S$6.84b property stamp duty collected in 2021 amid red hot property market
According to our Researcher data, a total of 66,710 home transactions were recorded last year, a boost of just about 50% from the former year.
Provided the red hot realty market last year, S$ 6.84 billion in property stamp duty was accumulated in 2021. This is a lot more than two times the stamp duty collected in 2020, as well as 67.7% greater than what was gotten pre-pandemic in 2019.
S$ 1.503 billion of stamp duty was paid in Q1 2022, a bit less than the S$ 1.58 billion gotten in Q1 2021.
Rates of HDB resale apartments at the same time had a more affordable quarterly growth at 2.4%, and a 12.7% decrease in resale purchases.
The boost in stamp duty gathering came as sales were thriving and home prices came to new highs. Say, fees were up by 10.6% for the entire of 2021 compared to the 2.2% increase in 2020. On top of that, last year saw a number of high profile GCB transactions by technology and also crypto Chief executive officers.
There were also significant 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 biggest land sale ever since the 2018 cooling steps.
Meanwhile, after the brand-new round of air-conditioning steps was revealed in December 2021 (which included raising the ABSD price for the investment of a 2nd realty onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.
According to the Department of Statistics, S$ 3.29 billion of stamp duty was collected in 2020, while S$ 4.08 billion was received in 2019.
In the very same time period, rates of exclusive houses increased at a slower rate of 0.7%. The overall quantity of personal home purchases was furthermore, reduced at 5,343.
Nevertheless, considered that prices are still predicted to boost (even though at a reduced price), stamp duty collection for this year will likely step up too.
