S$6.84b property stamp duty collected in 2021 amid red hot property market
Given the red hot building market last year, S$ 6.84 billion in residential property stamp duty was compiled in 2021. This is greater than double the stamp duty received in 2020, and 67.7% more than what was received pre-pandemic in 2019.
There were also noteworthy 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 leading land sale since the 2018 a/c efforts.
On the other hand, after the new round of cooling solutions was revealed in December 2021 (that included increasing the ABSD cost for the investment of a 2nd property onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.
In the same time frame, amounts of private properties increased at a slower price of 0.7%. The complete number of personal apartment purchases was also lower at 5,343.
S$ 1.503 billion of stamp duty was paid in Q1 2022, a little lower than the S$ 1.58 billion received in Q1 2021.
According to our Researcher data, an overall of 66,710 house deals were reported last year, an increase of more or less 50% from the past year.
Rates of HDB resale flats likewise had a lesser quarterly rise at 2.4%, as well as a 12.7% decrease in resale deals.
The upsurge in stamp duty collection came as sales were strong and also realty costs attained new highs. Say, fees were up by 10.6% for all of the of 2021 contrasted to the 2.2% hike in 2020. In addition to that, last year saw many high profile GCB deals by tech as well as crypto CEOs.
According to the Department of Statistics, S$ 3.29 billion of stamp duty was compiled in 2020, while S$ 4.08 billion was gathered in 2019.
Still, considered that prices are still presumed to multiply (albeit at a weaker price), stamp duty collection for this year will likely improve also.
