Singapore property buyers and investors will soon be able to obtain advice on their overseas property purchases through an online guide from the government’s Council for Estate Agencies (CEA).
In reaction to the ever growing number of Singapore buyers investing in overseas property markets, the CEA will later this month launch a guide to provide general tips for buying overseas property, according to National Development Minister Khaw Boon Wan.
Speaking in the Singapore Parliament on Monday he said: “Do read it, exercise due diligence, caution and good judgement before you invest.”
To further highlight the lack of knowledge when buying overseas property, one Singapore media today reported the case of a Singapore property investor who signed a Thai language contract for his Bangkok property purchase. Thai law permits the legally binding and official contract to be in English.
The Minister also announced that the CEA will be stepping up its regulation of Singapore real estate agencies that are marketing overseas property.
He urged the public to report unlicensed overseas real estate agencies who conduct marketing activities in Singapore to the CEA for investigation and further action.
During the last 12 months the number of Singapore real estate agencies tackling overseas projects has increased substantially as a result of the slowing Singapore property market.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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If you have a property story you want us to publish email: andrew@allproperty.com.sg