Singapore acts to cool housing market

Singapore today announced new measures to cool the city-state's housing market, saying foreigners who buy private homes will have to pay an additional stamp duty equal to 10 percent of the property value reported Reuters.

Permanent residents who already own a Singapore home will pay an additional stamp duty of 3% when they buy a second and subsequent properties, while citizens who purchase a third and subsequent homes will pay 3%.

Singapore residential prices have held up well despite a slowing economy, helped by low interest rates and rising demand from overseas investors, in particular those from China.

The latest measures are, however, expected to have a significant impact.