Ministry of National Development of the Republic of Singapore

02/14/2023 | Press release | Distributed by Public on 02/14/2023 21:49

Oral answer by MND on impact on Singapore’s rental and property prices due to increase in the number of visitors from China

Oral answer by MND on impact on Singapore's rental and property prices due to increase in the number of visitors from China

Feb 14, 2023


Question by: Mr Dennis Tan Lip Fong

To ask the Minister for National Development what is the current and foreseeable impact caused by the likely increase in the number of visitors from China to Singapore on Singapore's rental and property prices.

Answer:

Mr Speaker, non-residents from China currently do not account for a large share of property and rental transactions in Singapore. In 2022, non-residents from China accounted for only 1% of all private property transactions, and around 7% and 14% of private and HDB rental transactions respectively. Non-residents are not allowed to buy HDB flats.

2. We will continue to monitor trends in the property market closely and adjust our policies as necessary, to promote a stable and sustainable property market.

Issued by: Ministry of National Development

Date : 14 Feb 2023