S$6.84b property stamp duty collected in 2021 amid red hot property market
The upsurge in stamp duty gathering came as sales were in good shape as well as realty rates came to new highs. As an example, rates were up by 10.6% for the entire of 2021 contrasted to the 2.2% hike in 2020. Besides that, in 2021 saw many high profile GCB transactions by technology as well as crypto Chief executive officers.
Costs of HDB resale flats at the same time had a lower quarterly growth at 2.4%, and a 12.7% drop in resale purchases.
Meanwhile, after the new round of cooling solutions was announced in December 2021 (which included increasing the ABSD cost for the acquisition of a second real estate onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.
Provided the red hot home market last year, S$ 6.84 billion in residence stamp duty was received in 2021. This is greater than two times the stamp duty gotten in 2020, and also 67.7% over what was compiled pre-pandemic in 2019.
There were additionally successful 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 additionally the leading land sale ever since the 2018 a/c procedures.
According to the Department of Statistics, S$ 3.29 billion of stamp duty was received in 2020, while S$ 4.08 billion was gotten in 2019.
S$ 1.503 billion of stamp duty was paid in Q1 2022, slightly lower than the S$ 1.58 billion collected in Q1 2021.
In the exact same duration, rates of private houses raised at a slower rate of 0.7%. The overall range of private home transactions was even reduced at 5,343.
According to our Researcher data, an overall of 66,710 residential house exchanges were logged last year, an increase of almost 50% from the former year.
Nonetheless, given that prices are still assumed to rise (albeit at a weaker rate), stamp duty collection for this year will likely increase as well.
