Written Answer by Ministry of National Development on impact of inflow of foreign money on local property market

Sep 12, 2022

Mr Leong Mun Wai: To ask the Minister for National Development

1. whether the inflow of foreign money into the local property market has increased in the last two years; and
2. if so, whether such inflow has pushed up private and public property prices in the last two years; and
3. whether the Government intends to introduce new policies to manage the impact of the flow of foreign money into the local property market.

Answer:

            Foreigners are not allowed to buy HDB flats. They also account for a very small proportion of private housing transactions. In the past two years, they accounted for around 3% of all private housing transactions. This is lower than the pre-pandemic level of around 5% between 2017 and 2019.

2          While the foreigner share of private housing transactions remains low, the Government will continue monitoring foreign money inflows on our property market closely and adjust our policies as necessary, to promote a stable and sustainable property market.