S$6.84b property stamp duty collected in 2021 amid red hot property market
The rise in stamp duty gathering came as sales were thriving as well as residence rates achieved new highs. For instance, costs were up by 10.6% for the entire of 2021 compared to the 2.2% growth in 2020. Aside from that, in 2021 saw numerous high profile GCB purchases by tech and crypto CEOs.
In the very same duration, prices of exclusive homes improved at a slower price of 0.7%. The total variety of exclusive residence purchases was furthermore, decreased at 5,343.
According to our Researcher data, an overall of 66,710 house sales were documented last year, a surge of more or less 50% from the past year.
Meanwhile, after the brand-new round of air-conditioning measures was published in December 2021 (which included increasing the ABSD charge for the purchase of a second residential property onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.
Given that the red hot estate market last year, S$ 6.84 billion in residence stamp duty was compiled in 2021. This is more than two times the stamp duty gotten in 2020, and 67.7% greater than what was collected pre-pandemic in 2019.
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.
S$ 1.503 billion of stamp duty was paid in Q1 2022, relatively less than the S$ 1.58 billion gathered in Q1 2021.
There were additionally notable 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 since the 2018 a/c procedures.
Rates of HDB resale apartments likewise had a cheaper quarterly rise at 2.4%, as well as a 12.7% decrease in resale deals.
Still, given that prices are still expected to rise (albeit at a weaker rate), stamp duty collection for this year will likely step up as well.