Why Americans Are the Biggest Foreign Property Buyers in Singapore (2026 Homejourney Guide)

American top buyer Singapore. US buyers dominate. Why Americans buy. USA Singapore property trend.

This guide explains, in clear and practical terms, why Americans have become the largest foreign property buyer group in Singapore, how the rules work, what it means for Singapore buyers and investors, and how Homejourney helps you navigate this safely and confidently.[1][2]

In 2023, Americans lodged more non-landed private home purchase caveats than Chinese buyers, and this trend continued into 2024, even though foreigners as a whole made up less than 5% of private home transactions.[2] This shift is unusual in Asia and is driven by a very specific policy advantage: Americans pay 0% Additional Buyer’s Stamp Duty (ABSD) on their first residential property in Singapore, while most other foreigners pay 60%.[1][3][4]

For a first-time buyer or investor – whether you are Singaporean, PR, or a foreigner – understanding this American advantage helps you interpret market demand, pricing, and competition in the private condo segment. It also highlights how stamp duty policy can shape buying behaviour and long‑term investment strategies.

Executive Summary: Why Americans Top Singapore’s Foreign Buyer List
Chapter 1: The American Advantage – 0% ABSD on First Property
Chapter 2: Market Trend – How Americans Overtook Chinese Buyers
Chapter 3: Why Americans Buy Singapore Property Over Other Global Cities
Chapter 4: What Types of Properties Americans Are Buying
Chapter 5: Key Rules for Foreign Buyers (Including Americans)
Chapter 6: Financing, LTV, TDSR & Costs – What American Buyers Need to Know
Chapter 7: What This Means for Singapore Buyers, Upgraders & Investors
Chapter 8: Investment Strategies Used by American Buyers in Singapore
Chapter 9: Common Mistakes Foreign (and Local) Buyers Should Avoid
Chapter 10: Step-by-Step Buying Process for Americans & Other Foreigners
Frequently Asked Questions
Next Steps & How Homejourney Protects Your Property Journey

Executive Summary: Why Americans Top Singapore’s Foreign Buyer List

Americans are now the largest foreign buyer group for non-landed private homes in Singapore, overtaking Chinese buyers in recent years.[2] This is a striking development given that overall foreign buyer participation has fallen sharply after ABSD hikes – foreigners (non‑PR) made up only around 4.7% of private home transactions in 2024 (new and resale, landed and non‑landed) based on URA Realis caveat data.[2]

The key reasons US buyers dominate are:

ABSD advantage under the US–Singapore Free Trade Agreement (FTA) – Americans are treated like Singapore Permanent Residents (PRs) for residential stamp duty, paying 0% ABSD on their first residential property.[1][3]
Global diversification from US assets – Singapore is seen as a politically stable, legally transparent, and currency-strong hub in Asia, attractive for wealth preservation.[1][3][8]
Attractive lifestyle and schooling – many Americans here work in tech, finance, and regional HQ roles, with families in areas like River Valley, Holland, and East Coast, making ownership more compelling than long‑term renting.
Relative value versus other cities – compared with New York, San Francisco, or Hong Kong, prime Singapore condos with strong amenities and MRT access can look reasonably priced on a per‑square‑foot and tax‑burden basis.[3][8]

Homejourney’s role is to help both local and foreign buyers understand these dynamics, verify information, and move safely through the process – from initial research and Property Search to financing checks on Bank Rates and project research via Projects Directory .

Chapter 1: The American Advantage – 0% ABSD on First Property

1.1 How ABSD Normally Works for Foreigners

Singapore imposes Additional Buyer’s Stamp Duty (ABSD) on residential property purchases, on top of basic Buyer’s Stamp Duty (BSD), to moderate demand, especially from investors and foreigners.[4][6] From April 2023 onwards (and unchanged through 2026), the ABSD rate for most foreign individuals buying any residential property is 60% of the purchase price or market value, whichever is higher.[4][6]

For example, a non‑American foreigner buying a S$2 million condo typically pays:

ABSD (60%): S$1.2 million[4]
BSD: roughly S$20,000–S$30,000 based on IRAS’ BSD tiers (exact amount depends on latest brackets)

This means a foreign buyer could need over S$1.22 million in stamp duties alone on top of a S$2 million purchase, a huge upfront cost that deters many foreigners from buying residential property in Singapore.[2][4][6]

1.2 The US–Singapore FTA & ABSD Exemption

Under the US–Singapore Free Trade Agreementthe same stamp duty treatment as Singapore PRs when buying residential property.[1][2][3]

This means:

American citizen buying first residential property: 0% ABSD, only BSD applies – effectively like a Singapore PR.[1][3]
American citizen buying second or subsequent residential property: pays ABSD at the PR rate on additional properties (higher than 0% but far below the 60% foreigner rate; exact PR ABSD rates should be checked with IRAS and up-to-date calculators like Homejourney’s ABSD Stamp Duty Calculator & Guide 2026 | Homejourney ).

By contrast, a non‑FTA foreign buyer pays 60% ABSD even on their very first property.[4]

1.3 Why This Changes the Investment Math

On a S$2 million new launch condo in, say, District 10 (Holland/Ardmore area):

Buyer Type	ABSD on First Property	Stamp Duty Approx. on S$2M	Upfront Tax Cash Outlay
American citizen	0% (treated like PR)[1][3]	BSD only (~S$20k–S$30k)	~S$20k–S$30k
Non‑American foreigner	60%[4]	ABSD S$1.2M + BSD	~S$1.22M+

That is close to a 40x difference in stamp duty, which:

Makes the entry cost far lower for Americans;
Boosts their effective yield because less capital is locked into tax; and
Enables them to compete more aggressively for prime units, since their total cost base is smaller.[1][3]

From Homejourney’s interactions with American clients, this is often the single biggest factor shaping their decision to buy rather than rent.

Chapter 2: Market Trend – How Americans Overtook Chinese Buyers

2.1 What the Data Shows

According to reporting based on URA Realis caveat data, foreigners (non‑PR) accounted for around 4.7% of landed and non‑landed private home transactions (new and resale) up to early September 2024.[2] Within this small foreign segment:

Americans surpassed Chinese buyers in terms of the number of non‑landed new and resale private home transactions.[2]
In 2023, Americans were recorded with around 91 transactions versus 17 by Chinese buyers, and the trend continued into 2024.[2]

This is notable because historically, Chinese buyers were often seen as the dominant foreign group in prime Singapore real estate.

2.2 Why Other Foreigners Have Pulled Back

After the April 2023 ABSD hike to 60% for foreigners, most non‑American foreign investors found the upfront tax cost too high, especially for luxury or large‑format units.[2][4][8] Many have diverted capital into:

Commercial property (not subject to the same ABSD regime);[2]
Other global cities that do not impose such punitive foreign buyer taxes;[7][8]
Financial assets or family office structures that do not trigger ABSD.[2]

As a result, overall foreign buying volume shrank, but Americans remained active and even expanded their share because they did not face the same 60% ABSD penalty.[1][2]

2.3 How This Feels on the Ground

Walking around launch galleries in prime districts – for example, along River Valley Road near Great World MRT or in the Jervois–Tanglin cluster – agents frequently encounter American families and professionals who are:

Already renting in nearby condos (e.g., at RiverGate, Martin Modern, or in the Robertson Quay belt);
Running US dollars or stock‑market gains through Singapore banks; and
Comparing “rent vs buy” using the 0% ABSD advantage.

Homejourney users often tell us that once they run the numbers – especially if they plan to stay at least 5–7 years – buying a 2‑ or 3‑bedroom condo in these neighbourhoods can work out favourably versus continuous renting, provided they choose carefully and stay within their Total Debt Servicing Ratio (TDSR) limits.

Chapter 3: Why Americans Buy Singapore Property Over Other Global Cities

3.1 Macro Reasons: Stability, Safety, and Law

American investors frequently cite:

Political and economic stability – Singapore’s AAA ratings, prudent fiscal policy, and strong rule of law are a draw for capital preservation.[6][8]
Strong legal protection of property rights – clear title registration via the Singapore Land Authority and transparent URA rules.
Safe, low‑crime environment – a key factor for families relocating with children.

Compared with some US cities where neighbourhood safety and property management are bigger concerns, many American buyers value Singapore’s consistent enforcement and clean common areas – especially in well‑managed condominiums where MCSTs actively maintain facilities.

3.2 Lifestyle Pull: Where Americans Tend to Live

From first‑hand observation and client feedback, Americans in Singapore commonly cluster in:

River Valley / Robertson Quay (District 9) – walkable to Great World and Fort Canning MRT, close to the CBD and international schools’ bus routes.
Holland / Farrer / Bukit Timah (Districts 10 & 11) – near Singapore Botanic Gardens, cafes at Holland Village, and many popular international schools.
East Coast / Katong (District 15) – near the beach, Park Connector Network, and the lifestyle stretch along East Coast Road and Joo Chiat.

On a weekend morning, if you jog from Robertson Quay towards Clarke Quay, you will hear a mix of American, European, and local accents at the cafes – many of whom are long‑term expats weighing whether to stop renting and purchase nearby condos where they already like the lifestyle.

3.3 Relative Value vs US Cities

When Americans compare Singapore rentals and prices against cities like New York or San Francisco, they often find:

Prime but compact Singapore condos can be purchased at total cost (including 0% ABSD) that looks competitive relative to equivalent quality and safety levels in major US metros.[3][8]
Condo facilities – pools, gyms, BBQ pits, playgrounds – are usually of a high standard and well maintained.
Gross rental yields in the region of 2.5–4% (depending on project and district) can be attractive as part of a global portfolio, especially when combined with currency diversification.[8]

Homejourney’s Projects Directory allows users to deep‑dive into specific projects’ transaction histories and rental performance so you can benchmark realistically rather than rely on marketing claims.

Chapter 4: What Types of Properties Americans Are Buying

4.1 Focus on Private Condominiums

Foreigners (including Americans) generally cannot buy new HDB flats and face strict rules for resale HDB, so most channel their demand into the private residential segment, especially non‑landed condominiums.[4] This aligns with the broader rules explained in Homejourney’s guide Types of Properties Foreigners Can Buy in Singapore | Homejourney .

Based on observed trends and industry commentary:[1][3]

New launch condos in central and city fringe districts (9, 10, 11, 15, and 5/3 city‑fringe) are popular for capital appreciation potential.
Resale condos near MRT lines and Grade‑A office clusters (e.g., Tanjong Pagar, Raffles Place, Paya Lebar) appeal to those seeking stable rental demand.
Large 2‑ to 3‑bedroom layouts with balconies, enclosed kitchens, and decent storage are favoured by families.

4.2 Limited Access to Landed Property

Under the Residential Property Act, foreigners generally need special approval to buy landed property (e.g., detached, semi‑detached, terrace houses) on mainland Singapore, and approvals are not automatic. As such, most American buyers stick to:

Non‑landed private condominiums;
Executive Condominiums (only after the 10‑year privatisation mark and subject to foreign ownership rules);
Occasionally landed homes in Sentosa Cove, which is more foreigner‑friendly but niche and highly price‑sensitive.

4.3 Typical Budget Ranges

Budget varies widely, but from ground feedback:

Young professionals: S$1.5–S$2.5 million for a 1‑ to 2‑bedroom central or city‑fringe unit.
Families with children: S$2–S$4 million for larger 2‑ to 3‑bedroom units near key schools or CBD.
Ultra‑high‑net‑worth: S$5 million+ for prime luxury units, although this segment is more sensitive to global tax and macro conditions.[7][8]

Homejourney’s Property Search allows you to filter by budget, district, and property type, while cross‑checking historical price trends via Projects .

Chapter 5: Key Rules for Foreign Buyers (Including Americans)

5.1 What Americans Can and Cannot Buy

Broadly, Americans are treated like other foreigners for eligibility of property types, but they enjoy different stamp duty treatment. Key points (high‑level overview; always check latest rules with URA, HDB, and IRAS):

HDB BTO flats: Not available to foreigners (including Americans) as owners. These are for citizen households and certain PR combinations, subject to HDB rules.
Resale HDB flats: Foreigners generally cannot buy HDB resale flats unless under specific schemes; Americans typically purchase private property instead.
Private condominiums (non‑landed): Freely purchasable by foreigners, including Americans, subject to ABSD/BSD and loan rules.[4]
Landed property: Requires special approval under the Residential Property Act; approval is restrictive.

For a deeper breakdown, see Homejourney’s detailed explainer Types of Properties Foreigners Can Buy in Singapore | Homejourney 2026 .

5.2 CPF, Loans, and Residency

CPF usage is only available to Singapore Citizens and PRs; most Americans, as foreigners, cannot use CPF OA funds for property purchases and must rely on cash and bank loans. Loan eligibility is governed by:

Loan‑to‑Value (LTV) limits – MAS caps maximum LTV depending on number of existing housing loans and loan tenure. For foreigners, banks often apply more conservative LTVs (e.g., 60–70%) compared to citizens/PRs.[5][6]
Total Debt Servicing Ratio (TDSR) – total monthly debt obligations (including the new mortgage) generally cannot exceed 55% of gross monthly income (subject to MAS updates).
Mortgage Servicing Ratio (MSR) – relevant to HDB/EC buyers, but since most Americans buy private condos, MSR usually does not apply to them.

Homejourney’s Mortgage Rates and Bank Rates pages provide updated indications of interest rates and common package structures, but you should always confirm exact offers directly with licensed banks.

Chapter 6: Financing, LTV, TDSR & Costs – What American Buyers Need to Know

6.1 Typical Financing Structure for Americans

Because Americans cannot use CPF, the typical structure for a S$2 million condo is:

Minimum 25% downpayment in cash (or more, depending on LTV granted);
75% bank loan (subject to TDSR and bank credit assessment);
Buyer’s Stamp Duty (BSD) in cash; ABSD 0% on first property for Americans.

Some banks may offer lower LTV to non‑resident foreigners; if you hold Singapore PR or have strong local income, your LTV may be closer to citizen benchmarks. Always verify with multiple banks and consider independent financial advice. Homejourney’s article provides a detailed breakdown of loan options.

6.2 Major Upfront and Ongoing Costs

Key cost items for Americans and other foreigners include:

Cost Item	Applies to Americans?	Notes
Buyer’s Stamp Duty (BSD)	Yes	Payable on all purchases; tiered according to IRAS rules.
Additional Buyer’s Stamp Duty (ABSD)	0% on first property[1][3]	Americans treated like PRs under the FTA; subsequent property ABSD at PR rate.
Legal fees	Yes	Conveyancing and loan documentation with a law firm.
Valuation fees	Yes	Charged by banks’ panel valuers before loan approval.
MCST / maintenance fees	Yes	Monthly or quarterly condo maintenance; higher for full‑facility projects.
Property tax	Yes	Annual tax based on Annual Value, higher for non‑owner‑occupied units.
Renovation & furnishings	Likely	Can range from light furnishing to full interior works.
Aircon servicing & upkeep	Yes	Regular servicing recommended; see Homejourney’s Aircon Services .

6.3 Disclaimer on Financial and Tax Advice

Important: All figures and structures discussed here are general illustrations. Tax and financing rules may change, and your specific circumstances (residency status, income sources, existing loans) matter. Always confirm with IRAS, MAS‑regulated banks, and licensed tax or legal professionals before committing to a purchase.

Chapter 7: What This Means for Singapore Buyers, Upgraders & Investors

7.1 Limited Overall Foreign Share – But Visible in Certain Segments

Even though Americans lead among foreign buyers, foreigners as a group still form a small minority of total private home transactions – around 4–5% in 2024.[2] For most HDB and mass‑market condo buyers, foreign competition is not the main price driver; local household incomes, interest rates, and government land supply policies play a bigger role.[6][8]

However, in prime districts and specific high‑end projects, the presence of ABSD‑exempt Americans can influence:

Stack selection and unit take‑up at launch;
Price resilience for certain popular layouts; and
Rental demand and positioning (e.g., projects that cater well to expat families).

7.2 How Local Buyers Can Respond Strategically

For Singapore citizens and PRs:

Understand that ABSD policy already prioritises locals – foreigners face 60% unless they are from specific FTA countries.[2][4]
Use Homejourney’s ABSD Stamp Duty Calculator and Guide: 2026 Singapore Rules | Homejourney to understand your own ABSD profile when upgrading or buying multiple properties.
Leverage your ability to buy HDB or ECs (which foreigners cannot), giving you more starter‑home options before moving into the private market.

Local investors should also pay attention to how American and other foreign tenants’ preferences (e.g., for certain layouts, furnishings, or proximity to MRT and international schools) can shape rental performance in target districts.

Chapter 8: Investment Strategies Used by American Buyers in Singapore

8.1 Buy‑to‑Live with a Long Time Horizon

Many American professionals in Singapore choose a buy‑to‑live, rent‑out‑later strategy:

Purchase a 2‑ or 3‑bedroom unit near their current workplace or children’s school.
Stay for 5–8 years while in Singapore, treating the property as a hedge against rising rents.
If they relocate, convert the property into a rental unit, benefiting from established tenant demand in mature expat neighbourhoods.

8.2 Portfolio Diversification from US Real Estate

Other American investors approach Singapore as part of a global portfolio:

They may already own primary residences and rentals in the US.
Singapore property offers exposure to Asia’s growth and a different currency.[3][8]
The 0% ABSD on the first property allows an initial foothold without punitive tax drag.

Some focus on freehold or long‑leasehold projects with strong tenant pools near business hubs such as Marina Bay, Raffles Place, One‑North, and Paya Lebar, as well as proximity to Thomson‑East Coast or Downtown Line MRT stations.

8.3 Risk Management & Exit Planning

Savvier American buyers also:

Model worst‑case scenarios such as currency swings, rental vacancies, higher interest rates, or having to sell during a softer market.
Plan exit windows aligned with project TOP dates, rental cycles, or children’s schooling milestones.
Check for potential future supply in the same sub‑zone via URA’s planning information.

Homejourney encourages all buyers, local and foreign, to stress‑test these scenarios and not over‑leverage simply because current rates appear low.

Chapter 9: Common Mistakes Foreign (and Local) Buyers Should Avoid

9.1 Over‑focusing on Tax and Ignoring Fundamentals

Some Americans fixate on the 0% ABSD advantage and rush into a purchase without properly assessing:

Project quality and developer track record;
Future supply in the area;
Connectivity (walking time to MRT, bus routes, expressways);
Noise or amenity issues (e.g., facing expressways, substations, night‑life hubs).

Tax savings should be one factor, not the only factor.

9.2 Underestimating Total Cash Requirement

Without CPF, foreigners often underestimate how much cash is needed for:

Downpayment plus BSD;
Renovation, furnishings, aircon upgrades and servicing (Aircon Services );
Emergency reserves for vacancy or temporary income disruption.

Homejourney recommends building a detailed cost spreadsheet before you even sign an Option to Purchase.

9.3 Not Understanding Local Regulations and Timelines

Real examples we see include:

Foreigners assuming they can buy resale HDB flats like in some other countries’ public housing schemes – which is generally not allowed.
Not realising that ABSD and BSD must be paid within tight IRAS timelines (usually 14 days from signing the Sale & Purchase Agreement for local properties).[4]
Missing important conditions in the Option to Purchase or Sale & Purchase Agreement, such as completion deadlines or defect liability clauses.

Homejourney’s step‑by‑step foreign buyer guide Step-by-Step Property Buying Process for Foreigners | Homejourney 2026 explains these milestones in more detail.