ABSD dented property demand, not prices

The 10 percent additional buyer’s stamp duty (ABSD) imposed in December 2011 has affected the demand for Singapore property, but not prices, according to Nicholas Holt, Asia-Pacific Research Director at Knight Frank.

“Prices not only held up but actually increased slightly at the very top end of the Singapore market in Q1 2012,” he said.

Holt added that this was not only due “to fairly resilient domestic demand, but also due to wealthy Chinese, Indonesian and Indian buyers who continued to buy in this segment of the market undeterred by the surtax”.

Meanwhile, Knight Frank expects Singapore’s property market to be among the world’s strongest performers this year, along with London, Moscow, Jakarta and Nairobi.

Source : May 18, 2012 – PropertyGuru

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