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

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

Pasir Ris 8 Singapore

Rates of HDB resale flats likewise had a cheaper quarterly boost at 2.4%, as well as a 12.7% drop in resale transactions.

Offered the red hot property market last year, S$ 6.84 billion in building stamp duty was compiled in 2021. This is beyond two times the stamp duty received in 2020, and also 67.7% over what was gotten pre-pandemic in 2019.

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

The surge in stamp duty collection came as sales were in good shape and property costs achieved brand-new highs. As an example, rates were up by 10.6% for the whole of 2021 contrasted to the 2.2% rise in 2020. Besides that, in 2021 saw multiple high profile GCB purchases by tech and crypto Chief executive officers.

According to our Researcher data, a total of 66,710 house purchases were registered last year, an increase of anywhere near 50% from the previous year.

There were additionally notable 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 largest land sale considering that the 2018 cooling solutions.

In the exact same time period, costs of private houses improved at a slower price of 0.7%. The total number of private residence deals was likewise reduced at 5,343.

Meanwhile, after the brand-new round of air-cooling procedures was published in December 2021 (which included elevating the ABSD price for the buying of a 2nd realty onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.

Nonetheless, considered that rates are still anticipated to raise (even though at a slower price), stamp duty collection for this year will likely boost as well.

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