Khaw warns of risks in buying overseas property
The Council for Estate Agencies (CEA) will launch an online consumer guide comprising tips and information on buying overseas properties.
It will advise potential buyers on key considerations, such as understanding the rules and laws governing the sale and purchase of such properties, taxes payable, after sales support and financing issues among others.
Speaking in Parliament on Monday, National Development Minister Khaw Boon Wan cautioned Singaporeans interested in buying foreign properties that there are added risks and complexities due to the differences in legal and regulatory frameworks.
The online guide will be available towards the end of this month and can be downloaded from CEA's website.
Meanwhile, efforts will also be stepped up to regulate estate agents marketing foreign property developments in Singapore. The public is encouraged to report any marketing activities by unlicensed foreign estate agents, so that CEA can investigate and take appropriate action.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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