The Consumers Association of Singapore (CASE) has issued a warning to Singaporeans on acquiring foreign property investments.
Singaporean investors are among the top overseas property purchasers from Asia.
CASE commented that it had received more than a dozen complaints from consumers regarding their foreign property purchases in the period spanning 2013 and 2014.
The majority of the grievances came from purchasers who had invested in foreign properties promising high guaranteed yields or elevated capital gains but later found they were unable to get back those promised returns.
The consumer group highlighted the recent growth of adverts featuring overseas real estate investment opportunities making unsubstantiated positive claims. They recommended such advertising be subject to the same stringent standards that local developers must legally adhere to.
