Market Updates
Singapore Doubles Property Stamp Duty for Foreigners
Brian Turner
27 Apr, 2023
New York City
In an effort to cool housing price inflation, Singapore hiked stamp duty for the buyers of second and third property and on those purchased by foreigners.
The stamp duty hike applies to all transactions completed on or after April 27, said the joint statement released by the Ministry of Finance, National Development Ministry and Monetary Authority of Singapore.
About 90% of property transactions in Singapore are by the first time home buyers, Singapore citizens and permanent residents,
Singapore citizens pay no stamp duty on the first property purchase and permanent residents are levied 5% charge but stamp duty on the purchases by foreign citizens was increased to 60% from 30%.
Stamp duty was increased to 20% from 17% for the second property purchased by Singapore citizens and to 30% from 25% for permanent residents.
Singapore authorities hoped that the third move to cool the housing market in the last 16 months will be more effective after prices accelerated in the recent months.
The government revised additional stamp duty in December 2021 and September 2022 but home prices continued to rise unabated amid shortage of residences and reliance on expats.
For the whole of 2022, prices of private residential properties increased 8.6%, compared with the 10.6% increase in 2021 and rentals of private residential properties increased 29.7% compared with 9.9% increase in 2021, according to the data released by the Singapore's Urban Redevelopment Authority.
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