S$6.84b property stamp duty collected in 2021 amid red hot property market
In the exact same time frame, fees of private properties increased at a slower price of 0.7%. The total variety of personal house transactions was also reduced at 5,343.
According to the Department of Statistics, S$ 3.29 billion of stamp duty was received in 2020, while S$ 4.08 billion was compiled in 2019.
Nevertheless, given that costs are still projected to rise (albeit at a weaker rate), stamp duty collection for this year will likely progress also.
Offered the red hot building market last year, S$ 6.84 billion in building stamp duty was accumulated in 2021. This is beyond twice the stamp duty collected in 2020, as well as 67.7% higher than what was accumulated pre-pandemic in 2019.
The boost in stamp duty gathering came as sales were in good shape as well as home prices reached new highs. For instance, prices were up by 10.6% for the entire of 2021 contrasted to the 2.2% increase in 2020. Besides that, in 2021 saw numerous high profile GCB purchases by tech and crypto Chief executive officers.
There were likewise outstanding 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 considering that the 2018 a/c measures.
S$ 1.503 billion of stamp duty was paid in Q1 2022, a bit less than the S$ 1.58 billion compiled in Q1 2021.
On the other hand, after the brand-new round of air-conditioning measures was published in December 2021 (that included raising the ABSD rate for the acquisition of a 2nd home onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.
Costs of HDB resale flats also had a more affordable quarterly growth at 2.4%, and also a 12.7% decrease in resale purchases.
According to our Researcher data, a total of 66,710 residential property exchanges were reported last year, a surge of close to 50% from the previous year.