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Condos and apartments

Subsales: a measure of speculation

What does the share of subsales say about speculation, and did stamp duty change it?

A sub-sale is the resale of a unit before the project is complete, and its share of all private sales is a sign of speculation. The share peaked at 16.3% in 2008 Q4. The Seller's Stamp Duty taxes quick resales, but the data cannot separate its effect from the other measures of the same years.

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FreeKey figures

Sub-sales peaked at 16.3% of all sales in 2008 Q4 and averaged 5.1%

Source: URA sales records via data.gov.sg, 1999 Q4 to 2026 Q2; IRAS

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Sub-sales peaked at 16.3% of all sales in 2008 Q4 and averaged 5.1%Source: URA sales records via data.gov.sg, 1999 Q4 to 2026 Q2; IRASHighest quarterly share: 16.3%. 2008 Q4 (few sales)Highest quarterly shareHighest quarterly share: 16.3%. 2008 Q4 (few sales)16.3%2008 Q4 (few sales)Average quarterly share: 5.1%. 1999 Q4 to 2026 Q2Average quarterly shareAverage quarterly share: 5.1%. 1999 Q4 to 2026 Q25.1%1999 Q4 to 2026 Q2Share in 2023 Q4: 9.5%. highest since 2010 Q1Share in 2023 Q4Share in 2023 Q4: 9.5%. highest since 2010 Q19.5%highest since 2010 Q1SSD, sale in year 1: 16%. homes bought from 4 Jul 2025SSD, sale in year 1SSD, sale in year 1: 16%. homes bought from 4 Jul 202516%homes bought from 4 Jul2025

Source: URA private home sales records via data.gov.sg (sub-sales divided by all sales); IRAS for the Seller's Stamp Duty. The SSD rate in tile 4 is typed from IRAS.. Data to 2026 Q2.

Licence: green class (Singapore Open Data Licence).

View the data as a table
Sub-sales peaked at 16.3% of all sales in 2008 Q4 and averaged 5.1%
MeasureValueNote
Highest quarterly share16.3%2008 Q4 (few sales)
Average quarterly share5.1%1999 Q4 to 2026 Q2
Share in 2023 Q49.5%highest since 2010 Q1
SSD, sale in year 116%homes bought from 4 Jul 2025

FreeLine chart

Sub-sales were 3.2% of private sales in 2026 Q2, against a 16.3% peak in 2008 Q4

Sub-sales as a share of all private home sales, per cent, quarterly, 1999 Q4 to 2026 Q2. Triangles: Seller Stamp Duty changes

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Sub-sales were 3.2% of private sales in 2026 Q2, against a 16.3% peak in 2008 Q4Speculation here means buying to resell quickly for a gain. A high sub-sale share says buyers expect fast gains.0%3%6%9%12%15%18%2000200420082012201620202024Share: 1999-Q4 to 2026-Q22010-02-19, tighter (impact 3 of 3): Seller's Stamp Duty introduced and LTV limit cut to 80%, February 20102010-08-30, tighter (impact 2 of 3): Property cooling measures, August 20102011-01-13, tighter (impact 3 of 3): Property cooling measures, January 20112017-03-10, looser (impact 2 of 3): SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal2025-07-03, tighter (impact 2 of 3): Seller's Stamp Duty holding period back to four years, rates raised by 4 ppShare, 2026 Q2: 3%Share1999-Q4: Share 11%2000-Q1: Share 9%2000-Q2: Share 9%2000-Q3: Share 7%2000-Q4: Share 6%2001-Q1: Share 4%2001-Q2: Share 5%2001-Q3: Share 4%2001-Q4: Share 2%2002-Q1: Share 1%2002-Q2: Share 2%2002-Q3: Share 2%2002-Q4: Share 2%2003-Q1: Share 3%2003-Q2: Share 2%2003-Q3: Share 2%2003-Q4: Share 2%2004-Q1: Share 3%2004-Q2: Share 3%2004-Q3: Share 2%2004-Q4: Share 2%2005-Q1: Share 3%2005-Q2: Share 3%2005-Q3: Share 3%2005-Q4: Share 4%2006-Q1: Share 3%2006-Q2: Share 3%2006-Q3: Share 6%2006-Q4: Share 7%2007-Q1: Share 8%2007-Q2: Share 13%2007-Q3: Share 15%2007-Q4: Share 12%2008-Q1: Share 13%2008-Q2: Share 13%2008-Q3: Share 13%2008-Q4: Share 16%2009-Q1: Share 10%2009-Q2: Share 13%2009-Q3: Share 11%2009-Q4: Share 12%2010-Q1: Share 10%2010-Q2: Share 9%2010-Q3: Share 9%2010-Q4: Share 8%2011-Q1: Share 8%2011-Q2: Share 8%2011-Q3: Share 8%2011-Q4: Share 9%2012-Q1: Share 5%2012-Q2: Share 7%2012-Q3: Share 6%2012-Q4: Share 8%2013-Q1: Share 5%2013-Q2: Share 5%2013-Q3: Share 5%2013-Q4: Share 4%2014-Q1: Share 5%2014-Q2: Share 4%2014-Q3: Share 5%2014-Q4: Share 5%2015-Q1: Share 4%2015-Q2: Share 4%2015-Q3: Share 3%2015-Q4: Share 4%2016-Q1: Share 3%2016-Q2: Share 3%2016-Q3: Share 3%2016-Q4: Share 3%2017-Q1: Share 1%2017-Q2: Share 2%2017-Q3: Share 1%2017-Q4: Share 2%2018-Q1: Share 2%2018-Q2: Share 2%2018-Q3: Share 1%2018-Q4: Share 1%2019-Q1: Share 1%2019-Q2: Share 1%2019-Q3: Share 2%2019-Q4: Share 2%2020-Q1: Share 1%2020-Q2: Share 1%2020-Q3: Share 1%2020-Q4: Share 1%2021-Q1: Share 1%2021-Q2: Share 2%2021-Q3: Share 2%2021-Q4: Share 2%2022-Q1: Share 3%2022-Q2: Share 3%2022-Q3: Share 4%2022-Q4: Share 6%2023-Q1: Share 6%2023-Q2: Share 5%2023-Q3: Share 7%2023-Q4: Share 9%2024-Q1: Share 9%2024-Q2: Share 8%2024-Q3: Share 7%2024-Q4: Share 4%2025-Q1: Share 4%2025-Q2: Share 5%2025-Q3: Share 3%2025-Q4: Share 3%2026-Q1: Share 3%2026-Q2: Share 3%Policy:TighterLoosersize = impact

Speculation here means buying to resell quickly for a gain. A high sub-sale share says buyers expect fast gains.

Source: URA private home sales records via data.gov.sg (sub-sales divided by all sales). Seller Stamp Duty changes: tighter in Feb 2010, Aug 2010, Jan 2011 and Jul 2025; looser in Mar 2017 (IRAS, MOF, MAS).. Data to 2026 Q2.

Licence: green class (Singapore Open Data Licence).

View the data as a table
Sub-sales were 3.2% of private sales in 2026 Q2, against a 16.3% peak in 2008 Q4
PeriodShare
1999-Q411%
2000-Q19%
2000-Q29%
2000-Q37%
2000-Q46%
2001-Q14%
2001-Q25%
2001-Q34%
2001-Q42%
2002-Q11%
2002-Q22%
2002-Q32%
2002-Q42%
2003-Q13%
2003-Q22%
2003-Q32%
2003-Q42%
2004-Q13%
2004-Q23%
2004-Q32%
2004-Q42%
2005-Q13%
2005-Q23%
2005-Q33%
2005-Q44%
2006-Q13%
2006-Q23%
2006-Q36%
2006-Q47%
2007-Q18%
2007-Q213%
2007-Q315%
2007-Q412%
2008-Q113%
2008-Q213%
2008-Q313%
2008-Q416%
2009-Q110%
2009-Q213%
2009-Q311%
2009-Q412%
2010-Q110%
2010-Q29%
2010-Q39%
2010-Q48%
2011-Q18%
2011-Q28%
2011-Q38%
2011-Q49%
2012-Q15%
2012-Q27%
2012-Q36%
2012-Q48%
2013-Q15%
2013-Q25%
2013-Q35%
2013-Q44%
2014-Q15%
2014-Q24%
2014-Q35%
2014-Q45%
2015-Q14%
2015-Q24%
2015-Q33%
2015-Q44%
2016-Q13%
2016-Q23%
2016-Q33%
2016-Q43%
2017-Q11%
2017-Q22%
2017-Q31%
2017-Q42%
2018-Q12%
2018-Q22%
2018-Q31%
2018-Q41%
2019-Q11%
2019-Q21%
2019-Q32%
2019-Q42%
2020-Q11%
2020-Q21%
2020-Q31%
2020-Q41%
2021-Q11%
2021-Q22%
2021-Q32%
2021-Q42%
2022-Q13%
2022-Q23%
2022-Q34%
2022-Q46%
2023-Q16%
2023-Q25%
2023-Q37%
2023-Q49%
2024-Q19%
2024-Q28%
2024-Q37%
2024-Q44%
2025-Q14%
2025-Q25%
2025-Q33%
2025-Q43%
2026-Q13%
2026-Q23%

FreeTimeline

The Seller's Stamp Duty has changed four times since 2010

Bars: homes bought in this window follow the rule shown.

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The Seller's Stamp Duty has changed four times since 2010Bars: homes bought in this window follow the rule shown.2010201420182022202620302034Rules by purchase date1 year: 1% to 3%3 years, tiered4 years: 16/12/8/4%3 years: 12/8/4%4 years: 16/12/8/4%1 year: 1% to 3%: 20 Feb 2010 to 29 Aug 201020 Feb 2010 to 29 Aug 20103 years, tiered: 30 Aug 2010 to 13 Jan 201130 Aug 2010 to 13 Jan 20114 years: 16/12/8/4%: 14 Jan 2011 to 10 Mar 201714 Jan 2011 to 10 Mar 20173 years: 12/8/4%: 11 Mar 2017 to 3 Jul 202511 Mar 2017 to 3 Jul 20254 years: 16/12/8/4%: 4 Jul 2025 to 16 Oct 20264 Jul 2025 to 16 Oct 2026

Source: IRAS, Seller's Stamp Duty for residential property, read 16 Oct 2026.

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The Seller's Stamp Duty has changed four times since 2010
EventStartEndNote
1 year: 1% to 3%2010-02-202010-08-29
3 years, tiered2010-08-302011-01-13
4 years: 16/12/8/4%2011-01-142017-03-10
3 years: 12/8/4%2017-03-112025-07-03
4 years: 16/12/8/4%2025-07-042026-10-16

FreeFlowchart

Does the Seller's Stamp Duty apply to my sale? It depends on the purchase date

Rules in force on 16 Oct 2026 (IRAS)

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Does the Seller's Stamp Duty apply to my sale? It depends on the purchase dateRules in force on 16 Oct 2026 (IRAS)Bought on or. after 4 Jul 2025?Bought on orafter 4 Jul 2025?Sold within. 4 years of buying?Sold within4 years of buying?SSD applies. 16%, 12%, 8%, 4%. for years 1 to 4SSD applies16%, 12%, 8%, 4%for years 1 to 4No SSDNo SSDBought 11 Mar 2017. to 3 Jul 2025?Bought 11 Mar 2017to 3 Jul 2025?Sold within. 3 years of buying?Sold within3 years of buying?SSD applies. 12%, 8%, 4%. for years 1 to 3SSD applies12%, 8%, 4%for years 1 to 3No SSDNo SSDNo SSD today. bought before 11 Mar 2017No SSD todaybought before 11 Mar 2017yesyesnonoyesyesnonoResidential property. The rate applies to the selling price, or the market value if higher.

Source: IRAS, Seller's Stamp Duty for residential property, read 16 Oct 2026.

View the data as a table
Does the Seller's Stamp Duty apply to my sale? It depends on the purchase date
StepDetailLeads to
Bought on orafter 4 Jul 2025?Sold within (yes); Bought 11 Mar 2017 (no)
Sold within4 years of buying?SSD applies (yes); No SSD (no)
SSD applies16%, 12%, 8%, 4%. for years 1 to 4
No SSD
Bought 11 Mar 2017to 3 Jul 2025?Sold within (yes); No SSD today (no)
Sold within3 years of buying?SSD applies (yes); No SSD (no)
SSD applies12%, 8%, 4%. for years 1 to 3
No SSD
No SSD todaybought before 11 Mar 2017