At this point, it might be useful to point out that if housing prices continue to increase at better then 10% per year (and 30% this year), a foreign buyer's tax of 15% is an insufficient deterrent.  It will require more dollars up-front, but buyers speculating on housing will be able to make that up with 2 years (or less) of price appreciation.  Perhaps 25% (or more) would be more effective.