Higher home buyer tax seen cooling Singapore's collective sales frenzy
SINGAPORE (Reuters) - Singapore's move on Monday to raise stamp duty on expensive home purchases is likely to dampen the recent wave of redevelopment sales in the city-state's recovering property market, analysts said.
From Tuesday, the wealthy city-state will apply a new top marginal rate of 4 percent stamp duty on the portion of residential property value in excess of S$1 million (543,079.72 pounds), Finance Minister Heng Swee Keat said in his budget speech. The current rate ranges between 1 and 3 percent.
Heng said the move was a progressive tax and came against the backdrop of suggestions to tax the rich more.……
Singapore Property Economy
Leave a comment in Nestia App