S$6.84b property stamp duty collected in 2021 amid red hot property market
There were additionally remarkable en bloc sales last year, such as the cumulative sale of the land parcels at Thiam Siew Avenue for S$ 815 million in November. It was likewise the leading land sale ever since the 2018 a/c efforts.
According to the Department of Statistics, S$ 3.29 billion of stamp duty was compiled in 2020, while S$ 4.08 billion was accumulated in 2019.
Nonetheless, given that prices are still forecasted to multiply (even though at a slower price), stamp duty collection for this year will likely raise too.
S$ 1.503 billion of stamp duty was paid in Q1 2022, a bit less than the S$ 1.58 billion compiled in Q1 2021.
Prices of HDB resale apartments likewise had a lower quarterly increase at 2.4%, and also a 12.7% decrease in resale deals.
Offered the red hot real estate market last year, S$ 6.84 billion in house stamp duty was accumulated in 2021. This is more than double the stamp duty accumulated in 2020, and 67.7% over what was gotten pre-pandemic in 2019.
In the exact same moment, amounts of private houses improved at a slower rate of 0.7%. The complete range of exclusive apartment transactions was even decreased at 5,343.
According to our Researcher data, a total of 66,710 home transactions were reported last year, an increase of close to 50% from the last year.
Meanwhile, after the brand-new round of air-cooling solutions was disclosed in December 2021 (which included raising the ABSD premium for the investment of a second home onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.
The boost in stamp duty gathering came as sales were thriving as well as realty rates got to new highs. As an example, fees were up by 10.6% for all of the of 2021 compared to the 2.2% boost in 2020. On top of that, in 2021 saw numerous high profile GCB transactions by tech and also crypto Chief executive officers.
