According to recent statistics, American citizens currently make up the largest share of foreign purchasers of individual residences in Singapore planning to buy Grand Dunman, Grand Dunman Floor Plan, and Grand Dunman Balance Unit chart.
Buyers from the United States have surpassed those from mainland China, who had held the top spot since 2016.
According to data from OrangeTee & Tie, a Singaporean real estate agent, American purchasers acquired 56 houses in the second quarter of 2023, while Chinese buyers purchased just 51 properties, according to a Bloomberg report published on July 20.
Stamp taxes for foreign purchasers were increased in April from 30% to 60%, the highest rate among major markets worldwide, in an attempt to calm the housing market.
The Ministry of National Development said that the high taxes were put in place “to dampen both local and foreign investment demand, so as to prioritize local owner-occupation demand,” adding that “Foreigners purchasing residential property in Singapore come from a wide range of countries.”
The stamp tax paid by inhabitants of the United States, Iceland, and Norway is the same as that paid by Singaporeans because of free trade agreements made between these nations and Singapore around 10 years ago.
Unlike the Chinese and Malaysians, Americans have not historically been interested in purchasing property in Singapore. According to Mr. Nicholas Mak, Chief Research Officer of real estate marketplace MOGUL.sg, Americans typically acquire property either in the United States or the United Kingdom.
However, Ms. Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, was reported by Bloomberg as suggesting that Americans “may continue to be among the top foreign buyers in Singapore” despite the increased levies.
She went on to say that other non-citizens had two options: either wait to buy a home until they became legal permanent residents or invest in commercial or industrial real estate.
Blossoms by the Park, a new condo at Slim Barracks Rise, was introduced only two days after the announcement of the additional taxes for foreign purchasers. There were a total of eight purchasers, including four Americans and four Chinese and Feng Shui.
