S$6.84b property stamp duty collected in 2021 amid red hot property market

The increase in stamp duty gathering came as sales were in good shape and also property prices got to new highs. Say, rates were up by 10.6% for all of the of 2021 compared to the 2.2% boost in 2020. Besides that, in 2021 saw many high profile GCB purchases by technology and also crypto CEOs.

S$ 1.503 billion of stamp duty was paid in Q1 2022, somewhat lower than the S$ 1.58 billion compiled in Q1 2021.

According to the Department of Statistics, S$ 3.29 billion of stamp duty was gotten in 2020, while S$ 4.08 billion was collected in 2019.

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According to our Researcher data, a total amount of 66,710 residential home transactions were registered last year, a surge of almost 50% from the former year.

In the same moment, prices of private residential homes raised at a slower rate of 0.7%. The complete variety of exclusive residence purchases was likewise decreased at 5,343.

Rates of HDB resale apartments similarly had a cheaper quarterly boost at 2.4%, and a 12.7% drop in resale purchases.

Meanwhile, after the brand-new round of cooling down precautions was released in December 2021 (that included raising 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.

Provided the red hot house market last year, S$ 6.84 billion in building stamp duty was collected in 2021. This is beyond two times the stamp duty gathered in 2020, as well as 67.7% higher than what was compiled pre-pandemic in 2019.

There were also 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 also the largest land sale ever since the 2018 a/c actions.

Nonetheless, considered that rates are still presumed to raise (even though at a weaker rate), stamp duty collection for this year will likely step up as well.

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