Given the hot property market in Singapore last year, S$6.84 billion in property stamp duty was collected in 2021. This is double the amount collected in 2020 and 67.7% higher than the stamp duty collected in 2019 before the COVID-19 outbreak.
According to data from the Department of Statistics, S$3.29 billion in stamp duty was collected in 2020, while S$4.08 billion was collected in 2019.
The increase in stamp duty is based on strong sales and record-high property prices in Singapore. For example, Singapore property prices rose by 10.6% throughout 2021, compared to a 2.2% increase in 2020. Additionally, several high-profile Good Class Bungalow (GCB) transactions were made by CEOs of tech and cryptocurrency companies last year.
Last year’s collective sales performance was also significant, such as the collective sale of the Thiam Siew Avenue site for S$815 million in November, which was also the largest land sale since the 2018 cooling measures.
According to research data from AnjiaSG, a total of 66,710 residential property transactions were conducted last year, an increase of nearly 50% from the previous year.
| 2019 | 2020 | 2021 | |
| Stamp Duty | S$4.0777 billion | S$3.2892 billion | S$6.8374 billion |
| Residential Property Transactions | 41,929 | 45,633 | 66,710 |
Related Articles:
On the other hand, after the announcement of a new round of cooling measures in December 2021 (including an increase in the Additional Buyer’s Stamp Duty for second properties), stamp duty collection in the first quarter of 2022 fell by 4.76% compared to the first quarter of 2021.
Stamp duty paid in the first quarter of 2022 was S$1.503 billion, slightly lower than the S$1.58 billion collected in the first quarter of 2021.
Meanwhile, the price increase for private residential properties was also lower, at just 0.7%. The number of private residential transactions was also lower, totaling 5,343.
Resale HDB flat prices also saw a lower quarterly increase of 2.4%, and resale transaction volume fell by 12.7%.
Nevertheless, considering that property prices are still expected to rise (albeit at a slower pace), this year’s stamp duty collection is also likely to increase.
For further enquiries, please get in touch:
WeChat: sgleokwek
Telegram: sgleokwek
WhatsApp: Message us
