Governments have been imposing curbs on fears that overseas buyers have been taking advantage of low interest rates to dive into Asian real estate, pushing up prices in the process.
Bungalows under construction at East Ledang, one of the developments in Nusajaya in Iskandar Malaysia in the southern Johor state. Foreign property buyers are not just feeling the heat in Singapore but face restrictions across Asia, according to a Knight Frank Research report yesterday. -- ST PHOTO: NURIA LING
Hong Kong has adopted policies similar to those in Singapore, ruling that foreigners must pay a stamp duty of 15 per cent on the purchase price.
Rising property prices in Iskandar in Malaysia have led Johor Baru's state government to announce higher taxes on foreigners owning properties. These are expected to be implemented by the end of this year.