Singapore hikes property tax

On an uptrend: A view of private residential condominium properties at the Orchard district in Singapore. The exuberant property market has also fed into a surge in rents with Singapore pushing New York off the top spot. — Reuters

SINGAPORE: Singapore is raising property taxes in a bid to cool its red-hot housing market, amid mounting concern that an influx of wealth into the city-state is hurting affordability for locals and its competitiveness as a financial hub.

The government is increasing stamp duties for second-home buyers and foreigners purchasing private property, it said in a statement.