- Singapore is raising taxes on property purchases to cool its red-hot housing market.
- Stamp duties for second-home buyers and foreigners purchasing private property are being increased.
- For foreigners buying any home, the tax rate doubled to 60% from 30%.
- Shares of Singapore developers fell.
- The exuberant property market has also fed into a surge in rents.
Singapore Hikes Property Tax, Doubling Rate on Foreigners to 60%
Singapore increases stamp duties for foreigners buying any home, doubling tax rate to 60% from 30%, to cool its red-hot housing market and prevent prices from exceeding economic fundamentals.