Higher stamp duty rates for higher priced properties

During Singapore’s Budget 2023 announcement, Deputy Prime Minister and Finance Minister Tengah EC Lawrence Wong announced greater marginal buyer stamp duty rates for higher-value residential and non-residential properties.

The increased stamp duty will apply to all properties beginning on February 15th.

Residential properties with a value above $1.5 million up to $3 million will face a 5% tax, while those above the $3 million mark will be subject to the new 6% tax, an increase from the current 4%. 15% of residential properties will be affected by this change.

Meanwhile, non-residential properties valued over $1 million up to $1.5 million will be taxed at 4%, while those over $1.5 million will suffer a 5% rate, which will affect 60% of non-residential properties.

The government’s intent is to help ease the growing property market. These changes should help create a more manageable and desirable real estate environment.