Singapore Hikes Property Tax, Doubling Rate on Foreigners to 60%

(Bloomberg) — Singapore is raising property taxes to cool its red-hot housing market, amid mounting concern that an influx of wealth into the city-state is hurting affordability for locals and its competitiveness as a financial hub.

The government is increasing stamp duties for second-home buyers and foreigners purchasing private property, it said in a statement. For foreigners buying any home, the tax rate doubled to 60% from 30%. Shares of Singapore developers fell.