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 gathered in 2020, while S$ 4.08 billion was received in 2019.
S$ 1.503 billion of stamp duty was paid in Q1 2022, slightly less than the S$ 1.58 billion collected in Q1 2021.
There were likewise noteworthy en bloc sales last year, such as the cumulative sale of the land parcels at Thiam Siew Avenue for S$ 815 million in November. It was likewise the major land sale ever since the 2018 air conditioning precautions.
Meanwhile, after the new round of cooling efforts was released in December 2021 (that included boosting the ABSD cost for the acquisition of a 2nd home onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.
According to our Researcher data, an overall of 66,710 residential building agreements were logged last year, a hike of anywhere near 50% from the former year.
Costs of HDB resale apartments also had a lower quarterly surge at 2.4%, and a 12.7% drop in resale purchases.
Nevertheless, considered that prices are still predicted to boost (even though at a reduced price), stamp duty collection for this year will likely progress also.
Offered the red hot home market last year, S$ 6.84 billion in real estate stamp duty was gathered in 2021. This is more than two times the stamp duty gathered in 2020, and 67.7% greater than what was collected pre-pandemic in 2019.
The upsurge in stamp duty collection came as sales were strong and building prices came to new highs. For instance, rates were up by 10.6% for the whole of 2021 contrasted to the 2.2% rise in 2020. Aside from that, in 2021 saw many high profile GCB sales by tech as well as crypto Chief executive officers.
In the same time period, prices of exclusive residential real estates improved at a slower price of 0.7%. The total number of exclusive property purchases was furthermore, decreased at 5,343.
