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

The upsurge in stamp duty collection came as sales were effective and also property prices got to brand-new highs. Say, prices were up by 10.6% for all of the of 2021 contrasted to the 2.2% rise in 2020. Aside from that, last year saw many high profile GCB purchases by tech and also crypto CEOs.

S$ 1.503 billion of stamp duty was paid in Q1 2022, somewhat less than the S$ 1.58 billion gotten in Q1 2021.

There were likewise significant en bloc sales last year, such as the collective sale of the land parcels at Thiam Siew Avenue for S$ 815 million in November. It was additionally the leading land sale ever since the 2018 cooling precautions.

In the very same duration, amounts of exclusive residential homes increased at a slower rate of 0.7%. The overall number of exclusive property transactions was also decreased at 5,343.

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According to our Researcher data, a total amount of 66,710 property sales were registered last year, a growth of nearly 50% from the former year.

Given the red hot house market last year, S$ 6.84 billion in residence stamp duty was gotten in 2021. This is greater than twice the stamp duty gotten in 2020, as well as 67.7% greater than what was compiled pre-pandemic in 2019.

Costs of HDB resale suites similarly had a reduced quarterly growth at 2.4%, and a 12.7% drop in resale purchases.

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

On the other hand, after the brand-new round of air-conditioning actions was published in December 2021 (that included raising the ABSD cost for the buying of a 2nd realty onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.

Nevertheless, considered that prices are still anticipated to expand (albeit at a reduced price), stamp duty collection for this year will likely boost also.

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