{"id":8032,"date":"2016-12-17T11:35:41","date_gmt":"2016-12-17T03:35:41","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=8032"},"modified":"2022-07-01T04:05:27","modified_gmt":"2022-06-30T20:05:27","slug":"additional-buyers-stamp-duty-foreigners","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/additional-buyers-stamp-duty-foreigners\/","title":{"rendered":"Does the Additional Buyer&#8217;s Stamp Duty (ABSD) still deter foreign buyers?"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p><span style=\"font-weight: 400;\">When the Additional Buyers Stamp Duty (ABSD) was introduced, Singaporeans revelled in the idea of affordable housing. The dominant theory in 2012 and 2013 (although we never conclusively proved it) was that foreign buyers were driving up private home prices. And when the ABSD arrived, our housing market did become less attractive to foreign investors &#8211; for a while. But now it looks like things are changing again.<\/span><\/p>\n<figure id=\"attachment_8033\" aria-describedby=\"caption-attachment-8033\" style=\"width: 800px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-8033\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/12\/ABSD-foreigner.jpg\" alt=\"It seems as if the effects of the ABSD are waning\" width=\"800\" height=\"509\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/12\/ABSD-foreigner.jpg 2953w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/12\/ABSD-foreigner-940x598.jpg 940w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-8033\" class=\"wp-caption-text\">It seems as if the effects of the ABSD are waning<\/figcaption><\/figure>\n<h3><b>The gradual return of the foreign buyers<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In the first nine months of 2016, property consultancy JLL recorded 782 transactions from foreign buyers (excluding Permanent Residents). In the same period in 2015, there were only around 691 transactions. The majority the buyers were from China, Indonesia, Malaysia, and the United States. The breakdown of the top four is as follows:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Chinese buyers &#8211; 230 transactions <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Indonesian buyers &#8211; 114 transactions<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Malaysian buyers &#8211; 82 transactions<\/span><\/li>\n<li>American buyers &#8211; 57 transactions<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Despite the continued application of the ABSD, which imposed an additional 15 percent tax on foreign property buyers, we are seeing renewed interest from overseas buyers. These are the probable reasons:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">American buyers don&#8217;t face the ABSD, and the US dollar is strengthening <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Indonesian investors are facing the AEOI in 2018<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Chinese buyers are moving away from Hong Kong, which is peaking <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Luxury property prices have fallen significantly<\/span><\/li>\n<\/ul>\n<h3><b>American buyers don&#8217;t face the ABSD, and the US dollar is strengthening<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Under the United States &#8211; Singapore Free Trade Agreement (USSFTA), American citizens do not pay ABSD on the first property they purchase in Singapore. As such, the ABSD has never been a deterrence to them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the recent strengthening of the US dollar may interest them in local properties. A good exchange rate, coupled with Singapore&#8217;s low tax environment, could see growing interest in Singapore&#8217;s property market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Perhaps the biggest factor that could influence American buyers, however, are the soaring costs in the American property market. Experts are divided as to whether America is in a <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2016-07-18\/it-s-not-a-housing-bubble-it-s-just-expensive\"><span style=\"font-weight: 400;\">housing bubble<\/span><\/a><span style=\"font-weight: 400;\">, but the common point of agreement is that housing in major cities is becoming inflated. This could send their property investors looking for a better deal elsewhere, and Singapore is a prime spot for well priced luxury properties right now (see point 4).<\/span><\/p>\n<h3><b>Indonesian investors are facing the AEOI in 2018<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Following a tax amnesty call this year, some Indonesian investors now have to worry about the <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/indonesia-tax-amnesty-luxury-property\/\"><span style=\"font-weight: 400;\">Automatic Exchange of Information (AEOI)<\/span><\/a><span style=\"font-weight: 400;\"> agreement slated for 2018. Should it come to pass, it would result in the disclosure of financial information (such as bank accounts) between 101 participating countries. This could include Singapore.<\/span><\/p>\n<p>Singapore has long been a favourite location for wealthy Indonesians, due to our low tax rates and our banks&#8217; high degree of confidentiality. Now however, these foreign investors are worried that their assets may be disclosed to Jakarta.<\/p>\n<p><span style=\"font-weight: 400;\">This has caused a rush to purchase <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2016-09-12\/rich-indonesians-snap-up-singapore-luxury-homes-as-taxman-calls\"><span style=\"font-weight: 400;\">housing<\/span><\/a><span style=\"font-weight: 400;\">, as it is believed (but in no way guaranteed) that the disclosure of assets in 2018 will not include property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As we near the 2018 deadline, we expect to see an eventual surge of buyers from Indonesia.<\/span><\/p>\n<h3><b>Chinese buyers are moving away from Hong Kong, which is peaking<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Hong Kong&#8217;s property market at present resembles Singapore&#8217;s in late 2012. Housing prices are overheated, and Hong Kong has passed its own additional stamp duties (coincidentally, this is also 15 per cent, on par with Singapore).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As <\/span><a href=\"http:\/\/www.reuters.com\/article\/us-hongkong-property-measures-idUSKBN12Z13L?il=0\"><span style=\"font-weight: 400;\">Hong Kong&#8217;s prices<\/span><\/a><span style=\"font-weight: 400;\"> are widely agreed to have peaked, Chinese buyers will start to look elsewhere. Growing affluence in China, along with a sense of familiarity (Singapore has the most cultural similarities to China in South-East Asia) are likely to send their buyers to our shores.<\/span><\/p>\n<h3><b>Luxury property prices have fallen significantly<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Luxury properties in Singapore were thought to be bottoming out in Q2 2016, when prices increased by 0.3 percent. However, Q3 2016 saw prices in the Core Central Region (CCR), where most luxury properties are located, <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/luxury-home-prices-decline\/\"><span style=\"font-weight: 400;\">fall by 1.9 percent<\/span><\/a><span style=\"font-weight: 400;\">. This is almost double the price drop in the Rest of Central Region (RCR), and Outside of Central Region (OCR). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most foreign buyers will note that Singapore&#8217;s property fundamentals are in place (we are land scarce, politically stable, and a major trade hub). With lower prices making up for the ABSD, it&#8217;s a reasonable assumption that foreign buyers <\/span><i><span style=\"font-weight: 400;\">will <\/span><\/i><span style=\"font-weight: 400;\">be back, following a few more quarters of declining prices.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When the Additional Buyers Stamp Duty (ABSD) was introduced, Singaporeans revelled in the idea of affordable housing. The dominant theory in 2012 and 2013 (although we never conclusively proved it) was that foreign buyers were driving up private home prices. And when the ABSD arrived, our housing market did become less attractive to foreign investors&hellip;<\/p>\n","protected":false},"author":21,"featured_media":54564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,57131],"tags":[],"persona":[],"class_list":{"2":"type-post","9":"entry","10":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Does the Additional Buyer&#039;s Stamp Duty (ABSD) still deter foreign buyers?<\/title>\n<meta name=\"description\" content=\"When the ABSD arrived, our housing market did become less attractive to foreigners - for a while. 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