How to Buy a Condo in Singapore as a Foreigner

Singapore is one of Asia’s top real estate hotspots. Its stable economy, safety, and urban lifestyle attract investors and expats from around the world. If you're a foreigner interested in owning a piece of Singapore's real estate, buying a condominium is your best bet. But before jumping in, it's important to understand the rules, costs, and processes involved.

Can Foreigners Buy Property in Singapore?

The short answer: Yes, foreigners can buy private condos in Singapore.
However, there are limitations.

What You Can Buy as a Foreigner:

Private condominiums
Executive condominiums (ECs) that are over 10 years old
Units in buildings that are not classified as landed property

What You Cannot Buy Without Approval:

Landed properties (e.g., bungalows, terrace houses)
HDB flats (public housing)
New executive condominiums (ECs under 10 years old)

Step-by-Step Guide to Buying a Condo in Singapore as a Foreigner

Let’s go through the process in simple steps.

1. Understand Your Eligibility

As a foreigner, you don’t need to be a copyright (PR) to buy a private condo. Anyone, regardless of nationality, can buy private condominium units.

However, citizens from certain countries may face currency or legal limitations in their home countries. So, it's advisable to speak with a lawyer who understands cross-border investments.

2. Work Out Your Budget

Singapore condos are not cheap. You’ll need to consider:

Property price (usually SGD 1 million and above)
Buyer’s Stamp Duty (BSD) – a tax on the purchase price
Additional Buyer’s Stamp Duty (ABSD) – foreigners pay 60% ABSD as of 2024
Legal fees
Agent fees (if any)
Loan down payment (minimum 25% upfront)

???? Tip: Use an online mortgage calculator to estimate your loan eligibility.

3. Secure Financing or a Home Loan

Foreigners can apply for a home loan in Singapore, but banks usually lend up to 75% of the property’s value, depending on:

Your income
Nationality
Credit rating
Whether you are earning in SGD or foreign currency

Some major banks offering foreigner mortgages include DBS, UOB, OCBC, HSBC, and Citibank.

4. Engage a Property Agent

A licensed real estate agent can help you:

Shortlist properties based on your budget
Arrange viewings
Negotiate with sellers
Handle paperwork

???? Make sure the agent is licensed by CEA (Council for Estate Agencies).

5. View Properties and Make an Offer

Once you find a condo you like:

Express interest to the seller’s agent
Negotiate the price and payment terms
When agreed, sign the Option to Purchase (OTP)

This involves paying an option fee of 1% of the property price.

6. Hire a Conveyancing Lawyer

A lawyer will:

Handle the legal aspects of the purchase
Ensure due diligence is done
Transfer the property title to your name
Submit stamp duty documents

???? Always work with a qualified law firm familiar with foreign ownership regulations.

7. Exercise the OTP and Pay the Remaining Deposit

You typically have 14 days to “exercise” the OTP by paying the balance 4% of the purchase price. At this point:

The property is locked in
The countdown to completion begins (usually 8-12 weeks)

8. Pay Stamp Duties

These are mandatory taxes:

BSD: Progressive rate up to 6%
ABSD for foreigners: 60% of the property price (as of 2024)

Example:

For a condo worth SGD 1.5 million:

BSD = SGD 49,600
ABSD = SGD 900,000

9. Complete the Sale

On completion day:

Your lawyer completes the transaction
Final payment is made
Title deed is transferred
You collect your keys!

Costs Summary for Foreign Condo Buyers

Item	Estimated Cost
Down Payment (25%)	SGD 375,000 (on a $1.5M condo)
ABSD (60%)	SGD 900,000
BSD	SGD 49,600
Legal Fees	SGD 2,500 - SGD 5,000
Agent Fees (if buyer pays)	Typically 1%

Popular Areas to Buy Condos in Singapore

Orchard Road – Luxury shopping and prime location
River Valley – Central and popular with expats
East Coast / Katong – Lifestyle and beach vibes
Holland Village – Trendy and expat-friendly
Sentosa Cove – Exclusive and ultra-luxury

Pros and Cons of Buying a Condo as a Foreigner

✅ Pros:

Stable and regulated market
High rental yield potential
Attractive for long-term investment
Foreign ownership is legally protected

❌ Cons:

Very high stamp duties (ABSD)
Limited to non-landed properties
Restrictions on public housing
Loan approval may be harder

Tips for a Smooth Purchase

Check URA Guidelines: Make sure the condo is in a zone where foreign ownership is allowed.
Understand Lease Types: Most condos are 99-year leaseholds, though some freehold units exist.
Plan for ABSD: This is the biggest cost for foreigners, so plan accordingly.
Consider Rental Income: Many foreigners rent out their units while overseas.
Work with a reputable agent and lawyer to avoid legal issues.

Final Thoughts

Buying a condo in Singapore as a foreigner is very possible — and often profitable — but it comes with significant financial commitment and paperwork. By understanding the rules, working with professionals, and planning your budget carefully, you can own a piece of this world-class city with confidence.

If you're serious about investing in Singapore's condo market, take the first step by exploring available listings and contacting a qualified property agent.