Connect with us

Property

Phuket Property: Singaporeans looking abroad

Published

 on 

PHUKET: THE number of Singaporeans buying overseas property is likely to increase because of significant property cooling measures introduced by the government of Singapore, according to PropertyGuru, a leading Asian property website.

The measures, which came into effect on January 12, include an immediate increase in stamp duties payable across the board between three and eight per cent. The government said it was introducing these “road barriers” now to slow the property market and avoid a crash in the future.

These measures are primarily designed to quell speculative demand and Singaporeans buying homes for their own use are largely unaffected.

Following the introduction of previous cooling measures, there was an immediate increase in inquiries from Singapore buyers at Malaysian developments. Over the following weeks that interest spread regionally and further afield.

Last year saw a record number of overseas property developers exhibiting in the city state. Singaporeans were an increasingly important demographic in many overseas markets, especially in Malaysia, Thailand, the United Kingdom and Australia. Even less traditional property investment destinations such as Brazil, Canada and the Philippines saw substantial numbers of Singaporean property buyers.

Steve Melhuish, co-founder and chief executive officer of PropertyGuru, said: “Property remains an attractive and secure investment class, and we expect that overseas property purchases by buyers from Singapore will increase over the coming days, weeks and months.”

With Singapore property prices at an all-time high, overseas property investments seem like a good value – even in places like Australia and London.

Melhuish added: “The declining growth in property price rises in Singapore, combined with the large supply coming into the market and what is close to recessionary GDP growth, means there is a definite downside risk for Singapore property investments versus overseas. These latest measures could well be a tipping point for a property
market correction in Singapore.”

Last year, PropertyGuru held 15 property exhibitions throughout Southeast Asia and in Hong Kong. These country-specific events featured up to 10 developers and included informative speaker sessions.

In Singapore, PropertyGuru’s Malaysia, Thailand, Philippines and International Property Showcase events saw strong interest and equally strong sales.

“In Singapore we saw strong demand from locals and foreigners at our events, and we suspect that interest in overseas properties from Singaporean buyers is likely to increase, especially when you look at the predicted strong GDP growth and property price outlook for nearby overseas markets such as Malaysia, Thailand and the Philippines,” he added.

“There remains a strong desire from buyers throughout Southeast Asia, not only in Singapore, to invest in property. Overseas property purchases just became even more attractive, and we expect the number of overseas developers targeting Singaporeans and Southeast Asian property buyers and investors to increase during 2013.”

 

Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Follow Thaiger by email:

Crime46 mins ago

Thai paramilitary ranger kills two, injures one after row in bar

Indonesia1 hour ago

Unexplained plane mysteriously sitting in a field in Bali

Cannabis2 hours ago

Thailand getting high on cannabis boost to tourist economy

Sponsored1 day ago

BKFC THAILAND 3: Moment of truth set for September 3

Politics3 hours ago

Anupong: he and Prawit will leave government with PM Prayut

Tourism3 hours ago

Thailand’s economy grows but it still misses China’s cash

Thailand4 hours ago

Bars and clubs in Thailand proposed to open until 4.00 am | GMT

Join the conversation on the Thaiger Talk forums today!
Bangkok4 hours ago

Three bars shut down in Bangkok lacking licenses, Covid safety

Road deaths19 hours ago

UPDATE: Chon Buri police couldn’t find victim of car crash… on the back seat

Protests19 hours ago

‘Democracy Must Go On:’ Protestors have three demands for Thailand’s government

Thailand19 hours ago

Thailand News Today | Opposition to Thailand govt hosting former Sri Lanka president

Bangkok19 hours ago

Bangkok OAP arrested after slapstick armed robbery of gold shop

Phuket20 hours ago

Phuket officials say no human trafficking cases found in island province

Hong Kong20 hours ago

Hong Kong seizes 20 million baht of heroin hidden in Thai kickboxing pads

Crime21 hours ago

Nigerian and Vietnamese couple found dead linked to drug trade

Thailand21 hours ago

Thailand workers could earn over 100,000 baht in Saudi Arabia

Thailand11 months ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand1 year ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism1 year ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket1 year ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism1 year ago

Phuket Thai food treats you need to try | VIDEO

Thailand1 year ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism1 year ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending