When Straits Times reported on the research by DTZ, it said:
“FOREIGN home buyers snapped up 16 per cent of all private homes sold in the first quarter – the highest quarterly percentage since data became available in 1995.”
We all are familiar by now that when the government and the media use the term “foreigners”, they mean “foreigners who aren’t PRs”. See our previous post on the difference between “locals” and “citizens“.
If you read the actual DTZ report, which analysed the transactions of private homes in Q1 2011, you will see this:
“Although Singaporeans continued to make up the majority of purchasers, their share decreased to 67% in the quarter from 70% in Q4 2010. This is the lowest proportion recorded since Q4 2007 when Singaporeans made up 66% of all purchasers”
This implies 33% of buyers of private homes are PRs and foreigners. One-third.
There’s also a curious footnote on page 5 of the DTZ report:
“Unless specifically stated, the term ‘foreigner’ mentioned throughout the report does not include Singapore Permanent Residents (SPR).”
PRs are such a special group in Singapore.
Ok, so much for private property. In the meantime, National Development Minister Khaw Boon Wan has blogged about the buyer profile of HDB resale flats. He revealed that 20% of resale flat buyers are PRs. One-fifth.
So, non-citizens form one-third of private home buyers and one-fifth of resale flat buyers.
One-third and one-fifth.
When our population hits 6.5 million as proposed by former MND minister Mah Bow Tan, will the respective ratios become one-half and one-quarter?