PHOTO: Foreign investment in residential property has plummeted.
More foreign buyers have been caught out in the government’s crackdown on illegally-owned properties with 131 owners forced to sell their assets during the 2018 financial year.
The Foreign Investment Review Board’s latest annual report showed the number of property divestments as a result of a breach in foreign buyer rules was up from 96 a year prior – and accounted for one-fifth of identified violations.
The number of total breaches of real estate rules by foreign buyers also increased from the previous year, from 549 to 600.
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