TLDR
The impending rise in ABSD (Additional Buyer’s Stamp Duty) is expected to suppress investment demand, allowing local homebuyers to take center stage. Despite this, the influx of new housing units and upcoming completions will provide relief to the housing and rental markets. First-time residential buyers will find comfort in the unchanged ABSD rates, which accounted for a significant portion of private residential property transactions in 2022.
With the impending rise in ABSD, investment demand will be suppressed in advance, paving the way for local homebuyers to take center stage.
Fear not, for the abundant influx of new housing units and upcoming home completions will provide some much-needed relief to the housing and rental markets.
And for those looking to make their first residential purchase, rest assured that ABSD will remain unchanged – a comforting thought, as this accounts for a whopping 90% of all private residential property transactions in the year 2022.
