S$6.84b property stamp duty collected in 2021 amid red hot property market
According to the Department of Statistics, S$ 3.29 billion of stamp duty was gathered in 2020, while S$ 4.08 billion was accumulated in 2019.
There were likewise successful 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 additionally the biggest land sale ever since the 2018 a/c efforts.
In the same time period, rates of exclusive residential properties enhanced at a slower price of 0.7%. The total quantity of personal estate transactions was moreover reduced at 5,343.
Given the red hot real estate market last year, S$ 6.84 billion in residence stamp duty was accumulated in 2021. This is beyond twice the stamp duty collected in 2020, as well as 67.7% higher than what was accumulated pre-pandemic in 2019.
S$ 1.503 billion of stamp duty was paid in Q1 2022, a bit lower than the S$ 1.58 billion received in Q1 2021.
Prices of HDB resale rentals likewise had a lesser quarterly hike at 2.4%, as well as a 12.7% decrease in resale transactions.
According to our Researcher data, an overall of 66,710 house exchanges were logged last year, a boost of anywhere near 50% from the recent year.
The rise in stamp duty collection came as sales were booming and also realty prices came to new highs. For example, prices were up by 10.6% for the whole of 2021 contrasted to the 2.2% surge in 2020. Besides that, in 2021 saw several high profile GCB transactions by technology as well as crypto Chief executive officers.
Meanwhile, after the brand-new round of air-conditioning steps was revealed in December 2021 (that included raising the ABSD premium for the buying of a 2nd building onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.
Still, given that prices are still forecasted to increase (even though at a weaker price), stamp duty collection for this year will likely boost too.