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 accumulated in Q1 2021.

The upsurge in stamp duty gathering came as sales were thriving and house rates got to new highs. For example, charges 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 numerous high profile GCB transactions by technology as well as crypto Chief executive officers.

According to our Researcher data, an overall of 66,710 residential real estate deals were logged last year, a boost of just about 50% from the last year.

Sky Eden condo price

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

Regardless, given that rates are still projected to boost (even though at a reduced rate), stamp duty collection for this year will likely boost also.

There were likewise 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 also the leading land sale given that the 2018 a/c efforts.

Provided the red hot home market last year, S$ 6.84 billion in residence stamp duty was accumulated in 2021. This is greater than double the stamp duty received in 2020, as well as 67.7% more than what was received pre-pandemic in 2019.

Meanwhile, after the new round of cooling down actions was introduced in December 2021 (that included raising the ABSD price for the investment of a 2nd house onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.

Prices of HDB resale flats also had a cheaper quarterly rise at 2.4%, and a 12.7% drop in resale purchases.

In the same time period, rates of exclusive properties improved at a slower price of 0.7%. The complete range of personal condo purchases was moreover decreased at 5,343.

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