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 residential residence sales were reported last year, a surge of almost 50% from the past year.

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 also the largest land sale given that the 2018 air conditioning precautions.

Prices of HDB resale flats at the same time had a lower quarterly boost at 2.4%, and a 12.7% drop in resale purchases.

Meanwhile, after the new round of cooling measures was introduced in December 2021 (which included raising the ABSD premium for the acquisition of a 2nd house onwards), stamp duty collection was down by 4.76% in Q1 2022, contrasted to Q1 2021.

Provided the red hot real estate market last year, S$ 6.84 billion in residence stamp duty was gathered in 2021. This is a lot more than twice the stamp duty gathered in 2020, as well as 67.7% greater than what was accumulated pre-pandemic in 2019.

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

In the same period, amounts of private houses boosted at a slower price of 0.7%. The total quantity of exclusive condo transactions was likewise lower at 5,343.

The boost in stamp duty gathering came as sales were strong and also real estate prices got to brand-new highs. For example, costs were up by 10.6% for all of the of 2021 contrasted to the 2.2% surge in 2020. In addition to that, last year saw many high profile GCB purchases by technology and crypto Chief executive officers.

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

Nonetheless, considered that prices are still projected to rise (even though at a reduced rate), stamp duty collection for this year will likely raise as well.

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