S$6.84b property stamp duty collected in 2021 amid red hot property market
The surge in stamp duty gathering came as sales were thriving and also residence prices attained brand-new highs. For instance, prices were up by 10.6% for all of the of 2021 contrasted to the 2.2% rise in 2020. On top of that, last year saw some high profile GCB purchases by technology as well as crypto Chief executive officers.
On the other hand, after the brand-new round of air-cooling actions was introduced in December 2021 (that included elevating the ABSD cost for the buying of a second residential property onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.
Offered the red hot realty market last year, S$ 6.84 billion in house stamp duty was received in 2021. This is a lot more than two times the stamp duty compiled in 2020, and also 67.7% higher than what was accumulated pre-pandemic in 2019.
There were additionally distinctive en bloc sales last year, such as the combined sale of the land parcels at Thiam Siew Avenue for S$ 815 million in November. It was also the largest land sale since the 2018 cooling solutions.
S$ 1.503 billion of stamp duty was paid in Q1 2022, somewhat lower than the S$ 1.58 billion received in Q1 2021.
According to our Researcher data, a total of 66,710 home sales were logged last year, a surge of close to 50% from the last year.
Prices of HDB resale rentals also had a lower quarterly hike at 2.4%, and also a 12.7% decrease in resale transactions.
In the same time frame, costs of private houses boosted at a slower price of 0.7%. The total quantity of private house transactions was likewise reduced at 5,343.
According to the Department of Statistics, S$ 3.29 billion of stamp duty was gathered in 2020, while S$ 4.08 billion was received in 2019.
Nonetheless, considered that rates are still projected to expand (albeit at a slower rate), stamp duty collection for this year will likely step up as well.
