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Latest proof that PR buyers are still snapping up homes
Heftier ABSD did not deter the group.
Savills Singapore reports that purchases by PRs constituted 14.3% of total private non-landed home sales in February, a dip from January’s 19.8%. However, the share of 14.3% was still within two standard deviations between January 2011 and March 2013, leading the property research firm to opine that the revised ABSD did not have a significant impact on PR purchases.
"A possible reason for the fall could be due to PRs returning to their homeland during the lunar new year holiday. Similarly, it appears that non-PR overseas purchasers were impervious to the 5-ppt revision in the ABSD rate as their proportion has been trending up since November 2012," said Savills Singapore.
Offering a historical comparison, Savills Singapore said the current impact was unlike the dramatic 17.1-ppt dive between December 2011 and January 2012 when a 10% ABSD rate was imposed on non-PR overseas purchasers.
"Caveats as of 5 April 2013 (comprising transactions up to 26 March) signalled a rebound in purchases by PRs whose share rose to 18.7%," added Savills Singapore. "Correspondingly, purchases by non-PR overseas buyers edged up from 10.0% in February to 11.8%."
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