It’s not just foreign property buyers feeling the heat in Singapore. It’s happening all over Asia as confirmed by Knight Frank recently. If you have been following the news of late, you would have guessed as much.
Hong Kong has adopted property buying curbs similar to those in Singapore, ruling that foreigners must pay a stamp duty of 15 per cent on the purchase price.
Rising property prices in Iskandar in Malaysia have led the Johor state government to implement higher taxes on foreigners owning properties by end 2013. In Vietnam, foreigners can buy apartments or condominiums with a 50-year lease but are not allowed to own land. But ehh,,,Vietnam? I’ll skip that country for now.
In China, only foreigners who have worked or studied there for at least a year can own a home for their own occupation. The list of Asian countries with such restrictions on foreign property buyers go on.
Any safer haven? Well, accordingly, restrictions are less severe in Thailand, where foreign buyers can acquire freehold apartments in up to 49 per cent of a development. In Australia, non-resident foreigners can buy uncompleted property or even land earmarked for development.
How does one make sense of it all? There is always a time and place for everything. Perhaps, sunny skies are shifting away from property and shining more favorably upon the stock market. Anyone game to join me?
Our Best, Always!