Buying property in Singapore as a foreigner: the honest version

I get this question often from overseas clients and friends: "Can I actually buy property in Singapore?" The answer is yes — the process here is famously clean and transparent. But the costs are a different conversation, and I'd rather you hear the honest version before you start browsing listings.

What you can (and can't) buy

• Freely: private condominiums and apartments. This is where nearly all foreign buyers play.
• With government approval only: landed homes — terraces, semi-Ds, bungalows. Approval is rare. The exception is Sentosa Cove, where foreigners can buy landed without prior approval.
• Not available: HDB flats — unless you're married to a Singaporean, public housing is off the table. That's deliberate policy, and it keeps homes affordable for locals.

The number that changes everything: 60% ABSD

Since April 2023, foreigners pay Additional Buyer's Stamp Duty of 60% on any residential purchase — on top of the normal tiered Buyer's Stamp Duty. And both must be paid in cash, shortly after you exercise your option. Here's what that looks like on a typical $2 million three-bedder:

Around S$1.77 million in cash before keys — nearly nine-tenths of the purchase price. Banks will lend foreigners up to 75% of the property value, but no bank finances your ABSD.

One big exception: thanks to free trade agreements, nationals of the United States, Iceland, Liechtenstein, Norway and Switzerland are treated like Singaporeans for stamp duty. If you hold one of these passports, your numbers change completely.

Who still buys — and why

Unsurprisingly, foreign purchases fell sharply after the 2023 hike — from 3.5% of transactions in 2023 to just over 1% since. Those who still buy are mostly high-net-worth buyers focused on prime districts and long-term capital preservation: they're buying Singapore's stability, rule of law and currency as much as the property itself. Nobody is flipping condos at a 60% entry tax — and frankly, that's the point of the policy.

Insights — what this means for you

• If you're a foreigner considering Singapore: think in decades, not years. The upfront tax only makes sense against long-term wealth preservation — and get your total cash requirement confirmed before viewing anything, not after.
• If you hold an FTA passport (US/Swiss/Norwegian/Icelandic/Liechtenstein): you may be sitting on an advantage you didn't know you had. Your stamp duty bill matches a Singaporean's.
• If you're a PR or plan to be: the ABSD gap between PR (5% first property) and foreigner (60%) is enormous. Sometimes the best property advice is immigration timing advice.
• If you're a Singaporean seller in prime districts: the remaining foreign buyers are fewer but deep-pocketed and quality-focused. Presentation and pricing discipline matter more than ever to reach them.

Plenty of overseas buyers have walked this path before you — it just helps to have someone lay out the real numbers early. If that would help, I'm one message away.

Rates and figures from IRAS and ERA Research (original article).