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Singapore authorities facilitate purchase of housing

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Singapore authorities facilitate purchase of housing

The Government of Singapore announced a partial lifting of restrictions on the purchase of residential property, the Financial Times reports.

Thus, tax on the sale of real estate will be charged to a seller, only if less than three years have passed since the moment of housing purchase, according to the Ministry of Finance of Singapore.

Currently, tax is levied on transactions with real estate purchased less than four years ago.

Tax rates on real estate sales, differing in dependence to what period of time has elapsed since the moment of housing purchase, will be lowered by 4 percentage points each. They range from 4% for properties sold within the third year after the purchase, to 12% in case of the sale within the first year.

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