Mr Dennis Tan Lip Fong asked 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.
The Second Minister for National Development (Ms Indranee Rajah): 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 Housing and Development Board (HDB) rental transactions respectively. Non-residents are not allowed to buy HDB flats.
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.
Ministry of National Development
14 February 2023