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 collected in 2019.
On the other hand, after the brand-new round of cooling down steps was disclosed in December 2021 (that included increasing the ABSD rate for the buying of a second building onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.
The upsurge in stamp duty gathering came as sales were in good shape as well as residential property rates got to brand-new highs. For instance, charges were up by 10.6% for the whole of 2021 compared to the 2.2% rise in 2020. In addition to that, last year saw numerous high profile GCB transactions by tech as well as crypto Chief executive officers.
According to our Researcher data, a total amount of 66,710 property exchanges were registered last year, a hike of nearly 50% from the last year.
Provided the red hot real estate market last year, S$ 6.84 billion in residence stamp duty was gotten in 2021. This is more than two times the stamp duty gathered in 2020, and 67.7% higher than what was gathered pre-pandemic in 2019.
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S$ 1.503 billion of stamp duty was paid in Q1 2022, relatively less than the S$ 1.58 billion accumulated in Q1 2021.
Rates of HDB resale apartments at the same time had a lower quarterly hike at 2.4%, and also a 12.7% decrease in resale purchases.
In the very same time frame, costs of exclusive houses enhanced at a slower price of 0.7%. The overall range of exclusive condo transactions was also lower at 5,343.
There were additionally notable 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 considering that the 2018 cooling procedures.
Still, considered that rates are still forecasted to increase (albeit at a weaker rate), stamp duty collection for this year will likely raise too.
