This week, Bloomberg.com focuses on Singapore’s housing outcomes.
90% of Singaporeans own their own home and can even buy their own homes directly from the government directly.
However, like many governments around the world, they are attempting to control a heating up market with taxation and interest rates.
Previously in the early 2010’s, Singapore introduced a slew of cooling measures that succeeded in taming the housing market. Again in 2018, to address the surge in en-bloc sales — which will unleash a wave of new supply on the market as new developments are completed, higher stamp duty rates and tougher loan-to-value limits for buyers are being enacted, the government also raised its additional buyer’s stamp duty to 30 percent for developers, or 25 percent for other entities, up from 15 percent. Singaporeans buying a second home will also have to pay 12% stamp duty, up from 7%.
Something the Singapore Government does to curb speculation; selling a property within 3 years enacts a “sellers” stamp duty as well as a buyers stamp duty.
With both State and Federal elections on the horizon, property seems to always be at the forefront of the Australian psyche and maybe seeing how others deal with affordability is something to consider.