diplomat James Carouso.
Read more »
Richard Branson disrespecting Singapore’s judges, criminal justice system with death penalty allegations: MHASINGAPORE — Singapore's Ministry of Home Affairs (MHA) on Tuesday (April 25) said British billionaire Richard Branson's views on a Singaporean on death row showed 'disrespect' for the country's judges and criminal justice system.
Read more »
'Highly misleading' to project 3,500 high-net-worth individuals becoming Singapore citizens: MHASINGAPORE: A widely reported projection of 3,500 high-net-worth individuals being granted Singapore citizenship in 2023 is 'highly misleading, with no credible basis', said the Ministry of Home Affairs (MHA) on Tuesday (Apr 26). Last Thursday, Chinese-language newspaper Lianhe Zaobao published an int
Read more »
Commentary: What is ‘indirect strategy’, and how it can impact Singapore directlyWhile the world remains transfixed with the ongoing Russo-Ukraine war, it is important to note that the current conflagration is somewhat of an anomaly in the context of what had transpired over the past decade.
Read more »