S$6.84b property stamp duty collected in 2021 amid red hot property market
S$ 1.503 billion of stamp duty was paid in Q1 2022, relatively less than the S$ 1.58 billion compiled in Q1 2021.
Given the red hot house market last year, S$ 6.84 billion in building stamp duty was gotten in 2021. This is a lot more than double the stamp duty accumulated in 2020, as well as 67.7% greater than what was compiled pre-pandemic in 2019.
The surge in stamp duty collection came as sales were strong and real estate rates achieved brand-new highs. For instance, charges were up by 10.6% for the entire of 2021 compared to the 2.2% surge in 2020. On top of that, in 2021 saw multiple high profile GCB sales by tech and also crypto Chief executive officers.
According to our Researcher data, a total amount of 66,710 residential realty agreements were recorded last year, a rise of almost 50% from the recent year.
Rates of HDB resale suites likewise had a more affordable quarterly growth at 2.4%, and also a 12.7% decrease in resale purchases.
Meanwhile, after the brand-new round of air-cooling procedures was disclosed in December 2021 (which included raising the ABSD fee for the investment of a second property onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.
In the same duration, fees of private properties improved at a slower price of 0.7%. The total number of personal house deals was also lower at 5,343.
According to the Department of Statistics, S$ 3.29 billion of stamp duty was gotten in 2020, while S$ 4.08 billion was received in 2019.
There were additionally 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 likewise the highest land sale due to the fact that the 2018 cooling precautions.
Nonetheless, given that prices are still predicted to multiply (albeit at a reduced rate), stamp duty collection for this year will likely improve as well.