Although the additional buyer’s stamp duty (ABSD) was placed on foreign buyers recently, expatriates still continue to search for good property deals, according to consultants.
“International buyers are still looking to buy,” said Jacqueline Wong, Head of Residential and National Director at Jones Lang LaSalle (JLL).
Wong noted that although foreign purchases dropped in the second quarter, many have kept an eye out for good buys, with sustained interest for local properties. While they wait, a lot of expatriates arriving with families are in need of accommodation.
The scenario benefits private property rentals, which includes serviced residences, private homes and long-stay accommodation. Consultants have seen a visible pick-up across the rental market after the ABSD was introduced, but maintain that the cooling measure may not have been the only factor.
For instance, The Club at Capella Singapore (pictured), which is a long-stay residence located on Sentosa Island, reported that enquiries recorded a ‘slight but noticeable growth’ after the ABSD kicked in. However, other factors may include its growing brand name in the luxury long-stay accommodation sector.
Property agents have likewise noticed an increase in rental enquiries from foreigners, particularly for bigger housing units located in prime areas.
After the ABSD kicked in, faster take-up rates were also seen at serviced residences such as Pan Pacific Serviced Suites Singapore.
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