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Appendix: sources, definitions, the cycle model rules, policy measures

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16 of the 21 measures tightened; the five easing steps came in 1997 to 2005 and 2017

FreeTimeline

16 of the 21 measures tightened; the five easing steps came in 1997 to 2005 and 2017

Date of announcement. Red = tighter, green = looser. Impact is a PropInsights rating, 1 (minor) to 3 (major).

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16 of the 21 measures tightened; the five easing steps came in 1997 to 2005 and 2017Impact is a PropInsights rating from 1 (minor) to 3 (major) of how big each measure was for the private market. It is a judgment, not a measurement.199520002005201020152020202520302035Stamp dutiesLoan and debt limitsMixed packages, tighterEasingABSD introducedBSD top rate to 4%BSD: 5% and 6% bandsABSD raisedSSD to 4 years, 16%Interest-only loans ended35-year loan tenure capTDSR introduced (60%)TDSR rate floor, HDB LTVAnti-speculation packageSSD introduced, LTV 80%SSD 3 years, LTV 70%SSD 4 years, LTV 60%Cooling measures, Jan 2013ABSD up, LTV cutABSD up, TDSR 55%Seller surcharge suspendedLand sales, duty deferredOff-budget packagePolicy review: LTV 90%SSD 3 years, TDSR easedABSD introduced: Dec 2011 (impact 3)Dec 2011impact 3BSD top rate to 4%: Feb 2018 (impact 1)Feb 2018impact 1BSD: 5% and 6% bands: Feb 2023 (impact 1)Feb 2023impact 1ABSD raised: Apr 2023 (impact 2)Apr 2023impact 2SSD to 4 years, 16%: Jul 2025 (impact 2)Jul 2025impact 2Interest-only loans ended: Sep 2009 (impact 1)Sep 2009impact 135-year loan tenure cap: Oct 2012 (impact 2)Oct 2012impact 2TDSR introduced (60%): Jun 2013 (impact 3)Jun 2013impact 3TDSR rate floor, HDB LTV: Sep 2022 (impact 2)Sep 2022impact 2Anti-speculation package: May 1996 (impact 3)May 1996impact 3SSD introduced, LTV 80%: Feb 2010 (impact 3)Feb 2010impact 3SSD 3 years, LTV 70%: Aug 2010 (impact 2)Aug 2010impact 2SSD 4 years, LTV 60%: Jan 2011 (impact 3)Jan 2011impact 3Cooling measures, Jan 2013: Jan 2013 (impact 3)Jan 2013impact 3ABSD up, LTV cut: Jul 2018 (impact 3)Jul 2018impact 3ABSD up, TDSR 55%: Dec 2021 (impact 2)Dec 2021impact 2Seller surcharge suspended: Nov 1997 (impact 1)Nov 1997impact 1Land sales, duty deferred: Jun 1998 (impact 2)Jun 1998impact 2Off-budget package: Oct 2001 (impact 2)Oct 2001impact 2Policy review: LTV 90%: Jul 2005 (impact 2)Jul 2005impact 2SSD 3 years, TDSR eased: Mar 2017 (impact 2)Mar 2017impact 2

Impact is a PropInsights rating from 1 (minor) to 3 (major) of how big each measure was for the private market. It is a judgment, not a measurement.

Source: MOF, MAS, MND, IRAS and National Archives of Singapore releases (links in the policy timeline). Lane grouping and impact ratings are PropInsights ratings. Data: data/catalog/pmcm-policy-events.csv..

Medians and counts only: no unit-level data.

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16 of the 21 measures tightened; the five easing steps came in 1997 to 2005 and 2017
EventStartEndNote
ABSD introduced2011-12-07impact 3
BSD top rate to 4%2018-02-19impact 1
BSD: 5% and 6% bands2023-02-14impact 1
ABSD raised2023-04-26impact 2
SSD to 4 years, 16%2025-07-03impact 2
Interest-only loans ended2009-09-14impact 1
35-year loan tenure cap2012-10-05impact 2
TDSR introduced (60%)2013-06-28impact 3
TDSR rate floor, HDB LTV2022-09-29impact 2
Anti-speculation package1996-05-14impact 3
SSD introduced, LTV 80%2010-02-19impact 3
SSD 3 years, LTV 70%2010-08-30impact 2
SSD 4 years, LTV 60%2011-01-13impact 3
Cooling measures, Jan 20132013-01-11impact 3
ABSD up, LTV cut2018-07-05impact 3
ABSD up, TDSR 55%2021-12-15impact 2
Seller surcharge suspended1997-11-18impact 1
Land sales, duty deferred1998-06-29impact 2
Off-budget package2001-10-12impact 2
Policy review: LTV 90%2005-07-19impact 2
SSD 3 years, TDSR eased2017-03-10impact 2
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Appendix: sources, definitions, the cycle model rules, policy measures

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