I wonder whether this will work. The government have worked hard to stamp property speculation. My questions:
- What is wrong with speculation? As long as its fair and just speculating on demand and supply is ok
- Is the 10% and 3% stamp prices a big thing? I honestly am not well versed here.
- This should not affect the resale market directly right? Or it means competition on resale flats is going to get heightened?
- What will happen if prices REALLY starts falling?
SINGAPORE: The government has imposed an Additional Buyer’s Stamp Duty (ABSD) for private property of between 3 per cent and 10 per cent for Singaporeans, Permanent Residents and foreigners to moderate investment demand for private residential property and promote a more stable and sustainable market.
The changes take effect on December 8.
Foreigners will pay 10 per cent Additional Buyer’s Stamp Duty (ABSD) for any residential property.
Permanent ...
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My blog explains why Americans and EFTA nationals are exempted from the ABSD at http://aseanec.blogspot.com/2011/12/in-singapore-property-market-not-all.html