[ad_1]
SINGAPORE: Singapore imposes the best stamp responsibility on overseas property consumers, in accordance with a examine of 30 cities worldwide by actual property consultancy Savills, after the Authorities, final month, doubled the extra purchaser’s stamp responsibility (ABSD) that foreigners should pay.
The examine discovered the stamp responsibility for overseas consumers in Singapore is greater than double that of Hong Kong, which ranked second. The stamp responsibility payable by foreigners shopping for property in Hong Kong is 31.3% of the home value.
Cape City, in South Africa, ranked third, with stamp responsibility accounting for 13.5%.
Regardless of the excessive stamp duties, a Savills consultant said that Singapore stays enticing to ultra-high-net-worth people as foreigners accounted for five% to 7% of complete property gross sales within the first quarter of this yr alone.
Savills beforehand mentioned that whereas Singapore’s doubling of Foreigner Stamp Responsibility will profit different property markets, the regional hubs of Dubai and Singapore are nonetheless forecast to guide international prime residential value progress in 2023 as each cities will proceed to learn from sustained inflows of high-net-worth people.
Ship in your scoops to information@theindependent.sg
– Commercial –
[ad_2]
Source link
