S$6.84b property stamp duty collected in 2021 amid red hot property market
According to our Researcher data, a total amount of 66,710 house agreements were documented last year, a surge of nearly 50% from the recent year.
The increase in stamp duty gathering came as sales were booming and residential property costs achieved brand-new highs. For instance, charges were up by 10.6% for all of the of 2021 contrasted to the 2.2% boost in 2020. Besides that, in 2021 saw a number of high profile GCB sales by technology and crypto Chief executive officers.
Meanwhile, after the brand-new round of cooling down procedures was released in December 2021 (that included boosting the ABSD cost for the investment of a second house onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.
Nonetheless, given that prices are still presumed to expand (albeit at a slower price), stamp duty collection for this year will likely progress also.
Given the red hot building market last year, S$ 6.84 billion in residence stamp duty was gathered in 2021. This is greater than double the stamp duty gotten in 2020, as well as 67.7% over what was compiled pre-pandemic in 2019.
S$ 1.503 billion of stamp duty was paid in Q1 2022, relatively lower than the S$ 1.58 billion gathered in Q1 2021.
According to the Department of Statistics, S$ 3.29 billion of stamp duty was compiled in 2020, while S$ 4.08 billion was compiled in 2019.
Rates of HDB resale flats additionally had a more affordable quarterly boost at 2.4%, and a 12.7% decrease in resale purchases.
There were likewise remarkable en bloc sales last year, such as the cumulative sale of the land parcels at Thiam Siew Avenue for S$ 815 million in November. It was likewise the highest land sale considering that the 2018 air conditioning measures.
In the exact same moment, costs of private properties increased at a slower price of 0.7%. The overall quantity of exclusive estate transactions was also decreased at 5,343.