Singapore is taming its red-hot property market to give priority to locals wanting to buy their first homes. The additional buyer's stamp duty (ABSD) was raised overnight. The tax doesn't apply to Singaporeans getting their first property. But for a second property, they must fork out 20% of ABSD, while a third property will add 30% in taxes. Foreign buyers are the most affected. They now pay 60% of stamp duties for any purchase -- double the previous 30%.
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