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

Given the red hot building market last year, S$ 6.84 billion in property stamp duty was gathered in 2021. This is a lot more than double the stamp duty gotten in 2020, and 67.7% greater than what was gotten pre-pandemic in 2019.

In the exact same time period, costs of private homes increased at a slower rate of 0.7%. The overall variety of exclusive home transactions was even reduced at 5,343.

Prices of HDB resale condos at the same time had a lesser quarterly boost at 2.4%, and a 12.7% drop in resale deals.

Meanwhile, after the new round of air-cooling precautions was disclosed in December 2021 (which included increasing the ABSD cost for the acquisition of a second residence onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.

There were also remarkable 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 likewise the major land sale considering that the 2018 air conditioning steps.

The surge in stamp duty collection came as sales were strong and also house rates attained new highs. Say, costs were up by 10.6% for the whole of 2021 compared to the 2.2% rise in 2020. In addition to that, in 2021 saw some high profile GCB deals by tech as well as crypto CEOs.

According to our Researcher data, a total of 66,710 residential property transactions were recorded last year, a boost of almost 50% from the past year.

According to the Department of Statistics, S$ 3.29 billion of stamp duty was accumulated in 2020, while S$ 4.08 billion was compiled in 2019.

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

Still, given that prices are still assumed to increase (albeit at a slower rate), stamp duty collection for this year will likely raise too.

The Landmark Condo Chin Swee Road

error: Content is protected !!