More foreigners shun Singapore property

Permanent residents (PRs) and other foreigners are buying up fewer private residential properties in Singapore as a result of the government’s stringent cooling measures.

Based on DTZ’s caveats analysis, the number of private homes purchased by PRs and foreigners dropped for a second consecutive quarter in Q2 2013, while those bought by Singaporeans rose 14.4 percent quarter-on-quarter.

The secondary market recorded the biggest decline with PRs taking up only 348 units in Q2, down 30.3 percent from the previous quarter.

But the number of private homes bought by PRs in the primary market, or directly from developers, climbed 4.2 percent quarter-on-quarter to 525 units during the same period.

Source – PropertyGuru – 25 Jul 2013

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