Should you buy freehold or leasehold condos?
Is freehold always the better investment, and how large is the freehold premium?
Tests the idea that freehold is always the better investment. It compares median resale prices per square foot of freehold and 99-year leasehold condos. The freehold premium was lower after 2021 than before 2012, and the price you pay for the tenure matters more than the label.
MemberKey figures
The freehold premium averaged 30.7% to 2012 Q1 and 13.9% from 2021 Q4 to 2026 Q3
Freehold vs 99-year leasehold resale medians; URA transaction records, 1995 Q1 to 2012 Q1 and 2021 Q4 to 2026 Q3
Members see the full chart. The data table and CSV download are for members too. See plans
Source: Median psf computed from URA transaction records (resale condos and apartments). Computed from psf_tenure_nonlanded: freehold resale median over 99-year leasehold resale median, less 1. The quarter counts are typed.. Preview only: the full chart, table and CSV are for members. Preview of the first part (to 2026 Q3). The full chart, table and CSV are for members.
Medians and counts only: no unit-level data.
MemberLine chart
Resale median psf in 2026 Q3: freehold S$1,909, 99-year leasehold S$1,738
Median price per square foot (S$), resale condos and apartments, freehold and 99-year leasehold; not quality-adjusted. No data 2012 Q2 to 2021 Q3
Source: Median psf computed from URA transaction records (resale condos and apartments, freehold and 99-year leasehold), 1995 Q1 to 2012 Q1 and 2021 Q4 to 2026 Q3. Gap: no unit-level data for 2012 Q2 to 2021 Q3.. Preview only: the full chart, table and CSV are for members. Preview of the first part (to 2012 Q1). The full chart, table and CSV are for members.
Medians and counts only: no unit-level data.
MemberLine chart
The freehold premium fell from 25.2% in 2012 Q1 to 9.8% in 2026 Q3
Freehold median psf above 99-year leasehold median psf, per cent, resale condos and apartments. No data 2012 Q2 to 2021 Q3
The freehold premium is the amount, in per cent, by which the freehold median exceeds the leasehold median.
Source: Computed from the resale medians of 2-3-fh-lh-psf (URA transaction records), 1995 Q1 to 2012 Q1 and 2021 Q4 to 2026 Q3. Premium = freehold resale median psf / 99-year leasehold resale median psf, less 1.. Preview only: the full chart, table and CSV are for members. Preview of the first part (to 2012 Q1). The full chart, table and CSV are for members.
Medians and counts only: no unit-level data.
MemberMap
Freehold condo resales cluster in Newton, Tanglin and Novena (88% to 90%)
Freehold share of resale and sub-sale condo and apartment deals (freehold plus 99-year), Sep 2021 to Sep 2026
Source: PropInsights calculation from URA transaction records, Sep 2021 to Sep 2026; URA Master Plan 2019 planning areas (data.gov.sg). Resales and sub sales of condos and apartments; planning area from project location. Water catchment, industrial and island areas and areas with under 100 deals have no data.. Preview only: the full chart, table and CSV are for members. Preview of the first part. The full chart, table and CSV are for members.
Medians and counts only: no unit-level data.
FreeFlowchart
Years left on a 99-year lease decide how much CPF you can use
Diagram. Applies to HDB flats and private homes
Source: MOM press release, 9 May 2019 (CPF use and the remaining lease).
View the data as a table
| Step | Detail | Leads to |
|---|---|---|
| Freehold | You own it for an. indefinite period | |
| 99-year leasehold | The right to use it for. a fixed time | Does the lease left |
| 999-year leasehold | A far longer fixed term. (not covered here) | |
| Does the lease left | cover the youngest buyer. to age 95? | CPF usable up to (yes); CPF use is cut in line (no) |
| CPF usable up to | the valuation limit | |
| CPF use is cut in line | with the shortfall. None at about 20 years or less |