Private property purchases by permanent residents hit all-time high in 2014
18% of all purchases were by PRs.
The proportion of private property purchases by permanent residents jumped to an all-time high in 2014, with 18% of private property purchases made by PRs.
According to DTZ, this figure was the highest yearly proportion of purchases by Singapore PRs since data was first collected in 1995. For the whole of 2014, the proportion of purchases by Singapore PRs for each quarter ranged between 17% and 19%.
DTZ further noted that the increase could be linked to the mandatory three-year wait period for newly minted Singapore PRs before being eligible to buy a resale public flat.
“The rule which came into effect in Q3 2013 could have shifted some demand to the private housing market. Indeed, the proportion of private home purchases by Singapore PRs began to increase from Q3 2013. This was even despite the Additional Buyer’s Stamp Duty (ABSD) payable on a first private home purchase for Singapore PRs which was implemented in January 2013,” stated the report.