Singapore Expats Forum
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https://www.singaporeexpats.com/forum/viewtopic.php?t=152607
Yes, not super surprising that there aren't a lot of foreign buyers from far away. There are many other alternatives to SG that are closer to Western countries both culturally and geographically. On the other hand, SG is the best SEA has to offer.BigginHill wrote: ↑Sat, 29 Apr 2023 9:27 amCNA: More foreigners may rent instead of buy property in Singapore after doubling of additional buyer’s stamp duty
"While the number of transactions by American buyers has picked up in recent years, the number is not large, at 305 in 2022. There were only eight transactions from Norway and 24 from Swiss buyers."
Singapore is mostly a regional magnet of wealth.
Agreed, I was just speaking to some of our neighbors today, they are in the midst of renegotiating their rent as their lease is ending, and the landlord is proposing a 40% increase. I know many people have it worse but 40% is a ton when you think about it. Would be nice if buying a home could be a more feasible option for them.malcontent wrote: ↑Sat, 29 Apr 2023 8:49 pmI feel that EP holders, as residents and taxpayers, should at least be extended some preference (e.g., 30%) compared to non-resident foreigners who might have no stake here at all.
Agree. It would be nice if buying was an option for the word, passholders that are here for years and years on end, it would allow them to at least have some equity in their home for them to sell off when they eventually leave. Most are spending more on rent than they would on a mortgage.BigginHill wrote: ↑Sat, 29 Apr 2023 12:02 amLet's be blunt - this step is basically a big FU to the majority of work pass holders, who are essentially told they're not welcome here long term & 100% relegated to renting.
(...say, are we heading for a General Election in 2023?)
I reckon this stamp duty will never be reduced.
Of course, settling down & buying real estate in Singapore without legal long term residency assured was always a very questionable proposition in my opinion, but at least you could avoid renting if you so desired. This is no longer an option.
Mind you, a lot of countries have far more restrictive policies on real estate purchase by non-citizens...
Just another privilege being eroded for work pass holders over the years - these kind of things usually only heads in one direction...malcontent wrote: ↑Sat, 29 Apr 2023 8:49 pmI feel that EP holders, as residents and taxpayers, should at least be extended some preference (e.g., 30%) compared to non-resident foreigners who might have no stake here at all.
My mortgage has increased >40% over the past two years as well. It’s tough all around.Lisafuller wrote: ↑Sat, 29 Apr 2023 9:39 pmAgreed, I was just speaking to some of our neighbors today, they are in the midst of renegotiating their rent as their lease is ending, and the landlord is proposing a 40% increase. I know many people have it worse but 40% is a ton when you think about it. Would be nice if buying a home could be a more feasible option for them.malcontent wrote: ↑Sat, 29 Apr 2023 8:49 pmI feel that EP holders, as residents and taxpayers, should at least be extended some preference (e.g., 30%) compared to non-resident foreigners who might have no stake here at all.
That was true during the low interest rate environment, but at the moment the rental rates for our condo are about equal to the mortgage payment and maintenance fees.Lisafuller wrote: ↑Sat, 29 Apr 2023 9:42 pmAgree. It would be nice if buying was an option for the word, passholders that are here for years and years on end, it would allow them to at least have some equity in their home for them to sell off when they eventually leave. Most are spending more on rent than they would on a mortgage.BigginHill wrote: ↑Sat, 29 Apr 2023 12:02 amLet's be blunt - this step is basically a big FU to the majority of work pass holders, who are essentially told they're not welcome here long term & 100% relegated to renting.
(...say, are we heading for a General Election in 2023?)
I reckon this stamp duty will never be reduced.
Of course, settling down & buying real estate in Singapore without legal long term residency assured was always a very questionable proposition in my opinion, but at least you could avoid renting if you so desired. This is no longer an option.
Mind you, a lot of countries have far more restrictive policies on real estate purchase by non-citizens...
Even if the cost of rental is comparable to the mortgage, I would still prefer paying a mortgage as at least, at the end of the day, I own my home.malcontent wrote: ↑Sun, 30 Apr 2023 12:39 amThat was true during the low interest rate environment, but at the moment the rental rates for our condo are about equal to the mortgage payment and maintenance fees.Lisafuller wrote: ↑Sat, 29 Apr 2023 9:42 pmAgree. It would be nice if buying was an option for the word, passholders that are here for years and years on end, it would allow them to at least have some equity in their home for them to sell off when they eventually leave. Most are spending more on rent than they would on a mortgage.BigginHill wrote: ↑Sat, 29 Apr 2023 12:02 amLet's be blunt - this step is basically a big FU to the majority of work pass holders, who are essentially told they're not welcome here long term & 100% relegated to renting.
(...say, are we heading for a General Election in 2023?)
I reckon this stamp duty will never be reduced.
Of course, settling down & buying real estate in Singapore without legal long term residency assured was always a very questionable proposition in my opinion, but at least you could avoid renting if you so desired. This is no longer an option.
Mind you, a lot of countries have far more restrictive policies on real estate purchase by non-citizens...
The only silver lining is principle portion of the mortgage payment, which was the majority but is now around half of each payment.
I have a fixed rate until April 2024. Fortunately SGD interest rates (SSB, T Bills) are heading downwards. One of my colleagues say he has had 5 interest rate rises.malcontent wrote: ↑Sun, 30 Apr 2023 12:32 amMy mortgage has increased >40% over the past two years as well. It’s tough all around.Lisafuller wrote: ↑Sat, 29 Apr 2023 9:39 pmAgreed, I was just speaking to some of our neighbors today, they are in the midst of renegotiating their rent as their lease is ending, and the landlord is proposing a 40% increase. I know many people have it worse but 40% is a ton when you think about it. Would be nice if buying a home could be a more feasible option for them.malcontent wrote: ↑Sat, 29 Apr 2023 8:49 pmI feel that EP holders, as residents and taxpayers, should at least be extended some preference (e.g., 30%) compared to non-resident foreigners who might have no stake here at all.