Singapore’s latest property tax — now one of the highest among global markets — has dented foreign demand. Foreign buyers bought 57 private apartments in May, down 50% from April, according to Savills Singapore’s analysis of data from the Urban Redevelopment Authority.

In late April, Singapore authorities doubled property levies for foreigners to 60% in a bid to tame soaring home prices. The government said the policy was a preemptive move, as investment demand for residential property is likely to continue to grow otherwise.

--With assistance from Krystal Chia.