S$6.84b property stamp duty collected in 2021 amid red hot property market
Provided that the red hot residence market last year, S$ 6.84 billion in realty stamp duty was collected in 2021. This is greater than twice the stamp duty received in 2020, and 67.7% greater than what was gathered pre-pandemic in 2019.
According to the Department of Statistics, S$ 3.29 billion of stamp duty was gathered in 2020, while S$ 4.08 billion was accumulated in 2019.
In the same time period, rates of private homes raised at a slower rate of 0.7%. The total range of personal apartment purchases was furthermore, lesser at 5,343.
There were additionally notable 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 highest land sale given that the 2018 cooling solutions.
According to our Researcher data, a total amount of 66,710 home purchases were logged last year, a growth of more or less 50% from the last year.
S$ 1.503 billion of stamp duty was paid in Q1 2022, relatively less than the S$ 1.58 billion gotten in Q1 2021.
Still, considered that costs are still assumed to multiply (albeit at a slower rate), stamp duty collection for this year will likely increase also.
The surge in stamp duty collection came as sales were effective and house rates got to new highs. For example, prices were up by 10.6% for the entire of 2021 compared to the 2.2% increase in 2020. In addition to that, in 2021 saw various high profile GCB sales by tech and also crypto CEOs.
Rates of HDB resale apartments similarly had a lower quarterly surge at 2.4%, and a 12.7% decrease in resale purchases.
On the other hand, after the brand-new round of cooling actions was disclosed in December 2021 (that included boosting the ABSD premium for the acquisition of a 2nd residential property onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.
