Foreign buying activity dropped to 7% in 2012

And 2013 won't be any better.

According to UOB Kay Hian, foreign buying activity remains weak. Buying activity by foreigners slowed down considerably to 7% in 2012 compared with 16% in the previous year due to a combination of a slowdown in the global macroeconomic environment and the introduction of ABSD in Singapore.

"In 2013, we expect foreign buying activity to remain at the current low levels (7%) as the imposition of higher ABSD (15%), a sluggish macro environment and tightening immigration policy will continue to weigh on foreign buying sentiments," UOB Kay Hian said.

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