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Every chart in Market data. Each chart has its own page with a data table and its source. 123 are free; 18 are member charts that show part of their history to others.
A short history of the Singapore property market
One huge boom and five big falls in 51 years of prices
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A short history of the Singapore property market
Two housing segments are joined by upgrading and downgrading
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A short history of the Singapore property market
Private home prices rose almost 25 times since 1975, with five big falls on the way
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A short history of the Singapore property market
Private home prices have swung in long waves since 1975
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A short history of the Singapore property market
Fifteen of sixteen measures since 2009 tightened the market
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Understanding the property market cycle
The cycle model finds four full cycles since 1996, and a fifth under way
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Understanding the property market cycle
The market moves one way round the four phases and never skips one
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Understanding the property market cycle
Four full cycles since 1996, and a fifth under way
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Understanding the property market cycle
Every completed phase since 1996: Early Bulls ran longest and gained most
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What transaction volumes tell us
Sales peaked at 14,797 in 2007 Q2, 2.7 times the average quarter
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What transaction volumes tell us
Quarterly sales peaked at 14,797 units in 2007 Q2 and stayed under 7,500 from 2023
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What transaction volumes tell us
Sales fell 29% to 59% after five tightening rounds and rose 54% after the 2017 easing
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What transaction volumes tell us
The sale type depends on who sells and whether the project is finished
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What transaction volumes tell us
Developer share of sales swung between 15% and 75% and stands at 35% in 2026 Q2
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How interest rates and yields affect property prices
The 3-month SORA rose 3.6 points in two years, to 3.73% in 2023 Q4
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How interest rates and yields affect property prices
The 3-month rate fell from 7.4% in 1990 to near zero, then rose to 3.7% in 2023
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How interest rates and yields affect property prices
Rates sat near zero for years, then rose 3.6 points as debt rules tightened
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How interest rates and yields affect property prices
A rate rise squeezes the payment and borrowing room; the price effect is not clear
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How interest rates and yields affect property prices
Year-on-year price change ranged from -34% to +47% and did not follow the rate
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How interest rates and yields affect property prices
Gross yield sat below the 3-month rate for eight quarters; now 1.9 points above
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How interest rates and yields affect property prices
Compare the yield with the rate you pay: a positive spread means rent covers interest
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Demand and supply
The private home pipeline is 52,786 units, about half the 1996 peak of 103,034
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Demand and supply
Sales fell first, then prices and vacancy followed the 2012 supply wave
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Demand and supply
Vacancy is 6.4%, under its 6.9% average since 1988; the peak was 9.7% in 1998
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Demand and supply
Unsold units in uncompleted projects are 14,929, about a third of the 2008 peak of 43,473
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Should you buy or rent?
Price-to-rent ratio is 135 against a 118 average since 1990; the 2021 peak was 153
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Should you buy or rent?
Gross yield example: OCR rent of S$4.53 psf a month gives 2.72% on a S$2,002 psf price
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Should you buy or rent?
Four checks before you decide: loan rules, holding period and owning cost against rent
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Has private or public housing performed better?
Private homes led HDB flats by 23.8% on average from 1990 to 2026
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Has private or public housing performed better?
HDB owners can move up to private homes, so the two markets feed each other
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Has private or public housing performed better?
Since 2012 private and HDB prices rose at almost the same pace: 2.9% and 2.7% a year
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Has private or public housing performed better?
The private premium over HDB swung from 95.1% to below zero and is 8.2% now
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Should you buy completed or uncompleted condos?
Completed condos often traded below uncompleted ones; new launches cost far more than resales
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Should you buy completed or uncompleted condos?
You carry the market risk from the day you sign until the building is finished
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Should you buy completed or uncompleted condos?
Completed condos traded up to 13.9% below uncompleted ones, then caught up by 2013
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Should you buy completed or uncompleted condos?
New condos sold 45% above resale psf in 2026 Q3, against 23% on average to 2012
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Should you buy freehold or leasehold condos?
The freehold premium averaged 30.7% to 2012 Q1 and 13.9% from 2021 Q4 to 2026 Q3
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Should you buy freehold or leasehold condos?
Resale median psf in 2026 Q3: freehold S$1,909, 99-year leasehold S$1,738
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Should you buy freehold or leasehold condos?
The freehold premium fell from 25.2% in 2012 Q1 to 9.8% in 2026 Q3
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Should you buy freehold or leasehold condos?
Freehold condo resales cluster in Newton, Tanglin and Novena (88% to 90%)
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Should you buy freehold or leasehold condos?
Years left on a 99-year lease decide how much CPF you can use
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Vacancy and rentals
Non-landed vacancy averaged 7.6% from 1988 to 2026 and peaked at 11.7% in 1998
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Vacancy and rentals
Non-landed vacancy was 5.4% in 2026 Q2, below its 7.6% average since 1988
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Vacancy and rentals
Rent growth peaked at 43% in 2007 Q4 and 32% in 2023 Q1, both with vacancy near 6%
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Vacancy and rentals
Vacancy is highest in the core central region: 8.3% in CCR, 6.1% in RCR, 5.6% in OCR
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How fast are developers selling?
Unsold homes peaked at 43,473 in 2008 Q2; sell-through bottomed at 66% in 2008 Q4
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How fast are developers selling?
Launches and sales are flows; unsold stock is what is left
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How fast are developers selling?
Quarterly launches and sales peaked in 2012 Q1 at 6,903 and 6,458 homes
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How fast are developers selling?
Sell-through ranged from 66% in 2008 Q4 to 154% in 2018 Q1 and was 98.5% in 2026 Q2
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How fast are developers selling?
Unsold homes were 14,929 in 2026 Q2, about a third of the 2008 Q2 peak of 43,473
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How fast are developers selling?
How I read sell-through together with the stock of unsold homes
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Subsales: a measure of speculation
Sub-sales peaked at 16.3% of all sales in 2008 Q4 and averaged 5.1%
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Subsales: a measure of speculation
Sub-sales were 3.2% of private sales in 2026 Q2, against a 16.3% peak in 2008 Q4
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Subsales: a measure of speculation
The Seller's Stamp Duty has changed four times since 2010
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Subsales: a measure of speculation
Does the Seller's Stamp Duty apply to my sale? It depends on the purchase date
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Are foreigners driving up property prices?
Foreigners were 20.1% of new-home buyers in 2011 Q3 and 6.2% after the ABSD
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Are foreigners driving up property prices?
More people lift demand; the ABSD targets one group of buyers
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Are foreigners driving up property prices?
Foreigners bought 20% of new homes in 2011 Q3, then 6% in 2012 Q1 after the ABSD
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Are foreigners driving up property prices?
The foreigner ABSD rose from 10% to 60% in five rounds; my buyer data end in 2013 Q1
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Landed versus non-landed: which is the better buy?
Landed homes are scarce, and landed prices have led over the long run
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Landed versus non-landed: which is the better buy?
A foreigner needs approval to buy a landed house; a citizen does not
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Landed versus non-landed: which is the better buy?
Serangoon and Bedok hold a third of landed sales since 2021; five areas hold 61%
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Landed versus non-landed: which is the better buy?
Landed prices rose 7.2% a year over 51 years, non-landed 6.0%
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Landed versus non-landed: which is the better buy?
The landed index stands 22.7% above the non-landed index; the 30-year average is 10.7%
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Detached, semi-detached and terrace houses
A terrace cost a third of a detached house in 2021 to 2026, but its land cost more per sq ft
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Detached, semi-detached and terrace houses
Detached houses gained 157% from 1998 to 2013, condominiums 97%
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Detached, semi-detached and terrace houses
Detached led the index in 1994 to 1998 and from 2010; apartments led in 2005 to 2009
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Detached, semi-detached and terrace houses
A detached house now sells at a median S$13.7 million, a terrace house at S$4.75 million
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Detached, semi-detached and terrace houses
Median landed price runs from S$2.37 million in Jurong West to S$14.65 million on the Southern Islands
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Landed property rentals and vacancies
Landed rents rose 78% from 2020 Q3 to 2023 Q3, after a 23% fall from 2013 Q3 to 2020 Q3
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Landed property rentals and vacancies
Landed rents fell 23% from 2013 to 2020, then rose 69% by 2026
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Landed property rentals and vacancies
Landed vacancy has more than tripled since 2015, to 10.9%, twice the non-landed rate
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Landed property rentals and vacancies
Landed rents fell for seven years, then jumped; vacancy has risen for twelve quarters
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Landed property: freehold or leasehold?
Freehold terrace land sold for 46% more per sq ft than 99-year land in 2021 to 2026
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Landed property: freehold or leasehold?
Freehold terrace prices went from level with leasehold in 2007 to 25% ahead by 2013
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Landed property: freehold or leasehold?
Terrace land reached S$2,483 psf for freehold and S$1,584 for 99-year leasehold in 2026 Q3
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Landed property: freehold or leasehold?
Freehold terrace land averaged 46% above 99-year leasehold since 2021, against 10% before 2012
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Landed property: freehold or leasehold?
A typical 99-year terrace house sold since 2021 had about 69 years of lease left
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Landed property: freehold or leasehold?
Three checks before you compare a freehold and a leasehold house
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How residential prices performed in CCR, RCR and OCR
From 2004 to 2026 the OCR index more than tripled, and the CCR led only the first upswing
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How residential prices performed in CCR, RCR and OCR
Regions, planning areas and postal districts all feed the CCR, RCR and OCR
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How residential prices performed in CCR, RCR and OCR
Seven of 27 districts with condo sales are mainly CCR; ten are RCR and ten OCR
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How residential prices performed in CCR, RCR and OCR
Singapore has 55 planning areas, grouped into five Regions
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How residential prices performed in CCR, RCR and OCR
CCR, RCR and OCR follow district lines, not planning areas: four areas are split
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How residential prices performed in CCR, RCR and OCR
Since 2004 OCR prices more than tripled; CCR prices only doubled
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How residential prices performed in CCR, RCR and OCR
Condo median price per sq ft has not risen in the CCR since 2021; RCR and OCR are up about a quarter
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How residential prices performed in CCR, RCR and OCR
Condo prices run from S$1,029 per sq ft in Choa Chu Kang to S$3,029 in Orchard
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How residential prices performed in CCR, RCR and OCR
Postal districts cut across planning areas: 11 of the 27 districts with condo sales hold projects of two segments
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Residential rents and yields by region
The CCR had the most vacancy: 9.1% on average from 2020 to 2026, against 5.0% in the OCR
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Residential rents and yields by region
Since 2004 suburban rents rose more than central rents: OCR up 168%, CCR up 142%
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Residential rents and yields by region
After the 2013 slide, rents surged from 2020: CCR +48.7%, RCR +59.1%, OCR +60.0%
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Residential rents and yields by region
Gross yields have slipped to 2.6% in the CCR, 2.8% in the RCR and 2.9% in the OCR
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Property types by region: condos, apartments, detached, semi-detached and terrace
By 2013 the Central Region had lost its lead; since 2021 landed prices rose in every region
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Property types by region: condos, apartments, detached, semi-detached and terrace
Two sets of figures, years apart: indices to 2013 Q1, medians from 2021 Q4
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Property types by region: condos, apartments, detached, semi-detached and terrace
In late 2007 Central condo prices led by 22% to 29%; by 2013 the others had caught up
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Property types by region: condos, apartments, detached, semi-detached and terrace
Central Region condos gained least from 2009 Q1 to 2013 Q1: +38%, against +53% to +62%
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Should you buy residential, commercial or industrial property?
From 1998 to 2026 homes grew fastest: 4.2% a year, against 0.4% for offices
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Should you buy residential, commercial or industrial property?
Residential prices have tripled since 1998. Industrial prices doubled and office prices rose 11%
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Should you buy residential, commercial or industrial property?
Residential won three of five cycles; office and industrial won one each
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Should you buy residential, commercial or industrial property?
Office rents doubled and home rents rose 127%, but industrial rents rose only 51%
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Should you buy residential, commercial or industrial property?
Five checks before you buy a shop, office or factory unit
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Office: central versus fringe, vacancies, rentals and supply
Central office prices fell 44% from 2000 to 2004 and 27.5% from 2019 to 2026
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Office: central versus fringe, vacancies, rentals and supply
The Central Area is 11 planning areas; the Fringe Area is the 11 around it
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Office: central versus fringe, vacancies, rentals and supply
Since 2021 the central office price index has fallen below the fringe index
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Office: central versus fringe, vacancies, rentals and supply
Office rents are 52% above their 1996 peak and level with the 2024 high
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Office: central versus fringe, vacancies, rentals and supply
Office rents beat their old peaks in 2008 and 2024; prices never passed 1996
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Office: central versus fringe, vacancies, rentals and supply
Office vacancy swung from 6% to 19% before 2013. Since then it has stayed between 9% and 15%
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Office: central versus fringe, vacancies, rentals and supply
The office pipeline is 888 thousand sq m: 28% below 2012 and under a third of the 1996 peak
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Shops: central versus fringe, vacancies, rentals and supply
From 2011 Q1 to 2026 Q2 Central retail prices fell 28% while Fringe prices rose 5%
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Shops: central versus fringe, vacancies, rentals and supply
Shop prices follow 11 Central Area and 11 Fringe planning areas
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Shops: central versus fringe, vacancies, rentals and supply
Central prices are 44% below their 1996 shop peak. Fringe prices are 16% below
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Shops: central versus fringe, vacancies, rentals and supply
Since 2011 central retail prices fell 28% and rents fell 30%. Fringe prices rose 5%
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Shops: central versus fringe, vacancies, rentals and supply
Retail vacancy rose to 11.1% in 2020 and is back to 7.0%
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Shops: central versus fringe, vacancies, rentals and supply
The retail pipeline is 716 thousand sq m, 23% below 2012 and 30% below the 2013 peak
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Shops: central versus fringe, vacancies, rentals and supply
Central retail prices fell 42.8% from 2013 to 2023 and have regained 13.6%
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Industrial: prices, rentals, vacancy and supply
Industrial prices fell 19.9% from 2014 to 2020, then rose 31.7% to 2026 Q2
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Industrial: prices, rentals, vacancy and supply
Industrial prices and rents are at a record 113.8 after a 19.9% price fall in 2014 to 2020
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Industrial: prices, rentals, vacancy and supply
Industrial prices rose 117.5% from 2009 to 2014, fell 19.9%, then rose 31.7%
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Industrial: prices, rentals, vacancy and supply
JTC tracks four types of industrial space, but prices for only two
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Industrial: prices, rentals, vacancy and supply
Business parks are 19.7% vacant, against 7.6% to 9.2% for other industrial space
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Industrial: prices, rentals, vacancy and supply
The industrial pipeline is 4.7 million sq m, 33% below its 2014 peak
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Introduction
Market data runs from the whole market to single segments, then to finding a deal
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Where to find good deals
Buying costs are paid on day one; 16 of 21 policy changes since 1996 tightened the rules
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Where to find good deals
Six checks come before the decision, and a failed check sends you back
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Where to find good deals
On a S$2.0m home, stamp duty runs from S$69,600 to S$1.27m depending on who buys
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Where to find good deals
Median project yields run from 2.5% in Tanglin to 4.0% in the Downtown Core
MapMember
Conclusion: what the 30-year record says about timing
Four lessons, four numbers: slow cycles, long waits, milder falls, a falling premium
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Conclusion: what the 30-year record says about timing
Peak buyers waited 8 to 56 quarters for the index to return to their entry level
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Conclusion: what the 30-year record says about timing
The numbers to check depend on the goal: income, price gain or a home to live in
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Appendix: sources, definitions, the cycle model rules, policy measures
Official series run to 2026 Q2; transaction records have a gap, May 2012 to Aug 2021
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Appendix: sources, definitions, the cycle model rules, policy measures
Each phase has one exit test, and the order never changes
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Appendix: sources, definitions, the cycle model rules, policy measures
16 of the 21 measures tightened; the five easing steps came in 1997 to 2005 and 2017
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