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 compiled in 2020, while S$ 4.08 billion was received in 2019.
S$ 1.503 billion of stamp duty was paid in Q1 2022, a little less than the S$ 1.58 billion gotten in Q1 2021.
There were also significant 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 highest land sale due to the fact that the 2018 air conditioning actions.
Meanwhile, after the brand-new round of air-cooling actions was introduced in December 2021 (that included boosting the ABSD premium for the buying of a second realty onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.
The boost in stamp duty collection came as sales were strong and also real estate rates reached new highs. For example, costs were up by 10.6% for the whole of 2021 compared to the 2.2% rise in 2020. On top of that, last year saw several high profile GCB transactions by technology as well as crypto CEOs.
Prices of HDB resale apartments likewise had a more affordable quarterly rise at 2.4%, and a 12.7% decrease in resale transactions.
Provided the red hot house market last year, S$ 6.84 billion in residence stamp duty was gotten in 2021. This is beyond double the stamp duty received in 2020, and 67.7% over what was gotten pre-pandemic in 2019.
In the exact same time frame, amounts of private houses enhanced at a slower rate of 0.7%. The overall range of exclusive residence transactions was furthermore, lower at 5,343.
According to our Researcher data, a total of 66,710 home sales were documented last year, a surge of just about 50% from the recent year.
Regardless, considered that costs are still predicted to rise (even though at a reduced price), stamp duty collection for this year will likely progress too.