In April 2023, Singapore implemented a drastic policy change, doubling the property tax for foreign buyers to a staggering 60%. The goal was clear: to cool a red-hot sales market and prioritize local homebuyers. But what happens when you build a 60% wall around property ownership?

This episode unpacks the profound and unforeseen consequences of this landmark decision. We explore how the prohibitive tax, while successfully curbing foreign purchases, didn't deter affluent expatriates and investors from coming to Singapore. Instead, it forced a strategic pivot from buying to renting.  

Join us as we analyze how this policy inadvertently created a captive and well-capitalized tenant pool for luxury properties in the Core Central Region (CCR). While the broader rental market across the island begins to soften, we'll examine the data that shows why the high-end rental segment remains remarkably resilient, propped up by the very demographic the tax was meant to deter. Discover the story of the "rent-first, secure PR" strategy and how a single policy measure forged a two-speed property market, highlighting the intricate connections within Singapore's real estate ecosystem.