Rules meant to avoid bubble
Govt considered other factors besides prices in acting to prevent bubble, says Grace Fu
By Jamie Ee Wen Wei
- From yesterday, any property sold within a year of its purchase will attract stamp duty of around 3 per cent. This is on top of the stamp duty the prospective seller had earlier paid on the purchase.
- Lending institutions will now be allowed to lend only up to 80% of the value of the property, instead of 90%.
The latest rules announced by the government is another blow to low funded retail investors who are speculating or investing in properties. May be more will eventually come back to speculate in the stock market.