Number of Residential Properties Purchased by Foreigners Following Increase in Additional Buyer's Stamp Duty Rates in 2023

Mr Saktiandi Supaat asked the Minister for National Development (a) how many residential properties have been purchased by foreigners following the increase in Additional Buyer's Stamp Duty (ABSD) rates in 2023; (b) how that compares with the number of such purchases over a similar duration before the ABSD increase; and (c) whether further measures are needed to promote a sustainable property market and prioritise housing for owner-occupation.

In the three years since the Additional Buyer's Stamp Duty rates were increased in April 2023, an average of 86 private residential properties were purchased by foreigners per quarter. This is significantly lower than the average of 237 private residential properties purchased by foreigners per quarter in the preceding three-year period.

We will continue to keep a close watch on the residential property market and adjust our measures as necessary, to maintain a stable and sustainable property market.