Look who's back buying Singapore homes

(Aug 29): After years of declines, Singapore’s home sales are on a roll, even as purchases by foreign buyers have remained muted.

Stringent stamp duties levied by the government have had the intended effect of damping speculative foreign demand, with foreign buyers accounting for just 6% of purchases in the first half, data from Cushman & Wakefield show. That compares with 9% as recently as 2013, when mortgage rules were tightened.

Developers sold 7,147 private homes in the first seven months of the year, 50% higher than in the same period a year earlier. So who’s buying all these homes? It’s local Singaporeans.

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