Higher stamp duty rates for higher priced properties

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

These changes are due to take effect from Feb 15 onwards.

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%. Those above $3 million will be taxed at 6%, up from the current rate of 4%. This is expected to affect 15% of residential properties.

For non-residential properties, the portion of the value of the property over $1 million and up to $1.5 million will be taxed at 4%. Those valued at more than $1.5 million will be taxed at 5%. This is expected to affect 60% of non-residential properties.

With the introduction of these changes, Deputy Prime Minister and Finance Minister Lawrence Wong aims at ensuring a healthy and sustainable property market in Singapore.