Indonesians were the third largest group of overseas property buyers in Singapore during the first quarter of 2013, accounting for 24 percent of all foreign deals.
“Indonesia’s purchase position rose one percent from 2012,” said Novriyanto Lius, a property sales manager executive at Far East Organization, who predicted that purchases by Indonesians will grow to 30 percent by 2014.
Meanwhile, mainland Chinese remained the largest group of foreign buyers at 30 percent, followed closely by Malaysians at 27 percent.
According to Lius, robust interest from Indonesian buyers was attributed to the government’s property policy which makes it easier for foreigners to acquire property.
Back in 2012, Singaporeans owned 80 percent of homes in the country, 13 percent were owned by property agents, while foreigners accounted for the remaining seven percent.
However, foreign homeownership jumped to 12 percent in Q1 this year. This despite the fact that property in the city-state is considered expensive, with the most affordable private property priced at around S$600,000.
The government has been trying to cool the property market as near-record low interest rates and immigration fuel a surge in demand. It raised stamp duties for foreign buyers in January while introducing new loan borrowing limits.
Furthermore, an additional stamp duty was placed on Singaporeans looking to buy their second property and permanent residents (PRs) buying their first home.
Source – PropGuru – 22 May 2013
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