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, slightly lower than the S$ 1.58 billion gathered in Q1 2021.
There were likewise 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 additionally the biggest land sale due to the fact that the 2018 a/c measures.
According to the Department of Statistics, S$ 3.29 billion of stamp duty was received in 2020, while S$ 4.08 billion was collected in 2019.
According to our Researcher data, a total amount of 66,710 property agreements were registered last year, a boost of nearly 50% from the former year.
In the same period, rates of private residential real estates enhanced at a slower price of 0.7%. The complete range of private house deals was even decreased at 5,343.
Given the red hot residence market last year, S$ 6.84 billion in real estate stamp duty was gathered in 2021. This is greater than double the stamp duty gathered in 2020, and also 67.7% more than what was received pre-pandemic in 2019.
The boost in stamp duty gathering came as sales were strong and home rates attained brand-new highs. For example, costs were up by 10.6% for the entire of 2021 contrasted to the 2.2% growth in 2020. In addition to that, in 2021 saw some high profile GCB transactions by tech and crypto CEOs.
Rates of HDB resale flats likewise had a cheaper quarterly increase at 2.4%, as well as a 12.7% decrease in resale deals.
Nevertheless, considered that prices are still presumed to increase (albeit at a slower price), stamp duty collection for this year will likely step up also.
On the other hand, after the brand-new round of cooling down efforts was announced in December 2021 (which included boosting the ABSD price for the buying of a second real estate onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.