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, a bit less than the S$ 1.58 billion collected in Q1 2021.
According to the Department of Statistics, S$ 3.29 billion of stamp duty was accumulated in 2020, while S$ 4.08 billion was received in 2019.
There were also outstanding 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 biggest land sale since the 2018 a/c measures.
The boost in stamp duty gathering came as sales were booming and also realty prices came to brand-new highs. For instance, costs were up by 10.6% for all of the of 2021 contrasted to the 2.2% surge in 2020. Besides that, in 2021 saw a number of high profile GCB deals by tech as well as crypto Chief executive officers.
In the very same time frame, amounts of private properties improved at a slower rate of 0.7%. The total number of exclusive home purchases was also reduced at 5,343.
On the other hand, after the new round of air-conditioning measures was released in December 2021 (that included increasing the ABSD cost for the acquisition of a 2nd residence onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.
Given the red hot real estate market last year, S$ 6.84 billion in building stamp duty was gotten in 2021. This is greater than double the stamp duty collected in 2020, and 67.7% more than what was gathered pre-pandemic in 2019.
According to our Researcher data, a total amount of 66,710 residential realty transactions were logged last year, an increase of close to 50% from the previous year.
Costs of HDB resale rentals at the same time had a more affordable quarterly surge at 2.4%, as well as a 12.7% decrease in resale deals.
Still, given that rates are still predicted to rise (albeit at a reduced rate), stamp duty collection for this year will likely improve as well.