S$6.84b property stamp duty collected in 2021 amid red hot property market
According to the Department of Statistics, S$ 3.29 billion of stamp duty was collected in 2020, while S$ 4.08 billion was gathered in 2019.
Rates of HDB resale condos at the same time had a lower quarterly hike at 2.4%, and a 12.7% drop in resale purchases.
Regardless, given that rates are still assumed to raise (even though at a reduced rate), stamp duty collection for this year will likely raise also.
In the same period, prices of private properties improved at a slower rate of 0.7%. The complete variety of personal property purchases was furthermore, lesser at 5,343.
Provided the red hot residence market last year, S$ 6.84 billion in residence stamp duty was received in 2021. This is beyond twice the stamp duty collected in 2020, and also 67.7% over what was compiled pre-pandemic in 2019.
There were additionally distinctive en bloc sales last year, such as the collective sale of the land parcels at Thiam Siew Avenue for S$ 815 million in November. It was likewise the highest land sale given that the 2018 cooling steps.
The upsurge in stamp duty gathering came as sales were booming and residential property costs reached brand-new highs. For instance, costs were up by 10.6% for all of the of 2021 contrasted to the 2.2% increase in 2020. Aside from that, in 2021 saw multiple high profile GCB transactions by technology and crypto Chief executive officers.
S$ 1.503 billion of stamp duty was paid in Q1 2022, slightly lower than the S$ 1.58 billion accumulated in Q1 2021.
According to our Researcher data, a total amount of 66,710 residential property sales were registered last year, an increase of more or less 50% from the former year.
On the other hand, after the brand-new round of cooling down solutions was disclosed in December 2021 (that included raising the ABSD premium for the buying of a 2nd house onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.
