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 gotten in 2019.
S$ 1.503 billion of stamp duty was paid in Q1 2022, a little lower than the S$ 1.58 billion received in Q1 2021.
There were likewise remarkable en bloc sales last year, such as the combined 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 air conditioning precautions.
In the same moment, fees of private residential properties enhanced at a slower rate of 0.7%. The overall quantity of personal house purchases was even lesser at 5,343.
On the other hand, after the brand-new round of air-cooling measures was published in December 2021 (that included boosting the ABSD premium for the investment of a second property onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.
Offered the red hot residence market last year, S$ 6.84 billion in residential property stamp duty was gathered in 2021. This is greater than two times the stamp duty compiled in 2020, and also 67.7% over what was accumulated pre-pandemic in 2019.
According to our Researcher data, a total amount of 66,710 home sales were documented last year, a growth of just about 50% from the former year.
Costs of HDB resale suites likewise had a lesser quarterly surge at 2.4%, and also a 12.7% decrease in resale deals.
The boost in stamp duty collection came as sales were in good shape as well as home rates came to brand-new highs. As an example, charges were up by 10.6% for all of the of 2021 contrasted to the 2.2% increase in 2020. On top of that, in 2021 saw a number of high profile GCB sales by tech and crypto CEOs.
Regardless, considered that rates are still anticipated to boost (even though at a reduced rate), stamp duty collection for this year will likely raise also.
