Conclusion: what the 30-year record says about timing

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Four lessons, four numbers: slow cycles, long waits, milder falls, a falling premium

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Four lessons, four numbers: slow cycles, long waits, milder falls, a falling premium

URA price index to 2026 Q2; freehold premium = resale median psf, freehold over 99-year leasehold condos, average of quarters.

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Four lessons, four numbers: slow cycles, long waits, milder falls, a falling premiumURA price index to 2026 Q2; freehold premium = resale median psf, freehold over 99-year leasehold condos, average of quarters.Average cycle length: 5.4 years. 4 cycles since 1999 Q1Average cycle lengthAverage cycle length: 5.4 years. 4 cycles since 1999 Q15.4 years4 cycles since 1999 Q1Wait after the 2013 peak: 29 qtrs. index regained in 2020 Q4Wait after the 2013 peakWait after the 2013 peak: 29 qtrs. index regained in 2020 Q429 qtrsindex regained in 2020 Q4Peak-to-trough fall: 11.6%. 2013-17 (1996-98: 44.9%)Peak-to-trough fallPeak-to-trough fall: 11.6%. 2013-17 (1996-98: 44.9%)11.6%2013-17 (1996-98: 44.9%)Premium since 2021 Q4: 13.9%. 30.7% avg, 1995-2012 Q1Premium since 2021 Q4Premium since 2021 Q4: 13.9%. 30.7% avg, 1995-2012 Q113.9%30.7% avg, 1995-2012 Q1

Source: URA price index via SingStat to 2026 Q2; cycle lengths from the cycle model; freehold premium from transaction records (resale medians).

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Four lessons, four numbers: slow cycles, long waits, milder falls, a falling premium
MeasureValueNote
Average cycle length5.4 years4 cycles since 1999 Q1
Wait after the 2013 peak29 qtrsindex regained in 2020 Q4
Peak-to-trough fall11.6%2013-17 (1996-98: 44.9%)
Premium since 2021 Q413.9%30.7% avg, 1995-2012 Q1
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Conclusion: what the 30-year record says about timing

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