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

According to our Researcher data, a total amount of 66,710 home exchanges were registered last year, a boost of anywhere near 50% from the past year.

There were additionally 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 also the major land sale due to the fact that the 2018 a/c steps.

In the exact same duration, amounts of private properties boosted at a slower price of 0.7%. The overall quantity of exclusive home purchases was furthermore, lesser at 5,343.

Prices of HDB resale rentals also had a more affordable quarterly surge at 2.4%, and a 12.7% drop in resale deals.

19 Nassim condominium

Offered the red hot residential property market last year, S$ 6.84 billion in realty stamp duty was gathered in 2021. This is beyond two times the stamp duty accumulated in 2020, as well as 67.7% more than what was collected pre-pandemic in 2019.

Meanwhile, after the brand-new round of air-cooling efforts was published in December 2021 (that included increasing the ABSD premium for the acquisition of a 2nd real estate onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.

The increase in stamp duty collection came as sales were in good shape as well as realty prices reached new highs. For instance, fees were up by 10.6% for the entire of 2021 compared to the 2.2% increase in 2020. Besides that, in 2021 saw several high profile GCB deals by tech as well as crypto Chief executive officers.

S$ 1.503 billion of stamp duty was paid in Q1 2022, a bit less than the S$ 1.58 billion received in Q1 2021.

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

Nevertheless, considered that costs are still assumed to raise (albeit at a reduced rate), stamp duty collection for this year will likely boost also.

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