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 collected in 2019.
There were likewise remarkable 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 major land sale ever since the 2018 cooling actions.
According to our Researcher data, an overall of 66,710 house transactions were recorded last year, a hike of anywhere near 50% from the recent year.
S$ 1.503 billion of stamp duty was paid in Q1 2022, slightly less than the S$ 1.58 billion received in Q1 2021.
In the very same time frame, prices of exclusive residential properties boosted at a slower price of 0.7%. The total variety of private estate purchases was likewise decreased at 5,343.
Meanwhile, after the new round of air-cooling actions was disclosed in December 2021 (which included increasing the ABSD premium for the acquisition of a 2nd house onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.
Costs of HDB resale apartments additionally had a cheaper quarterly rise at 2.4%, and a 12.7% drop in resale transactions.
The rise in stamp duty gathering came as sales were thriving and also building prices got to brand-new highs. For instance, costs were up by 10.6% for the entire of 2021 compared to the 2.2% boost in 2020. Aside from that, in 2021 saw various high profile GCB deals by tech as well as crypto Chief executive officers.
Given the red hot building market last year, S$ 6.84 billion in residence stamp duty was accumulated in 2021. This is greater than double the stamp duty gathered in 2020, as well as 67.7% greater than what was gathered pre-pandemic in 2019.
Regardless, given that costs are still predicted to expand (even though at a reduced rate), stamp duty collection for this year will likely step up too.