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Are foreigners driving up property prices?

FreeFlowchart

More people lift demand; the ABSD targets one group of buyers

FreeFlowchart

More people lift demand; the ABSD targets one group of buyers

Diagram of the argument in this section, with the data I can check

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More people lift demand; the ABSD targets one group of buyersDiagram of the argument in this section, with the data I can checkMore people. 6.21m in 2026More people6.21m in 2026More renters. rents riseMore rentersrents riseMore buyers. bid prices upMore buyersbid prices upHigher yields. attract investorsHigher yieldsattract investorsPrices risePrices riseABSD from Dec 2011. 10% for foreigners. 60% since Apr 2023ABSD from Dec 201110% for foreigners60% since Apr 2023Foreign share of buyers fell. 17.0% in 2011 Q4. 6.2% in 2012 Q1Foreign share of buyers fell17.0% in 2011 Q46.2% in 2012 Q1Buyer data end. 2013 Q1Buyer data end2013 Q1I cannot say what happened to foreign buying after 2013, so the chain stops there.

Source: Population: SingStat (June 2026). Foreign share of buyers: URA buyer profile, to 2013 Q1. ABSD: IRAS and MOF.

View the data as a table
More people lift demand; the ABSD targets one group of buyers
StepDetailLeads to
More people6.21m in 2026More renters; More buyers
More rentersrents riseHigher yields
More buyersbid prices upPrices rise
Higher yieldsattract investorsPrices rise
Prices rise
ABSD from Dec 201110% for foreigners. 60% since Apr 2023Foreign share of buyers fell
Foreign share of buyers fell17.0% in 2011 Q4. 6.2% in 2012 Q1Buyer data end
Buyer data end2013 Q1
Topic
Are foreigners driving up property prices?
Segment
Condos and apartments
Chart type
Flowchart
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Are foreigners driving up property prices?

More charts in this topic

Previous chartForeigners were 20.1% of new-home buyers in 2011 Q3 and 6.2% after the ABSDNext chartForeigners bought 20% of new homes in 2011 Q3, then 6% in 2012 Q1 after the ABSD