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Subsales: a measure of speculation

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Sub-sales were 3.2% of private sales in 2026 Q2, against a 16.3% peak in 2008 Q4

FreeLine chart

Sub-sales were 3.2% of private sales in 2026 Q2, against a 16.3% peak in 2008 Q4

Sub-sales as a share of all private home sales, per cent, quarterly, 1999 Q4 to 2026 Q2. Triangles: Seller Stamp Duty changes

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Sub-sales were 3.2% of private sales in 2026 Q2, against a 16.3% peak in 2008 Q4Speculation here means buying to resell quickly for a gain. A high sub-sale share says buyers expect fast gains.0%3%6%9%12%15%18%2000200420082012201620202024Share: 1999-Q4 to 2026-Q22010-02-19, tighter (impact 3 of 3): Seller's Stamp Duty introduced and LTV limit cut to 80%, February 20102010-08-30, tighter (impact 2 of 3): Property cooling measures, August 20102011-01-13, tighter (impact 3 of 3): Property cooling measures, January 20112017-03-10, looser (impact 2 of 3): SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal2025-07-03, tighter (impact 2 of 3): Seller's Stamp Duty holding period back to four years, rates raised by 4 ppShare, 2026 Q2: 3%Share1999-Q4: Share 11%2000-Q1: Share 9%2000-Q2: Share 9%2000-Q3: Share 7%2000-Q4: Share 6%2001-Q1: Share 4%2001-Q2: Share 5%2001-Q3: Share 4%2001-Q4: Share 2%2002-Q1: Share 1%2002-Q2: Share 2%2002-Q3: Share 2%2002-Q4: Share 2%2003-Q1: Share 3%2003-Q2: Share 2%2003-Q3: Share 2%2003-Q4: Share 2%2004-Q1: Share 3%2004-Q2: Share 3%2004-Q3: Share 2%2004-Q4: Share 2%2005-Q1: Share 3%2005-Q2: Share 3%2005-Q3: Share 3%2005-Q4: Share 4%2006-Q1: Share 3%2006-Q2: Share 3%2006-Q3: Share 6%2006-Q4: Share 7%2007-Q1: Share 8%2007-Q2: Share 13%2007-Q3: Share 15%2007-Q4: Share 12%2008-Q1: Share 13%2008-Q2: Share 13%2008-Q3: Share 13%2008-Q4: Share 16%2009-Q1: Share 10%2009-Q2: Share 13%2009-Q3: Share 11%2009-Q4: Share 12%2010-Q1: Share 10%2010-Q2: Share 9%2010-Q3: Share 9%2010-Q4: Share 8%2011-Q1: Share 8%2011-Q2: Share 8%2011-Q3: Share 8%2011-Q4: Share 9%2012-Q1: Share 5%2012-Q2: Share 7%2012-Q3: Share 6%2012-Q4: Share 8%2013-Q1: Share 5%2013-Q2: Share 5%2013-Q3: Share 5%2013-Q4: Share 4%2014-Q1: Share 5%2014-Q2: Share 4%2014-Q3: Share 5%2014-Q4: Share 5%2015-Q1: Share 4%2015-Q2: Share 4%2015-Q3: Share 3%2015-Q4: Share 4%2016-Q1: Share 3%2016-Q2: Share 3%2016-Q3: Share 3%2016-Q4: Share 3%2017-Q1: Share 1%2017-Q2: Share 2%2017-Q3: Share 1%2017-Q4: Share 2%2018-Q1: Share 2%2018-Q2: Share 2%2018-Q3: Share 1%2018-Q4: Share 1%2019-Q1: Share 1%2019-Q2: Share 1%2019-Q3: Share 2%2019-Q4: Share 2%2020-Q1: Share 1%2020-Q2: Share 1%2020-Q3: Share 1%2020-Q4: Share 1%2021-Q1: Share 1%2021-Q2: Share 2%2021-Q3: Share 2%2021-Q4: Share 2%2022-Q1: Share 3%2022-Q2: Share 3%2022-Q3: Share 4%2022-Q4: Share 6%2023-Q1: Share 6%2023-Q2: Share 5%2023-Q3: Share 7%2023-Q4: Share 9%2024-Q1: Share 9%2024-Q2: Share 8%2024-Q3: Share 7%2024-Q4: Share 4%2025-Q1: Share 4%2025-Q2: Share 5%2025-Q3: Share 3%2025-Q4: Share 3%2026-Q1: Share 3%2026-Q2: Share 3%Policy:TighterLoosersize = impact

Speculation here means buying to resell quickly for a gain. A high sub-sale share says buyers expect fast gains.

Source: URA private home sales records via data.gov.sg (sub-sales divided by all sales). Seller Stamp Duty changes: tighter in Feb 2010, Aug 2010, Jan 2011 and Jul 2025; looser in Mar 2017 (IRAS, MOF, MAS).. Data to 2026 Q2.

Licence: green class (Singapore Open Data Licence).

View the data as a table
Sub-sales were 3.2% of private sales in 2026 Q2, against a 16.3% peak in 2008 Q4
PeriodShare
1999-Q411%
2000-Q19%
2000-Q29%
2000-Q37%
2000-Q46%
2001-Q14%
2001-Q25%
2001-Q34%
2001-Q42%
2002-Q11%
2002-Q22%
2002-Q32%
2002-Q42%
2003-Q13%
2003-Q22%
2003-Q32%
2003-Q42%
2004-Q13%
2004-Q23%
2004-Q32%
2004-Q42%
2005-Q13%
2005-Q23%
2005-Q33%
2005-Q44%
2006-Q13%
2006-Q23%
2006-Q36%
2006-Q47%
2007-Q18%
2007-Q213%
2007-Q315%
2007-Q412%
2008-Q113%
2008-Q213%
2008-Q313%
2008-Q416%
2009-Q110%
2009-Q213%
2009-Q311%
2009-Q412%
2010-Q110%
2010-Q29%
2010-Q39%
2010-Q48%
2011-Q18%
2011-Q28%
2011-Q38%
2011-Q49%
2012-Q15%
2012-Q27%
2012-Q36%
2012-Q48%
2013-Q15%
2013-Q25%
2013-Q35%
2013-Q44%
2014-Q15%
2014-Q24%
2014-Q35%
2014-Q45%
2015-Q14%
2015-Q24%
2015-Q33%
2015-Q44%
2016-Q13%
2016-Q23%
2016-Q33%
2016-Q43%
2017-Q11%
2017-Q22%
2017-Q31%
2017-Q42%
2018-Q12%
2018-Q22%
2018-Q31%
2018-Q41%
2019-Q11%
2019-Q21%
2019-Q32%
2019-Q42%
2020-Q11%
2020-Q21%
2020-Q31%
2020-Q41%
2021-Q11%
2021-Q22%
2021-Q32%
2021-Q42%
2022-Q13%
2022-Q23%
2022-Q34%
2022-Q46%
2023-Q16%
2023-Q25%
2023-Q37%
2023-Q49%
2024-Q19%
2024-Q28%
2024-Q37%
2024-Q44%
2025-Q14%
2025-Q25%
2025-Q33%
2025-Q43%
2026-Q13%
2026-Q23%
Topic
Subsales: a measure of speculation
Segment
Condos and apartments
Chart type
Line chart
Access
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Subsales: a measure of speculation

More charts in this topic

Previous chartSub-sales peaked at 16.3% of all sales in 2008 Q4 and averaged 5.1%Next chartThe Seller's Stamp Duty has changed four times since 2010