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 accumulated in 2020, while S$ 4.08 billion was gotten in 2019.
There were likewise remarkable 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 biggest land sale due to the fact that the 2018 cooling efforts.
According to our Researcher data, a total of 66,710 home agreements were documented last year, a surge of nearly 50% from the past year.
Meanwhile, after the brand-new round of cooling solutions was released in December 2021 (that included increasing the ABSD rate for the purchase of a 2nd house onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.
The rise in stamp duty collection came as sales were booming as well as residential property rates attained new highs. For example, prices were up by 10.6% for all of the of 2021 compared to the 2.2% growth in 2020. Besides that, in 2021 saw a number of high profile GCB deals by technology as well as crypto CEOs.
Costs of HDB resale rentals similarly had a lower quarterly hike at 2.4%, and also a 12.7% drop in resale purchases.
In the very same time period, prices of private residential homes increased at a slower price of 0.7%. The total number of personal property transactions was likewise lesser at 5,343.
S$ 1.503 billion of stamp duty was paid in Q1 2022, somewhat less than the S$ 1.58 billion gotten in Q1 2021.
Offered the red hot residential property market last year, S$ 6.84 billion in home stamp duty was collected in 2021. This is greater than double the stamp duty collected in 2020, and 67.7% over what was gotten pre-pandemic in 2019.
Nonetheless, given that rates are still expected to increase (even though at a weaker rate), stamp duty collection for this year will likely raise too.
