S$6.84b property stamp duty collected in 2021 amid red hot property market

Provided the red hot home market last year, S$ 6.84 billion in realty stamp duty was gathered in 2021. This is beyond double the stamp duty received in 2020, and also 67.7% greater than what was collected pre-pandemic in 2019.

Prices of HDB resale rentals additionally had a reduced quarterly rise at 2.4%, as well as a 12.7% drop in resale transactions.

In the very same moment, prices of exclusive houses increased at a slower price of 0.7%. The overall quantity of exclusive residence deals was even lesser at 5,343.

The surge in stamp duty collection came as sales were robust as well as residential property rates came to new highs. For example, charges were up by 10.6% for the entire of 2021 compared to the 2.2% growth in 2020. In addition to that, last year saw a number of high profile GCB purchases by technology as well as crypto CEOs.

Ki Residences Brookvale Drive

S$ 1.503 billion of stamp duty was paid in Q1 2022, slightly lower than the S$ 1.58 billion gathered in Q1 2021.

There were additionally outstanding 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 likewise the largest land sale given that the 2018 cooling procedures.

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.

Meanwhile, after the new round of air-cooling measures was revealed in December 2021 (that included boosting the ABSD cost for the investment of a second real estate onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.

According to our Researcher data, a total of 66,710 residential property sales were logged last year, a hike of anywhere near 50% from the last year.

Still, considered that rates are still assumed to increase (even though at a weaker price), stamp duty collection for this year will likely improve also.

error: Content is protected !!