AIAIG Overseas Property Investment Weekly: 2026 Week 4 (Part 1) - Latest Real...

This week's changes in overseas property purchase policies focus on three main themes that are 'more like infrastructure':

1. Tax and regulatory tools are evolving: Vietnam has shifted from 'criticizing speculation' to 'studying tax systems to curb speculation,' and has incorporated 'vacancy and affordability' into the policy context, indicating that differentiated tax burdens may reshape the profit curve for short-term transactions in the future.

2. Rental rules are becoming more instrumental: Singapore has extended the temporary relaxation of occupancy limits for rentals until the end of 2028, providing a predictable buffer for the rental side; Dubai has made rental registration, renewal, rent increase boundaries, and dispute resolution more enforceable through Ejari promotion and the official Rental Index.

3. Registration and data governance are becoming more systematic: Japan is advancing a proof system for 'summarizing real estate holdings per person' (starting from February 2026), reducing friction in asset inventory and inheritance registration, while enhancing the traceability of real estate information.

AIAIG Perspective: The focus of the weekly information report is not on 'predicting rises and falls,' but on identifying how policies change the enforceability of transaction friction, compliance costs, and cash flow. The common trend this week is: ==compliance costs are rising, but certainty is also rising==.

Vietnam experienced a key turning point this week with "clarification of policy objectives": publicly discussing the use of tax policies to curb real estate speculation, while emphasizing stricter control over high-risk sectors such as real estate on the credit side.

(1) Anti-speculation tax system: from "verbal criticism" to "fiscal tools"

• Policy logic: not immediately restricting purchases, but using the tax system to alter the profit curves of behaviors like short-term flipping and hoarding vacant properties.
• Market implications: even if detailed rules are not yet announced, the market will first increase risk premiums for "assets with short holding cycles"; the actual occupancy rates, rental feasibility, and holding periods of projects will become more critical.

(2) Price and vacancy narratives enter the policy context

• Reports mention significant price increases over the past year, along with vacancy issues in newly developed areas.
• Once "vacancy" is incorporated into policies, projects relying solely on price appreciation narratives are more likely to be finely impacted by subsequent tax, credit, and approval tools.

(3) Credit side: more cautious systemic credit targets and stricter control over high-risk sectors

• The trend outcome resembles "differentiation" rather than "stagnation": projects by branded developers with transparent cash flows and stable delivery records are better positioned to navigate changes in financing environments; highly leveraged projects dependent on presale proceeds for turnover face greater volatility.

AIAIG perspective: Vietnam is shifting real estate from "assets that absorb capital" back to "assets for living and effective use." Overseas buyers should proactively address three things: exit strategies (avoid focusing solely on short-term speculation), rental implementation (compliance and operational capabilities), and screening of developers and project cash flows (the more cautious the financing, the faster the differentiation).

Singapore's key policy development this week occurred in the rental sector: HDB and URA have decided to extend the temporary relaxation of the 'maximum occupancy limit for rentals' by two years, until December 31, 2028.

(1) What the policy does (more of a 'rule extension' than a 'new rule')

• For eligible larger unit types, it allows more tenants from non-same-family units during leasing (continuing the extension under the existing relaxation framework).

(2) Practical implications for overseas property buyers

• This is a 'cash flow certainty' policy: rental rules are more stable, reducing the risk of rental interruptions due to policy rollbacks.
• For larger units and products with stronger shared rental logic, rental organization methods are more flexible, and vacancy risks are more controllable.

(3) Boundaries and points to note

• This is an 'extension of temporary relaxation,' not a permanent system. When conducting rental projections, include scenarios of future return to stricter standards in stress tests.

AIAIG perspective: When Singapore chooses to extend rental-side buffer measures, it often indicates that regulators judge rental demand pressure has not fully subsided. For overseas investors, Singapore's advantage lies more in the stability of rules and enforcement, rather than short-term fluctuations.

Dubai's policy information this week focuses on strengthening rental compliance and the enforceability of rules.

(1) What happened

• Dubai Land Department (DLD) launched a new Ejari promotional campaign, emphasizing key processes such as rental registration, cancellation, certificate download, renewal, and rent increase calculations.

(2) Why it's important for overseas landlords/those buying to rent

• Ejari in Dubai is not just about registration; it is strongly linked to dispute resolution, public service integration, and proof of rental compliance.
• When regulators enhance awareness and process guidance, it essentially increases the overall market compliance rate: beneficial for compliant landlords (rules become clearer), while non-compliant rentals face higher friction and risks.

(3) Linkage with Rental Index: rent increases become more evidence-based

• The official rental index tool makes rent increase boundaries more queryable and citable; tenants can also more easily challenge unreasonable increases based on it.

AIAIG perspective: One of Dubai's advantages is its high execution efficiency. Making rules into tools makes cash flow more calculable, but it also means higher costs for non-compliance and greater difficulty in standing firm during disputes.

This week in Japan feels more like an "institutional infrastructure week," with the focus not on prices but on enhancing the traceability capabilities of the registration system.

(1) Key Institutional Points

• Starting from February 2, 2026, the "All Real Estate Record Certification System" will be launched (allowing requests for a list of registered real estate under one's name).
• One of the goals is to alleviate issues such as "owner-unknown land" and improve the efficiency of inheritance registration and asset inventory.

(2) What It Means for Overseas Holders

• Asset inventory for multiple properties held across regions becomes more convenient; institutionalized tools are more useful during inheritance, taxation, and asset list organization.
• From a regulatory perspective, this is also a step toward "completing real estate data": with increased transparency, future policies are more likely to move toward refinement (by region/use/holding structure).

AIAIG Perspective: This is not an "immediate restriction on foreign property purchases," but a typical "digitalization first, then differentiation." For overseas buyers, the most practical changes will first manifest in more standardized documentation, registration, and compliance processes.