Expats still blamed as the culprit behind elevated property prices: poll

Almost half of locals want cooling measures to persist.

A considerable number of Singaporeans still view foreigners as the culprit behind elevated prices, a survey by iProperty showed.

This sentiment persists despite the fact that foreign property purchases have slowed sharply in recent quarters due to hefty stamp duties imposed by the government.

iProperty’s Asia Property Market Sentiment Report for the first half of 2015 showed that 44% of respondents feel that foreign property buyers are responsible for driving up Singapore’s property prices.

Meanwhile, 46% of respondents felt that the Government should impose ownership restrictions on foreigners.

However, real estate players believe that foreign buyers should be allowed back into the market, as cooling measures are preventing high-net-worth foreign investors from investing in the country.

For instance, the Real Estate Developers’ Association of Singapore (REDAS) had called upon the government to look into scaling back measures, such as the Additional Buyer’s Stamp Duty (ABSD) for high-end properties, to draw investors who contribute to the economy.

“Singapore has experienced an influx of expatriates in recent years. Singapore has the sixth-highest percentage of foreigners in the world; about 38% of Singapore’s population are foreigners. Of these, 10% are permanent residents, and the remaining 28% are expats. Property investments by foreign buyers is still a concern in Singapore,” stated the report.

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