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

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.

S$ 1.503 billion of stamp duty was paid in Q1 2022, slightly lower than the S$ 1.58 billion gathered in Q1 2021.

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.

The Atelier Makeway Avenue price

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.

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