Sign inJoin

Condos and apartments

Are foreigners driving up property prices?

How big is the foreign share of buyers, and did the ABSD cut it?

Asks whether foreign buyers pushed up prices. The URA buyer profile of uncompleted homes, which ends in 2013 Q1, shows foreigners at 20.1% of buyers in 2011 Q3 and 6.2% in 2012 Q1, after the ABSD began. The data cannot say how much foreign demand added to prices, or what happened after 2013.

  • 4 charts
  • 4 free

FreeKey figures

Foreigners were 20.1% of new-home buyers in 2011 Q3 and 6.2% after the ABSD

Source: URA buyer profile of uncompleted homes, 1996 Q2 to 2013 Q1; IRAS

CSV download: members

Open page
Foreigners were 20.1% of new-home buyers in 2011 Q3 and 6.2% after the ABSDSource: URA buyer profile of uncompleted homes, 1996 Q2 to 2013 Q1; IRASForeign share, peak: 20.1%. 2011 Q3Foreign share, peakForeign share, peak: 20.1%. 2011 Q320.1%2011 Q3Foreign share, 2012 Q1: 6.2%. first quarter after ABSDForeign share, 2012 Q1Foreign share, 2012 Q1: 6.2%. first quarter after ABSD6.2%first quarter after ABSDSingaporean share, low: 63.4%. 2007 Q4Singaporean share, lowSingaporean share, low: 63.4%. 2007 Q463.4%2007 Q4ABSD for foreigners: 60%. since 27 Apr 2023ABSD for foreignersABSD for foreigners: 60%. since 27 Apr 202360%since 27 Apr 2023

Source: URA buyer profile of uncompleted private homes (archive data series, to 2013 Q1); IRAS for the ABSD. Shares from the derived table buyer_profile_shares (counts of the four buyer groups). The ABSD rate in tile 4 is typed from IRAS. There is no buyer-profile data after 2013 Q1.. Data to 2013 Q1.

View the data as a table
Foreigners were 20.1% of new-home buyers in 2011 Q3 and 6.2% after the ABSD
MeasureValueNote
Foreign share, peak20.1%2011 Q3
Foreign share, 2012 Q16.2%first quarter after ABSD
Singaporean share, low63.4%2007 Q4
ABSD for foreigners60%since 27 Apr 2023

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

CSV download: members

Open page
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

FreeLine chart

Foreigners bought 20% of new homes in 2011 Q3, then 6% in 2012 Q1 after the ABSD

Share of uncompleted private home purchases by buyer group, per cent, quarterly, 1996 Q2 to 2013 Q1 (no later data). Triangles: ABSD

CSV download: members

Open page
Foreigners bought 20% of new homes in 2011 Q3, then 6% in 2012 Q1 after the ABSDShare of uncompleted private home purchases by buyer group, per cent, quarterly, 1996 Q2 to 2013 Q1 (no later data). Triangles: ABSD0%4%8%12%16%20%24%2000200420082012Foreigners: 1996-Q2 to 2013-Q1PRs: 1996-Q2 to 2013-Q1Companies: 1996-Q2 to 2013-Q12011-12-07, tighter (impact 3 of 3): Additional Buyer's Stamp Duty introduced, December 20112013-01-11, tighter (impact 3 of 3): Property cooling measures, January 2013Foreigners, 2013 Q1: 10%ForeignersPRs, 2013 Q1: 12%PRsCompanies, 2013 Q1: 0%Companies1996-Q2: Foreigners 12%, PRs 3%, Companies 6%1996-Q3: Foreigners 12%, PRs 4%, Companies 4%1996-Q4: Foreigners 8%, PRs 4%, Companies 3%1997-Q1: Foreigners 9%, PRs 5%, Companies 1%1997-Q2: Foreigners 10%, PRs 4%, Companies 3%1997-Q3: Foreigners 11%, PRs 4%, Companies 3%1997-Q4: Foreigners 8%, PRs 4%, Companies 2%1998-Q1: Foreigners 3%, PRs 3%, Companies 2%1998-Q2: Foreigners 3%, PRs 3%, Companies 0%1998-Q3: Foreigners 3%, PRs 3%, Companies 2%1998-Q4: Foreigners 4%, PRs 4%, Companies 1%1999-Q1: Foreigners 4%, PRs 4%, Companies 8%1999-Q2: Foreigners 5%, PRs 5%, Companies 1%1999-Q3: Foreigners 8%, PRs 3%, Companies 1%1999-Q4: Foreigners 4%, PRs 5%, Companies 14%2000-Q1: Foreigners 4%, PRs 3%, Companies 1%2000-Q2: Foreigners 4%, PRs 4%, Companies 4%2000-Q3: Foreigners 5%, PRs 3%, Companies 3%2000-Q4: Foreigners 3%, PRs 5%, Companies 1%2001-Q1: Foreigners 3%, PRs 3%, Companies 1%2001-Q2: Foreigners 5%, PRs 6%, Companies 0%2001-Q3: Foreigners 4%, PRs 5%, Companies 1%2001-Q4: Foreigners 3%, PRs 6%, Companies 1%2002-Q1: Foreigners 5%, PRs 6%, Companies 0%2002-Q2: Foreigners 9%, PRs 5%, Companies 0%2002-Q3: Foreigners 6%, PRs 6%, Companies 0%2002-Q4: Foreigners 10%, PRs 6%, Companies 3%2003-Q1: Foreigners 13%, PRs 8%, Companies 0%2003-Q2: Foreigners 4%, PRs 9%, Companies 1%2003-Q3: Foreigners 8%, PRs 7%, Companies 3%2003-Q4: Foreigners 8%, PRs 9%, Companies 0%2004-Q1: Foreigners 12%, PRs 8%, Companies 0%2004-Q2: Foreigners 7%, PRs 9%, Companies 3%2004-Q3: Foreigners 6%, PRs 5%, Companies 2%2004-Q4: Foreigners 15%, PRs 9%, Companies 3%2005-Q1: Foreigners 17%, PRs 10%, Companies 2%2005-Q2: Foreigners 14%, PRs 8%, Companies 9%2005-Q3: Foreigners 15%, PRs 9%, Companies 3%2005-Q4: Foreigners 14%, PRs 11%, Companies 5%2006-Q1: Foreigners 10%, PRs 10%, Companies 2%2006-Q2: Foreigners 14%, PRs 10%, Companies 2%2006-Q3: Foreigners 19%, PRs 11%, Companies 5%2006-Q4: Foreigners 14%, PRs 10%, Companies 5%2007-Q1: Foreigners 17%, PRs 11%, Companies 5%2007-Q2: Foreigners 16%, PRs 12%, Companies 6%2007-Q3: Foreigners 17%, PRs 7%, Companies 13%2007-Q4: Foreigners 15%, PRs 7%, Companies 15%2008-Q1: Foreigners 16%, PRs 6%, Companies 8%2008-Q2: Foreigners 8%, PRs 7%, Companies 4%2008-Q3: Foreigners 9%, PRs 7%, Companies 1%2008-Q4: Foreigners 4%, PRs 6%, Companies 2%2009-Q1: Foreigners 3%, PRs 9%, Companies 0%2009-Q2: Foreigners 10%, PRs 9%, Companies 1%2009-Q3: Foreigners 12%, PRs 10%, Companies 1%2009-Q4: Foreigners 19%, PRs 13%, Companies 2%2010-Q1: Foreigners 17%, PRs 10%, Companies 3%2010-Q2: Foreigners 13%, PRs 10%, Companies 2%2010-Q3: Foreigners 14%, PRs 10%, Companies 2%2010-Q4: Foreigners 14%, PRs 10%, Companies 4%2011-Q1: Foreigners 17%, PRs 11%, Companies 2%2011-Q2: Foreigners 16%, PRs 12%, Companies 1%2011-Q3: Foreigners 20%, PRs 9%, Companies 1%2011-Q4: Foreigners 17%, PRs 10%, Companies 1%2012-Q1: Foreigners 6%, PRs 11%, Companies 0%2012-Q2: Foreigners 8%, PRs 11%, Companies 0%2012-Q3: Foreigners 9%, PRs 12%, Companies 0%2012-Q4: Foreigners 10%, PRs 14%, Companies 0%2013-Q1: Foreigners 10%, PRs 12%, Companies 0%Policy:TighterLoosersize = impact

Source: URA uncompleted private home purchases by buyer group (counts; shares computed) via the archive data series, compiled by PropInsights, 2013. There is no buyer-profile data after 2013 Q1. Triangles mark the ABSD of Dec 2011 (foreigners 10%) and Jan 2013 (foreigners 15%).. Data to 2013 Q1.

View the data as a table
Foreigners bought 20% of new homes in 2011 Q3, then 6% in 2012 Q1 after the ABSD
PeriodForeignersPRsCompanies
1996-Q212%3%6%
1996-Q312%4%4%
1996-Q48%4%3%
1997-Q19%5%1%
1997-Q210%4%3%
1997-Q311%4%3%
1997-Q48%4%2%
1998-Q13%3%2%
1998-Q23%3%0%
1998-Q33%3%2%
1998-Q44%4%1%
1999-Q14%4%8%
1999-Q25%5%1%
1999-Q38%3%1%
1999-Q44%5%14%
2000-Q14%3%1%
2000-Q24%4%4%
2000-Q35%3%3%
2000-Q43%5%1%
2001-Q13%3%1%
2001-Q25%6%0%
2001-Q34%5%1%
2001-Q43%6%1%
2002-Q15%6%0%
2002-Q29%5%0%
2002-Q36%6%0%
2002-Q410%6%3%
2003-Q113%8%0%
2003-Q24%9%1%
2003-Q38%7%3%
2003-Q48%9%0%
2004-Q112%8%0%
2004-Q27%9%3%
2004-Q36%5%2%
2004-Q415%9%3%
2005-Q117%10%2%
2005-Q214%8%9%
2005-Q315%9%3%
2005-Q414%11%5%
2006-Q110%10%2%
2006-Q214%10%2%
2006-Q319%11%5%
2006-Q414%10%5%
2007-Q117%11%5%
2007-Q216%12%6%
2007-Q317%7%13%
2007-Q415%7%15%
2008-Q116%6%8%
2008-Q28%7%4%
2008-Q39%7%1%
2008-Q44%6%2%
2009-Q13%9%0%
2009-Q210%9%1%
2009-Q312%10%1%
2009-Q419%13%2%
2010-Q117%10%3%
2010-Q213%10%2%
2010-Q314%10%2%
2010-Q414%10%4%
2011-Q117%11%2%
2011-Q216%12%1%
2011-Q320%9%1%
2011-Q417%10%1%
2012-Q16%11%0%
2012-Q28%11%0%
2012-Q39%12%0%
2012-Q410%14%0%
2013-Q110%12%0%

FreeTimeline

The foreigner ABSD rose from 10% to 60% in five rounds; my buyer data end in 2013 Q1

Bold figure: change in the URA private price index over four quarters from each round (not a cause).

CSV download: members

Open page
The foreigner ABSD rose from 10% to 60% in five rounds; my buyer data end in 2013 Q1Bold figure: change in the URA private price index over four quarters from each round (not a cause).2010201420182022202620302034ABSD rate for foreignersBuyer-profile data10% (introduced)15%20%30%60% (today)Last quarter of data10% (introduced): Dec 2011 to Jan 2013 (+2.8%)Dec 2011 to Jan 2013+2.8%15%: Jan 2013 to Jul 2018 (-0.7%)Jan 2013 to Jul 2018-0.7%20%: Jul 2018 to Dec 2021 (+2.1%)Jul 2018 to Dec 2021+2.1%30%: Dec 2021 to Apr 2023 (+8.6%)Dec 2021 to Apr 2023+8.6%60% (today): Apr 2023 to Oct 2026 (+6.0%)Apr 2023 to Oct 2026+6.0%Last quarter of data: Mar 2013Mar 2013

Source: ABSD rates and dates: IRAS and MOF (read 16 Oct 2026); price index: URA via SingStat, 1Q2009 = 100. Buyer data end in 2013 Q1.

View the data as a table
The foreigner ABSD rose from 10% to 60% in five rounds; my buyer data end in 2013 Q1
EventStartEndNote
10% (introduced)2011-12-082013-01-11+2.8%
15%2013-01-122018-07-05-0.7%
20%2018-07-062021-12-15+2.1%
30%2021-12-162023-04-26+8.6%
60% (today)2023-04-272026-10-16+6.0%
Last quarter of data2013-03-31