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

The growth in stamp duty gathering came as sales were thriving and also real estate rates came to brand-new highs. Say, rates were up by 10.6% for the entire of 2021 compared to the 2.2% rise in 2020. Besides that, in 2021 saw some high profile GCB deals by tech and also crypto CEOs.

On the other hand, after the new round of cooling measures was disclosed in December 2021 (that included raising the ABSD premium for the acquisition of a second property onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.

Pollen Collection Ang Mo Kio Avenue 5

There were also significant 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 given that the 2018 air conditioning steps.

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

S$ 1.503 billion of stamp duty was paid in Q1 2022, a little lower than the S$ 1.58 billion accumulated in Q1 2021.

In the exact same period, rates of private houses enhanced at a slower rate of 0.7%. The total number of exclusive home purchases was also lower at 5,343.

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

Costs of HDB resale suites additionally had a lower quarterly rise at 2.4%, and a 12.7% drop in resale transactions.

Still, considered that rates are still presumed to multiply (even though at a slower rate), stamp duty collection for this year will likely progress also.

According to our Researcher data, a total of 66,710 home agreements were registered last year, a hike of more or less 50% from the last year.

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