SINGAPORE – Non-residents from China are not involved in a significant number of property and rental transactions in Singapore, said Second Minister for National Development Indranee Rajah in Parliament on Tuesday.

She noted that in 2022, they accounted for 1 per cent of all private property transactions, and about 7 per cent of private rental transactions.

Ms Indranee was responding to Workers’ Party MP Dennis Tan (Hougang), who had asked what impact the likely increase in visitors from China would have on Singapore’s rental and property prices, both now and in the future.

On rental transactions for Housing Board flats, Ms Indranee said non-residents from China accounted for 14 per cent of such transactions, and added that non-residents are not allowed to buy HDB flats.

She said the authorities “will continue to monitor trends in the property market closely and adjust our policies as necessary, to promote a stable and sustainable property market”.

In December 2022, prices of resale condominium units rose for the 29th straight month, but the number of units sold dropped for the third consecutive month following the introduction of property cooling measures.

According to flash estimates from real estate portals 99.co and SRX, overall condo resale prices in December 2022 rose by 9.7 per cent year on year.

In the same period, HDB rents also rose for the 30th straight month, while condo rents rose for the 24th straight month.

Overall in 2022, condo rental prices increased by 34.4 per cent, while HDB unit rents went up by 28.5 per cent.