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Condos and apartments

Has private or public housing performed better?

Have private homes beaten HDB flats, and is the gap between them a timing tool?

Compares private homes with HDB resale flats, using the URA private price index and the HDB resale price index (both 1Q2009 = 100). From 1990 Q1 to 2012 Q2 HDB flats clearly did better. Since 2012 the two have moved at almost the same pace, so the gap between them is a yardstick of relative value, not a timing tool.

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FreeKey figures

Private homes led HDB flats by 23.8% on average from 1990 to 2026

URA PPI and HDB RPI via SingStat (1Q2009 = 100). Premium = PPI over RPI, less 1.

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Private homes led HDB flats by 23.8% on average from 1990 to 2026URA PPI and HDB RPI via SingStat (1Q2009 = 100). Premium = PPI over RPI, less 1.Average premium: 23.8%. 1990 Q1 to 2026 Q2Average premiumAverage premium: 23.8%. 1990 Q1 to 2026 Q223.8%1990 Q1 to 2026 Q2Widest premium: 95.1%. 1994 Q4Widest premiumWidest premium: 95.1%. 1994 Q495.1%1994 Q4Narrowest premium: -6.0%. 2009 Q2, HDB aheadNarrowest premiumNarrowest premium: -6.0%. 2009 Q2, HDB ahead-6.0%2009 Q2, HDB aheadPrivate rise, 1990-2026: x5.4. HDB resale rose x8.3Private rise, 1990-2026Private rise, 1990-2026: x5.4. HDB resale rose x8.3x5.4HDB resale rose x8.3

Source: URA private residential price index (PPI) and HDB resale price index (RPI), via SingStat. HDB RPI: SingStat table M212161. The sub line of the last tile is typed (RPI 202.8 over 24.3).. Data to 2026 Q2.

Licence: green class (Singapore Open Data Licence).

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Private homes led HDB flats by 23.8% on average from 1990 to 2026
MeasureValueNote
Average premium23.8%1990 Q1 to 2026 Q2
Widest premium95.1%1994 Q4
Narrowest premium-6.0%2009 Q2, HDB ahead
Private rise, 1990-2026x5.4HDB resale rose x8.3

FreeFlowchart

HDB owners can move up to private homes, so the two markets feed each other

Diagram. Rules from HDB (MOP) and the EC scheme; check your own flat before you plan

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HDB owners can move up to private homes, so the two markets feed each otherDiagram. Rules from HDB (MOP) and the EC scheme; check your own flat before you planHDB flat. New or resaleHDB flatNew or resaleMinimum occupation. period (MOP). Generally 5 yearsMinimum occupationperiod (MOP)Generally 5 yearsSell and buy another HDB flat. Stays in the HDB marketSell and buy another HDB flatStays in the HDB marketBuy an executive condominium. New, from a developer. Fully private after 10 yearsBuy an executive condominiumNew, from a developerFully private after 10 yearsBuy a private condo or landed home. Not allowed during the MOPBuy a private condo or landed homeNot allowed during the MOPThe MOP is 10 years for Plus and Prime flats. Each move shifts demand between the HDB and private markets.

Source: HDB: minimum occupation period (MOP) and executive condominium (EC) scheme.

View the data as a table
HDB owners can move up to private homes, so the two markets feed each other
StepDetailLeads to
HDB flatNew or resaleMinimum occupation
Minimum occupationperiod (MOP). Generally 5 yearsSell and buy another HDB flat; Buy an executive condominium; Buy a private condo or landed home
Sell and buy another HDB flatStays in the HDB market
Buy an executive condominiumNew, from a developer. Fully private after 10 years
Buy a private condo or landed homeNot allowed during the MOP

FreeLine chart

Since 2012 private and HDB prices rose at almost the same pace: 2.9% and 2.7% a year

Private residential price index (PPI) and HDB resale price index (RPI), 1Q2009 = 100, quarterly, 1990 Q1 to 2026 Q2

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Since 2012 private and HDB prices rose at almost the same pace: 2.9% and 2.7% a yearThe gap between the two lines shows cumulative growth. It is not the price difference between a flat and a condo.04080120160200240199219962000200420082012201620202024HDB RPI: 1990-Q1 to 2026-Q2Private PPI: 1990-Q1 to 2026-Q2HDB RPI, 2026 Q2: 203HDB RPIPrivate PPI, 2026 Q2: 219Private PPI1990-Q1: HDB RPI 24, Private PPI 411990-Q2: HDB RPI 24, Private PPI 421990-Q3: HDB RPI 25, Private PPI 421990-Q4: HDB RPI 25, Private PPI 401991-Q1: HDB RPI 25, Private PPI 421991-Q2: HDB RPI 26, Private PPI 461991-Q3: HDB RPI 25, Private PPI 471991-Q4: HDB RPI 25, Private PPI 481992-Q1: HDB RPI 26, Private PPI 501992-Q2: HDB RPI 27, Private PPI 521992-Q3: HDB RPI 28, Private PPI 541992-Q4: HDB RPI 29, Private PPI 551993-Q1: HDB RPI 30, Private PPI 581993-Q2: HDB RPI 40, Private PPI 651993-Q3: HDB RPI 48, Private PPI 711993-Q4: HDB RPI 49, Private PPI 751994-Q1: HDB RPI 50, Private PPI 821994-Q2: HDB RPI 52, Private PPI 941994-Q3: HDB RPI 55, Private PPI 1051994-Q4: HDB RPI 55, Private PPI 1071995-Q1: HDB RPI 57, Private PPI 1101995-Q2: HDB RPI 64, Private PPI 1111995-Q3: HDB RPI 68, Private PPI 1131995-Q4: HDB RPI 74, Private PPI 1181996-Q1: HDB RPI 81, Private PPI 1221996-Q2: HDB RPI 91, Private PPI 1301996-Q3: HDB RPI 96, Private PPI 1271996-Q4: HDB RPI 99, Private PPI 1241997-Q1: HDB RPI 99, Private PPI 1191997-Q2: HDB RPI 98, Private PPI 1181997-Q3: HDB RPI 94, Private PPI 1131997-Q4: HDB RPI 88, Private PPI 1081998-Q1: HDB RPI 82, Private PPI 981998-Q2: HDB RPI 78, Private PPI 901998-Q3: HDB RPI 75, Private PPI 781998-Q4: HDB RPI 72, Private PPI 721999-Q1: HDB RPI 71, Private PPI 751999-Q2: HDB RPI 72, Private PPI 841999-Q3: HDB RPI 78, Private PPI 911999-Q4: HDB RPI 80, Private PPI 962000-Q1: HDB RPI 80, Private PPI 992000-Q2: HDB RPI 79, Private PPI 1002000-Q3: HDB RPI 78, Private PPI 982000-Q4: HDB RPI 76, Private PPI 952001-Q1: HDB RPI 73, Private PPI 912001-Q2: HDB RPI 72, Private PPI 902001-Q3: HDB RPI 71, Private PPI 882001-Q4: HDB RPI 70, Private PPI 842002-Q1: HDB RPI 69, Private PPI 832002-Q2: HDB RPI 69, Private PPI 822002-Q3: HDB RPI 70, Private PPI 832002-Q4: HDB RPI 70, Private PPI 822003-Q1: HDB RPI 71, Private PPI 822003-Q2: HDB RPI 73, Private PPI 812003-Q3: HDB RPI 74, Private PPI 812003-Q4: HDB RPI 75, Private PPI 812004-Q1: HDB RPI 75, Private PPI 802004-Q2: HDB RPI 76, Private PPI 802004-Q3: HDB RPI 76, Private PPI 812004-Q4: HDB RPI 77, Private PPI 812005-Q1: HDB RPI 77, Private PPI 822005-Q2: HDB RPI 74, Private PPI 822005-Q3: HDB RPI 73, Private PPI 832005-Q4: HDB RPI 74, Private PPI 852006-Q1: HDB RPI 74, Private PPI 862006-Q2: HDB RPI 74, Private PPI 872006-Q3: HDB RPI 74, Private PPI 902006-Q4: HDB RPI 75, Private PPI 932007-Q1: HDB RPI 76, Private PPI 982007-Q2: HDB RPI 78, Private PPI 1062007-Q3: HDB RPI 83, Private PPI 1142007-Q4: HDB RPI 88, Private PPI 1222008-Q1: HDB RPI 91, Private PPI 1272008-Q2: HDB RPI 95, Private PPI 1272008-Q3: HDB RPI 99, Private PPI 1242008-Q4: HDB RPI 101, Private PPI 1162009-Q1: HDB RPI 100, Private PPI 1002009-Q2: HDB RPI 101, Private PPI 952009-Q3: HDB RPI 105, Private PPI 1102009-Q4: HDB RPI 109, Private PPI 1182010-Q1: HDB RPI 112, Private PPI 1252010-Q2: HDB RPI 117, Private PPI 1322010-Q3: HDB RPI 121, Private PPI 1362010-Q4: HDB RPI 124, Private PPI 1392011-Q1: HDB RPI 126, Private PPI 1422011-Q2: HDB RPI 130, Private PPI 1452011-Q3: HDB RPI 135, Private PPI 1472011-Q4: HDB RPI 138, Private PPI 1472012-Q1: HDB RPI 139, Private PPI 1472012-Q2: HDB RPI 140, Private PPI 1482012-Q3: HDB RPI 143, Private PPI 1492012-Q4: HDB RPI 147, Private PPI 1522013-Q1: HDB RPI 149, Private PPI 1522013-Q2: HDB RPI 149, Private PPI 1542013-Q3: HDB RPI 148, Private PPI 1552013-Q4: HDB RPI 146, Private PPI 1532014-Q1: HDB RPI 144, Private PPI 1512014-Q2: HDB RPI 142, Private PPI 1502014-Q3: HDB RPI 139, Private PPI 1492014-Q4: HDB RPI 137, Private PPI 1472015-Q1: HDB RPI 136, Private PPI 1462015-Q2: HDB RPI 135, Private PPI 1442015-Q3: HDB RPI 135, Private PPI 1422015-Q4: HDB RPI 135, Private PPI 1422016-Q1: HDB RPI 135, Private PPI 1412016-Q2: HDB RPI 135, Private PPI 1402016-Q3: HDB RPI 135, Private PPI 1382016-Q4: HDB RPI 135, Private PPI 1372017-Q1: HDB RPI 134, Private PPI 1372017-Q2: HDB RPI 134, Private PPI 1372017-Q3: HDB RPI 133, Private PPI 1382017-Q4: HDB RPI 133, Private PPI 1392018-Q1: HDB RPI 132, Private PPI 1442018-Q2: HDB RPI 132, Private PPI 1492018-Q3: HDB RPI 132, Private PPI 1502018-Q4: HDB RPI 131, Private PPI 1502019-Q1: HDB RPI 131, Private PPI 1492019-Q2: HDB RPI 131, Private PPI 1512019-Q3: HDB RPI 131, Private PPI 1532019-Q4: HDB RPI 132, Private PPI 1542020-Q1: HDB RPI 132, Private PPI 1522020-Q2: HDB RPI 132, Private PPI 1532020-Q3: HDB RPI 134, Private PPI 1542020-Q4: HDB RPI 138, Private PPI 1572021-Q1: HDB RPI 142, Private PPI 1622021-Q2: HDB RPI 146, Private PPI 1642021-Q3: HDB RPI 151, Private PPI 1652021-Q4: HDB RPI 156, Private PPI 1742022-Q1: HDB RPI 160, Private PPI 1752022-Q2: HDB RPI 164, Private PPI 1812022-Q3: HDB RPI 168, Private PPI 1882022-Q4: HDB RPI 172, Private PPI 1892023-Q1: HDB RPI 174, Private PPI 1952023-Q2: HDB RPI 176, Private PPI 1942023-Q3: HDB RPI 179, Private PPI 1962023-Q4: HDB RPI 180, Private PPI 2022024-Q1: HDB RPI 184, Private PPI 2042024-Q2: HDB RPI 188, Private PPI 2062024-Q3: HDB RPI 193, Private PPI 2052024-Q4: HDB RPI 198, Private PPI 2092025-Q1: HDB RPI 201, Private PPI 2112025-Q2: HDB RPI 203, Private PPI 2132025-Q3: HDB RPI 204, Private PPI 2152025-Q4: HDB RPI 204, Private PPI 2162026-Q1: HDB RPI 203, Private PPI 2182026-Q2: HDB RPI 203, Private PPI 219

The gap between the two lines shows cumulative growth. It is not the price difference between a flat and a condo.

Source: URA private residential price index and HDB resale price index via SingStat. HDB RPI: SingStat table M212161. Both indices changed method (HDB 4Q2014, URA 1Q2015).. Data to 2026 Q2.

Licence: green class (Singapore Open Data Licence).

View the data as a table
Since 2012 private and HDB prices rose at almost the same pace: 2.9% and 2.7% a year
PeriodHDB RPIPrivate PPI
1990-Q12441
1990-Q22442
1990-Q32542
1990-Q42540
1991-Q12542
1991-Q22646
1991-Q32547
1991-Q42548
1992-Q12650
1992-Q22752
1992-Q32854
1992-Q42955
1993-Q13058
1993-Q24065
1993-Q34871
1993-Q44975
1994-Q15082
1994-Q25294
1994-Q355105
1994-Q455107
1995-Q157110
1995-Q264111
1995-Q368113
1995-Q474118
1996-Q181122
1996-Q291130
1996-Q396127
1996-Q499124
1997-Q199119
1997-Q298118
1997-Q394113
1997-Q488108
1998-Q18298
1998-Q27890
1998-Q37578
1998-Q47272
1999-Q17175
1999-Q27284
1999-Q37891
1999-Q48096
2000-Q18099
2000-Q279100
2000-Q37898
2000-Q47695
2001-Q17391
2001-Q27290
2001-Q37188
2001-Q47084
2002-Q16983
2002-Q26982
2002-Q37083
2002-Q47082
2003-Q17182
2003-Q27381
2003-Q37481
2003-Q47581
2004-Q17580
2004-Q27680
2004-Q37681
2004-Q47781
2005-Q17782
2005-Q27482
2005-Q37383
2005-Q47485
2006-Q17486
2006-Q27487
2006-Q37490
2006-Q47593
2007-Q17698
2007-Q278106
2007-Q383114
2007-Q488122
2008-Q191127
2008-Q295127
2008-Q399124
2008-Q4101116
2009-Q1100100
2009-Q210195
2009-Q3105110
2009-Q4109118
2010-Q1112125
2010-Q2117132
2010-Q3121136
2010-Q4124139
2011-Q1126142
2011-Q2130145
2011-Q3135147
2011-Q4138147
2012-Q1139147
2012-Q2140148
2012-Q3143149
2012-Q4147152
2013-Q1149152
2013-Q2149154
2013-Q3148155
2013-Q4146153
2014-Q1144151
2014-Q2142150
2014-Q3139149
2014-Q4137147
2015-Q1136146
2015-Q2135144
2015-Q3135142
2015-Q4135142
2016-Q1135141
2016-Q2135140
2016-Q3135138
2016-Q4135137
2017-Q1134137
2017-Q2134137
2017-Q3133138
2017-Q4133139
2018-Q1132144
2018-Q2132149
2018-Q3132150
2018-Q4131150
2019-Q1131149
2019-Q2131151
2019-Q3131153
2019-Q4132154
2020-Q1132152
2020-Q2132153
2020-Q3134154
2020-Q4138157
2021-Q1142162
2021-Q2146164
2021-Q3151165
2021-Q4156174
2022-Q1160175
2022-Q2164181
2022-Q3168188
2022-Q4172189
2023-Q1174195
2023-Q2176194
2023-Q3179196
2023-Q4180202
2024-Q1184204
2024-Q2188206
2024-Q3193205
2024-Q4198209
2025-Q1201211
2025-Q2203213
2025-Q3204215
2025-Q4204216
2026-Q1203218
2026-Q2203219

FreeTimeline

The private premium over HDB swung from 95.1% to below zero and is 8.2% now

PPI and RPI, 1Q2009 = 100, 1990 Q1 to 2026 Q2. Premium = PPI / RPI - 1

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The private premium over HDB swung from 95.1% to below zero and is 8.2% nowPPI and RPI, 1Q2009 = 100, 1990 Q1 to 2026 Q2. Premium = PPI / RPI - 11990199620022008201420202026Who grew fasterPremium of PPI over RPI, highs and lowsPrice falls after the 2013 peakIndex methodHDB ahead: RPI 8.2% a yr, PPI 5.9%Level: PPI 2.9% a yr, RPI 2.7%High 95.1% (1994 Q4)Low -1.1% (1998 Q4)High 38.8% (2008 Q1)Low -6.0% (2009 Q2)Low 1.9% (2016 Q4)High 16.8% (2019 Q4)Latest 8.2% (2026 Q2)PPI -11.6% (2013 Q3 to 2017 Q2)RPI -12.4% (2013 Q2 to 2019 Q2)Both indices change methodHDB ahead: RPI 8.2% a yr, PPI 5.9%: 1990 to 20121990 to 2012Level: PPI 2.9% a yr, RPI 2.7%: 2012 to 20262012 to 2026High 95.1% (1994 Q4): 19941994Low -1.1% (1998 Q4): 19981998High 38.8% (2008 Q1): 20082008Low -6.0% (2009 Q2): 20092009Low 1.9% (2016 Q4): 20162016High 16.8% (2019 Q4): 20192019Latest 8.2% (2026 Q2): 20262026PPI -11.6% (2013 Q3 to 2017 Q2): 2013 to 20172013 to 2017RPI -12.4% (2013 Q2 to 2019 Q2): 2013 to 20192013 to 2019Both indices change method: 2014 to 20152014 to 2015

Source: URA private residential price index and HDB resale price index via SingStat; premium computed by PropInsights.

View the data as a table
The private premium over HDB swung from 95.1% to below zero and is 8.2% now
EventStartEndNote
HDB ahead: RPI 8.2% a yr, PPI 5.9%1990-Q12012-Q1
Level: PPI 2.9% a yr, RPI 2.7%2012-Q22026-Q2
High 95.1% (1994 Q4)1994-Q4
Low -1.1% (1998 Q4)1998-Q4
High 38.8% (2008 Q1)2008-Q1
Low -6.0% (2009 Q2)2009-Q2
Low 1.9% (2016 Q4)2016-Q4
High 16.8% (2019 Q4)2019-Q4
Latest 8.2% (2026 Q2)2026-Q2
PPI -11.6% (2013 Q3 to 2017 Q2)2013-Q32017-Q2
RPI -12.4% (2013 Q2 to 2019 Q2)2013-Q22019-Q2
Both indices change method2014-Q42015-Q1