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

Given the red hot house market last year, S$ 6.84 billion in building stamp duty was gathered in 2021. This is more than double the stamp duty compiled in 2020, as well as 67.7% greater than what was received pre-pandemic in 2019.

On the other hand, after the new round of cooling down solutions was published in December 2021 (that included elevating the ABSD fee for the investment of a 2nd residence onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.

In the exact same time frame, amounts of private homes increased at a slower price of 0.7%. The complete range of private condo deals was even reduced at 5,343.

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

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

There were also significant 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 highest land sale ever since the 2018 air conditioning procedures.

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Prices of HDB resale suites at the same time had a cheaper quarterly boost at 2.4%, and also a 12.7% drop in resale purchases.

According to our Researcher data, a total amount of 66,710 residential house purchases were logged last year, a growth of close to 50% from the recent year.

The increase in stamp duty collection came as sales were in good shape and house rates came to brand-new highs. As an example, charges were up by 10.6% for the whole of 2021 contrasted to the 2.2% surge in 2020. Aside from that, last year saw numerous high profile GCB deals by tech and also crypto Chief executive officers.

Nonetheless, given that costs are still presumed to increase (even though at a reduced rate), stamp duty collection for this year will likely improve as well.

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