RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Chinese buyers shun Singapore homes

Foreign buying dropped to a 7-year low.

Foreigners property buyers have stayed away from Singapore's property market in 2015. A report by Reuters revealed that purchases of private homes in the city-state fell to its lowest since the global financial crisis, leaving the market to depend on local buyers at a time when domestic interest rates are on the rise.

Foreigners, including permanent residents, bought 499 homes in the fourth quarter of 2015, according to data compiled by consultancy DTZ. That accounted for about 16 percent of total transactions versus more than 30 percent in the third quarter of 2011 just before an additional stamp duty was imposed to cool the market.

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