S$ 1.503 billion of stamp duty was paid in Q1 2022, slightly less than the S$ 1.58 billion compiled in Q1 2021.
Given the red hot property market last year, S$ 6.84 billion in realty stamp duty was gotten in 2021. This is more than twice the stamp duty received in 2020, and 67.7% more than what was gotten pre-pandemic in 2019.
S$ 1.503 billion of stamp duty was paid in Q1 2022, slightly less than the S$ 1.58 billion compiled in Q1 2021.
Costs of HDB resale suites likewise had a lesser quarterly increase at 2.4%, as well as a 12.7% drop in resale deals.
The increase in stamp duty collection came as sales were booming and real estate prices achieved brand-new highs. For instance, costs were up by 10.6% for the entire of 2021 contrasted to the 2.2% surge in 2020. Aside from that, in 2021 saw several high profile GCB sales by tech as well as crypto Chief executive officers.
According to our Researcher data, an overall of 66,710 property purchases were logged last year, a rise of nearly 50% from the former year.
On the other hand, after the new round of cooling down actions was announced in December 2021 (which included increasing the ABSD rate for the purchase of a second house onwards), stamp duty collection was down by 4.76% in Q1 2022, compared to Q1 2021.
There were additionally significant en bloc sales last year, such as the combined sale of the land parcels at Thiam Siew Avenue for S$ 815 million in November. It was also the major land sale ever since the 2018 a/c actions.
In the exact same time period, costs of exclusive homes improved at a slower rate of 0.7%. The total number of private apartment deals was even lower at 5,343.
According to the Department of Statistics, S$ 3.29 billion of stamp duty was compiled in 2020, while S$ 4.08 billion was gathered in 2019.
Regardless, given that prices are still predicted to raise (even though at a slower price), stamp duty collection for this year will likely improve too.
