Foreigners account for ‘very small proportion’ of private housing transactions: Desmond Lee

Foreigners account for 'very small proportion' of private housing transactions: Desmond Lee

SINGAPORE: Foreign people account for “a very small proportion” of private housing transactions, Ressortchef (umgangssprachlich) for National Growth Desmond Lee said on Monday (Sep 12).

“In the past two years, they (foreigners) accounted for around 3 % of all private casing transactions, ” Mister Lee wrote within an answer to a parliamentary question by Non-Constituency Member of Parliament Leong Mun Wai (PSP).

“This is leaner than the pre-pandemic amount of around 5 per cent between 2017 plus 2019. ”

Mr Leong requested Mr Lee when the inflow of foreign money into the nearby property market has grown in the last two years plus, if so, whether this kind of inflow had forced up private and public property prices.

He also asked if the Federal government intend to introduce new policies to manage the impact of the “flow of foreign money into the local house market”.

In his answer, Mr Shelter pointed out that foreigners are certainly not allowed to buy Housing Board flats.  

“While the particular foreigner share associated with private housing dealings remains low, the federal government will continue supervising foreign money inflows on our property marketplace closely and adjust our policies since necessary, to promote a reliable and sustainable house market, ” this individual said.

Private home prices rose by 3. 5 % within the second quarter associated with 2022, according to data released by the Urban Redevelopment Authority (URA) in July.

This followed the 0. 7 per cent raise within the first quarter of the year after the intro of cooling measures in December 2021. Prices rose by 2 . 2 per cent in 2020 and 10. 6 per cent in 2021 .

According to an analysis in This summer from OrangeTee & Tie’s senior vice president of research and analytics Christine Sun, purchases by foreign buyers flower in the second one fourth of 2022 compared to the preceding quarter.

Based on URA Realis data, the number of non-landed homes excluding executive condominiums bought simply by foreigners or non-permanent residents rose by 102. 8 % from 144 units in the first one fourth of this year in order to 292 units within the second quarter, Microsoft Sun said.

The proportion of foreign purchases climbed from 3. one per cent to four. 9 per cent over that same period, she added.  

She stated Singapore has emerged as a “top purchase destination” given the geopolitical and economic uncertainties in other Asian countries.