Chart of the Day: Foreigner inflows down to a mere trickle as Singapore keeps the floodgates shut

There were very few PRs and new citizens too.

Foreigner inflows into Singapore have dropped to a mere trickle as the island republic continues to keep a lid on inbound migration.

According to this chart from UOB, the increase in the number of foreigners has dwindled to 44,600 last year, representing around a quarter of peak levels of around 163,000 per annum from 2005-2008.

Similarly, the number of Permanent Residencies (PRs) granted has more than halved from the peak of 79,167 to slightly under 30,000 from 2010-2012.

UOB warned that the sharp drop in the number of foreigners will weigh heavily on Singapore's property market, which is already struggling beneath the weight of several cooling measures.

"With Singapore’s anemic rate of natural increase in population, the government’s immigration policy is
a major driver of demand. It is however showing no signs of loosening its tight stance on immigration. This will weigh heavily on rents, particularly as supply surges in the coming years," UOB said.