Singapore’s real estate market has long been a magnet for high-net-worth individuals seeking prime properties, but strict regulations on foreign buyers have kept the sector tightly controlled. In light of New Zealand’s recent move to open its luxury home market to golden visa holders, industry experts are pondering whether Singapore could adopt similar strategies to attract more international capital without compromising its housing policies.
New Zealand’s policy shift allows wealthy investors who obtain residency through investment visas—often dubbed “golden visas”—to purchase high-end homes previously restricted to locals. This aims to stimulate the luxury segment amid a cooling property market. Drawing parallels, Singapore has its own mechanisms, such as the Global Investor Programme (GIP), which grants permanent residency to qualifying investors. However, unlike New Zealand’s approach, Singapore imposes hefty Additional Buyer’s Stamp Duty (ABSD) on foreigners, currently at 60 per cent for most non-residents buying their first property.
Experts argue that easing restrictions for golden visa-equivalent holders could invigorate Singapore’s ultra-luxury market, particularly in areas like Sentosa Cove, where foreign ownership is already permitted but comes with high costs. “New Zealand’s model shows how targeted openings can boost economic inflows,” says real estate analyst Dr. Tan from the National University of Singapore. “Singapore might consider tiered incentives for investors who commit to long-term residency or local business ventures.”
Yet, concerns about affordability for locals remain paramount. Singapore’s government has historically prioritized housing stability, implementing cooling measures like the ABSD to prevent speculative bubbles. Any policy inspired by New Zealand would need to balance foreign investment with protecting the domestic market, perhaps by limiting such access to properties above a certain value threshold.
As global mobility increases post-pandemic, Singapore’s real estate sector could benefit from observing New Zealand’s experiment. If successful, it might prompt a reevaluation of how the Lion City welcomes wealthy migrants, potentially leading to a more dynamic luxury property landscape.