Singapore Eases Rules

• Proeksa Meas
• 30 May 2017
• Construction Focus
• 2996 Views

Following more than three years of falling property values, Singapore has relaxed some rules now houses are more affordable.

The easing of restrictive measures first introduced in 2009 includes sellers’ stamp duty only applying for three years instead of four, a lowering of the rate of duty to 4 percent for properties sold in the third year, to a maximum of 12 percent for dwellings sold within one year.

As a result, home prices in Singapore fell 3 percent last year, and have declined for 13 quarters in a row.

This success is in stark contrast to Hong Kong stricter rules have so far failed to curb spiralling price rises.