Higher stamp duty rates for higher priced properties

Deputy Prime Minister and Finance Minister Lawrence Wong has made a significant announcement in Singapore’s Budget 2023. Starting Feb 15, marginal buyer stamp duty rates will be increased for higher-valued residential and non-residential properties.

For residential properties, the portion of the value of the property over $1.5 million and up to $3 million will be taxed at 5%. Values above $3 million will be taxed at 6%, up from the current rate of 4%. This will affect 15% of residential properties in Singapore.

Non-residential properties, on the other hand, will be taxed at 4% for the portion of the value of the property over $1 million and up to $1.5 million, with those valued above $1.5 million The Myst being taxed at 5%. This is expected to affect 60% of non-residential properties.

Overall, this is an important development that could influence a significant portion of Singapore’s property market. With the new measures applied to all properties from Feb 15, the market will undoubtedly experience some interesting changes in the months to come.