Sign inJoin

The overall market

A short history of the Singapore property market

What drove the long booms and falls in private home prices, and how far did policy change them?

Follows private home prices through the URA Property Price Index from 1975 to 2026. It asks what drove the long booms and falls, and how far policy changed them. The main finding: one huge boom (1986 to 1996) and five big falls, and measures that work slowly.

  • 5 charts
  • 5 free

FreeKey figures

One huge boom and five big falls in 51 years of prices

URA Property Price Index, from 1975 Q1

CSV download: members

Open page
One huge boom and five big falls in 51 years of pricesURA Property Price Index, from 1975 Q1Rise since 1975 Q1: x24.7. Price index, to 2026 Q2Rise since 1975 Q1Rise since 1975 Q1: x24.7. Price index, to 2026 Q2x24.7Price index, to 2026 Q2Biggest bull market: +443%. 1986 Q2 to 1996 Q2Biggest bull marketBiggest bull market: +443%. 1986 Q2 to 1996 Q2+443%1986 Q2 to 1996 Q2Biggest fall: -45%. 1996 Q2 to 1998 Q4Biggest fallBiggest fall: -45%. 1996 Q2 to 1998 Q4-45%1996 Q2 to 1998 Q4Falls of 10% or more: 5. peak to trough, 1975-2026Falls of 10% or moreFalls of 10% or more: 5. peak to trough, 1975-20265peak to trough, 1975-2026

Source: URA Property Price Index via SingStat (table M212261). Boom, fall and count of falls: PropInsights reading of the index turning points. Data to 2026 Q2.

Licence: green class (Singapore Open Data Licence).

View the data as a table
One huge boom and five big falls in 51 years of prices
MeasureValueNote
Rise since 1975 Q1x24.7Price index, to 2026 Q2
Biggest bull market+443%1986 Q2 to 1996 Q2
Biggest fall-45%1996 Q2 to 1998 Q4
Falls of 10% or more5peak to trough, 1975-2026

FreeFlowchart

Two housing segments are joined by upgrading and downgrading

MOP = minimum occupation period

CSV download: members

Open page
Two housing segments are joined by upgrading and downgradingMOP = minimum occupation periodHDB public housing. Built by HDB, set up Feb 1960. About 8 in 10 residentsHDB public housingBuilt by HDB, set up Feb 1960About 8 in 10 residentsPrivate housing. Built by developers. Smaller, higher-pricedPrivate housingBuilt by developersSmaller, higher-pricedUpgrade: sell at market price after the MOP (usually 5 years)Downgrade: sell, then buy an HDB flat if you meet the rulesPrivate owners who buy a non-subsidised HDB resale flat: 15-month wait from Sep 2022.Since Jul 2026 there is no wait if they use no HDB loan.Prices and demand in one segment affect the other.

Source: HDB and MND rules as at October 2026.

View the data as a table
Two housing segments are joined by upgrading and downgrading
StepDetailLeads to
HDB public housingBuilt by HDB, set up Feb 1960. About 8 in 10 residentsPrivate housing (Upgrade: sell at market price after the MOP (usually 5 years))
Private housingBuilt by developers. Smaller, higher-pricedHDB public housing (Downgrade: sell, then buy an HDB flat if you meet the rules)

FreeLine chart

Private home prices rose almost 25 times since 1975, with five big falls on the way

URA price index, 1Q2009 = 100. Triangles: policy measures (down tighter, up looser, size = impact)

CSV download: members

Open page
Private home prices rose almost 25 times since 1975, with five big falls on the wayURA price index, 1Q2009 = 100. Triangles: policy measures (down tighter, up looser, size = impact)0408012016020024019751980198519901995200020052010201520202025Price index: 1975-Q1 to 2026-Q21996-05-14, tighter (impact 3 of 3): Anti-speculation measures, May 1996: seller's stamp duty, tax on short-term gains, 80% loan limit1997-11-18, looser (impact 1 of 3): Property relief, November 1997: seller's stamp duty suspended, land sales deferred1998-06-29, looser (impact 2 of 3): Off-budget property measures, June 1998: land sales suspended, stamp duty deferred2001-10-12, looser (impact 2 of 3): Second off-budget package, October 2001: property tax rebate, stamp duty cut, gains tax removed, land sales eased2005-07-19, looser (impact 2 of 3): Property policy review, July 2005: LTV limit raised to 90%, CPF housing rules eased, foreign ownership rules eased2009-09-14, tighter (impact 1 of 3): Interest-only loans and Interest Absorption Scheme disallowed, September 20092010-02-19, 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 20112011-12-07, tighter (impact 3 of 3): Additional Buyer's Stamp Duty introduced, December 20112012-10-05, tighter (impact 2 of 3): Maximum loan tenure of 35 years and tighter LTV limits, October 20122013-01-11, tighter (impact 3 of 3): Property cooling measures, January 20132013-06-28, tighter (impact 3 of 3): MAS introduces the Total Debt Servicing Ratio (TDSR) framework2017-03-10, looser (impact 2 of 3): SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal2018-02-19, tighter (impact 1 of 3): Budget 2018: top BSD rate raised to 4% above S$1m2018-07-05, tighter (impact 3 of 3): Property cooling measures, July 2018: higher ABSD and lower LTV limits2021-12-15, tighter (impact 2 of 3): Property cooling measures, December 2021: higher ABSD, TDSR 55%, HDB loan LTV 85%2022-09-29, tighter (impact 2 of 3): Property measures, September 2022: higher TDSR and MSR rate floor, HDB loan LTV 80%, 15-month wait-out2023-02-14, tighter (impact 1 of 3): Buyer's Stamp Duty raised for higher-value properties, Budget 20232023-04-26, tighter (impact 2 of 3): ABSD rates raised, April 20232025-07-03, tighter (impact 2 of 3): Seller's Stamp Duty holding period back to four years, rates raised by 4 ppPrice index, 1996 Q2: 130Price index, 1996 Q2: 1301996: 129.7Price index, 1998 Q4: 72Price index, 1998 Q4: 721998: 71.5Price index, 2008 Q2: 127Price index, 2008 Q2: 1272008: 126.9Price index, 2013 Q3: 155Price index, 2013 Q3: 1552013: 154.6Price index, 2017 Q2: 137Price index, 2017 Q2: 1372017: 136.6Price index, 2026 Q2: 219Price index, 2026 Q2: 2192026: 219.4Price index, 2026 Q2: 219Price index1975-Q1: Price index 91975-Q2: Price index 91975-Q3: Price index 91975-Q4: Price index 91976-Q1: Price index 101976-Q2: Price index 101976-Q3: Price index 101976-Q4: Price index 101977-Q1: Price index 101977-Q2: Price index 101977-Q3: Price index 101977-Q4: Price index 91978-Q1: Price index 91978-Q2: Price index 101978-Q3: Price index 101978-Q4: Price index 101979-Q1: Price index 101979-Q2: Price index 111979-Q3: Price index 121979-Q4: Price index 131980-Q1: Price index 151980-Q2: Price index 181980-Q3: Price index 201980-Q4: Price index 241981-Q1: Price index 311981-Q2: Price index 351981-Q3: Price index 341981-Q4: Price index 321982-Q1: Price index 321982-Q2: Price index 331982-Q3: Price index 341982-Q4: Price index 351983-Q1: Price index 361983-Q2: Price index 371983-Q3: Price index 381983-Q4: Price index 381984-Q1: Price index 371984-Q2: Price index 361984-Q3: Price index 351984-Q4: Price index 331985-Q1: Price index 311985-Q2: Price index 301985-Q3: Price index 291985-Q4: Price index 281986-Q1: Price index 261986-Q2: Price index 241986-Q3: Price index 251986-Q4: Price index 281987-Q1: Price index 291987-Q2: Price index 301987-Q3: Price index 321987-Q4: Price index 321988-Q1: Price index 311988-Q2: Price index 321988-Q3: Price index 331988-Q4: Price index 341989-Q1: Price index 351989-Q2: Price index 361989-Q3: Price index 381989-Q4: Price index 381990-Q1: Price index 411990-Q2: Price index 421990-Q3: Price index 421990-Q4: Price index 401991-Q1: Price index 421991-Q2: Price index 461991-Q3: Price index 471991-Q4: Price index 481992-Q1: Price index 501992-Q2: Price index 521992-Q3: Price index 541992-Q4: Price index 551993-Q1: Price index 581993-Q2: Price index 651993-Q3: Price index 711993-Q4: Price index 751994-Q1: Price index 821994-Q2: Price index 941994-Q3: Price index 1051994-Q4: Price index 1071995-Q1: Price index 1101995-Q2: Price index 1111995-Q3: Price index 1131995-Q4: Price index 1181996-Q1: Price index 1221996-Q2: Price index 1301996-Q3: Price index 1271996-Q4: Price index 1241997-Q1: Price index 1191997-Q2: Price index 1181997-Q3: Price index 1131997-Q4: Price index 1081998-Q1: Price index 981998-Q2: Price index 901998-Q3: Price index 781998-Q4: Price index 721999-Q1: Price index 751999-Q2: Price index 841999-Q3: Price index 911999-Q4: Price index 962000-Q1: Price index 992000-Q2: Price index 1002000-Q3: Price index 982000-Q4: Price index 952001-Q1: Price index 912001-Q2: Price index 902001-Q3: Price index 882001-Q4: Price index 842002-Q1: Price index 832002-Q2: Price index 822002-Q3: Price index 832002-Q4: Price index 822003-Q1: Price index 822003-Q2: Price index 812003-Q3: Price index 812003-Q4: Price index 812004-Q1: Price index 802004-Q2: Price index 802004-Q3: Price index 812004-Q4: Price index 812005-Q1: Price index 822005-Q2: Price index 822005-Q3: Price index 832005-Q4: Price index 852006-Q1: Price index 862006-Q2: Price index 872006-Q3: Price index 902006-Q4: Price index 932007-Q1: Price index 982007-Q2: Price index 1062007-Q3: Price index 1142007-Q4: Price index 1222008-Q1: Price index 1272008-Q2: Price index 1272008-Q3: Price index 1242008-Q4: Price index 1162009-Q1: Price index 1002009-Q2: Price index 952009-Q3: Price index 1102009-Q4: Price index 1182010-Q1: Price index 1252010-Q2: Price index 1322010-Q3: Price index 1362010-Q4: Price index 1392011-Q1: Price index 1422011-Q2: Price index 1452011-Q3: Price index 1472011-Q4: Price index 1472012-Q1: Price index 1472012-Q2: Price index 1482012-Q3: Price index 1492012-Q4: Price index 1522013-Q1: Price index 1522013-Q2: Price index 1542013-Q3: Price index 1552013-Q4: Price index 1532014-Q1: Price index 1512014-Q2: Price index 1502014-Q3: Price index 1492014-Q4: Price index 1472015-Q1: Price index 1462015-Q2: Price index 1442015-Q3: Price index 1422015-Q4: Price index 1422016-Q1: Price index 1412016-Q2: Price index 1402016-Q3: Price index 1382016-Q4: Price index 1372017-Q1: Price index 1372017-Q2: Price index 1372017-Q3: Price index 1382017-Q4: Price index 1392018-Q1: Price index 1442018-Q2: Price index 1492018-Q3: Price index 1502018-Q4: Price index 1502019-Q1: Price index 1492019-Q2: Price index 1512019-Q3: Price index 1532019-Q4: Price index 1542020-Q1: Price index 1522020-Q2: Price index 1532020-Q3: Price index 1542020-Q4: Price index 1572021-Q1: Price index 1622021-Q2: Price index 1642021-Q3: Price index 1652021-Q4: Price index 1742022-Q1: Price index 1752022-Q2: Price index 1812022-Q3: Price index 1882022-Q4: Price index 1892023-Q1: Price index 1952023-Q2: Price index 1942023-Q3: Price index 1962023-Q4: Price index 2022024-Q1: Price index 2042024-Q2: Price index 2062024-Q3: Price index 2052024-Q4: Price index 2092025-Q1: Price index 2112025-Q2: Price index 2132025-Q3: Price index 2152025-Q4: Price index 2162026-Q1: Price index 2182026-Q2: Price index 219Policy:TighterLoosersize = impact

Source: URA private residential price index via SingStat (table M212261). Policy dates: MND, MAS, IRAS and parliament pages, from the Propwise policy timeline. Impact sizes are a PropInsights rating. Data to 2026 Q2.

Licence: green class (Singapore Open Data Licence).

View the data as a table
Private home prices rose almost 25 times since 1975, with five big falls on the way
PeriodPrice index
1975-Q19
1975-Q29
1975-Q39
1975-Q49
1976-Q110
1976-Q210
1976-Q310
1976-Q410
1977-Q110
1977-Q210
1977-Q310
1977-Q49
1978-Q19
1978-Q210
1978-Q310
1978-Q410
1979-Q110
1979-Q211
1979-Q312
1979-Q413
1980-Q115
1980-Q218
1980-Q320
1980-Q424
1981-Q131
1981-Q235
1981-Q334
1981-Q432
1982-Q132
1982-Q233
1982-Q334
1982-Q435
1983-Q136
1983-Q237
1983-Q338
1983-Q438
1984-Q137
1984-Q236
1984-Q335
1984-Q433
1985-Q131
1985-Q230
1985-Q329
1985-Q428
1986-Q126
1986-Q224
1986-Q325
1986-Q428
1987-Q129
1987-Q230
1987-Q332
1987-Q432
1988-Q131
1988-Q232
1988-Q333
1988-Q434
1989-Q135
1989-Q236
1989-Q338
1989-Q438
1990-Q141
1990-Q242
1990-Q342
1990-Q440
1991-Q142
1991-Q246
1991-Q347
1991-Q448
1992-Q150
1992-Q252
1992-Q354
1992-Q455
1993-Q158
1993-Q265
1993-Q371
1993-Q475
1994-Q182
1994-Q294
1994-Q3105
1994-Q4107
1995-Q1110
1995-Q2111
1995-Q3113
1995-Q4118
1996-Q1122
1996-Q2130
1996-Q3127
1996-Q4124
1997-Q1119
1997-Q2118
1997-Q3113
1997-Q4108
1998-Q198
1998-Q290
1998-Q378
1998-Q472
1999-Q175
1999-Q284
1999-Q391
1999-Q496
2000-Q199
2000-Q2100
2000-Q398
2000-Q495
2001-Q191
2001-Q290
2001-Q388
2001-Q484
2002-Q183
2002-Q282
2002-Q383
2002-Q482
2003-Q182
2003-Q281
2003-Q381
2003-Q481
2004-Q180
2004-Q280
2004-Q381
2004-Q481
2005-Q182
2005-Q282
2005-Q383
2005-Q485
2006-Q186
2006-Q287
2006-Q390
2006-Q493
2007-Q198
2007-Q2106
2007-Q3114
2007-Q4122
2008-Q1127
2008-Q2127
2008-Q3124
2008-Q4116
2009-Q1100
2009-Q295
2009-Q3110
2009-Q4118
2010-Q1125
2010-Q2132
2010-Q3136
2010-Q4139
2011-Q1142
2011-Q2145
2011-Q3147
2011-Q4147
2012-Q1147
2012-Q2148
2012-Q3149
2012-Q4152
2013-Q1152
2013-Q2154
2013-Q3155
2013-Q4153
2014-Q1151
2014-Q2150
2014-Q3149
2014-Q4147
2015-Q1146
2015-Q2144
2015-Q3142
2015-Q4142
2016-Q1141
2016-Q2140
2016-Q3138
2016-Q4137
2017-Q1137
2017-Q2137
2017-Q3138
2017-Q4139
2018-Q1144
2018-Q2149
2018-Q3150
2018-Q4150
2019-Q1149
2019-Q2151
2019-Q3153
2019-Q4154
2020-Q1152
2020-Q2153
2020-Q3154
2020-Q4157
2021-Q1162
2021-Q2164
2021-Q3165
2021-Q4174
2022-Q1175
2022-Q2181
2022-Q3188
2022-Q4189
2023-Q1195
2023-Q2194
2023-Q3196
2023-Q4202
2024-Q1204
2024-Q2206
2024-Q3205
2024-Q4209
2025-Q1211
2025-Q2213
2025-Q3215
2025-Q4216
2026-Q1218
2026-Q2219

FreeTimeline

Private home prices have swung in long waves since 1975

Blue: prices rose. Grey: prices fell. Each bar runs from one turning point of the PPI to the next.

CSV download: members

Open page
Private home prices have swung in long waves since 1975Blue: prices rose. Grey: prices fell. Each bar runs from one turning point of the PPI to the next.19601970198019902000201020202030Price eras (change in the PPI)EventsFirst boomSlumpBiggest bullAsian crisisReboundDotcom slumpBoomGlobal crisisRecoverySlow declineNew highsHDB set upGovernment land sales beginAnti-speculation packageReserve List for land sitesTwo integrated resorts plannedFirst cooling measureABSD introducedTDSR introducedABSD and TDSR tightenedSSD back to four yearsFirst boom: Q1 1975 to Q3 1983 (+321%)Q1 1975 to Q3 1983+321%Slump: Q3 1983 to Q2 1986 (-36%)Q3 1983 to Q2 1986-36%Biggest bull: Q2 1986 to Q2 1996 (+443%)Q2 1986 to Q2 1996+443%Asian crisis: Q2 1996 to Q4 1998 (-45%)Q2 1996 to Q4 1998-45%Rebound: Q4 1998 to Q2 2000 (+40%)Q4 1998 to Q2 2000+40%Dotcom slump: Q2 2000 to Q1 2004 (-20%)Q2 2000 to Q1 2004-20%Boom: Q1 2004 to Q2 2008 (+58%)Q1 2004 to Q2 2008+58%Global crisis: Q2 2008 to Q2 2009 (-25%)Q2 2008 to Q2 2009-25%Recovery: Q2 2009 to Q3 2013 (+62%)Q2 2009 to Q3 2013+62%Slow decline: Q3 2013 to Q2 2017 (-12%)Q3 2013 to Q2 2017-12%New highs: Q2 2017 to Q2 2026 (+61%)Q2 2017 to Q2 2026+61%HDB set up: Feb 1960Feb 1960Government land sales begin: 19671967Anti-speculation package: May 1996May 1996Reserve List for land sites: Jun 2001Jun 2001Two integrated resorts planned: Apr 2005Apr 2005First cooling measure: Sep 2009Sep 2009ABSD introduced: Dec 2011Dec 2011TDSR introduced: Jun 2013Jun 2013ABSD and TDSR tightened: Dec 2021Dec 2021SSD back to four years: Jul 2025Jul 2025

Source: URA price index via SingStat (table M212261). Events from the Propwise policy timeline (government sources). Change figures are the index at each turning point.

View the data as a table
Private home prices have swung in long waves since 1975
EventStartEndNote
First boom1975-Q11983-Q3+321%
Slump1983-Q31986-Q2-36%
Biggest bull1986-Q21996-Q2+443%
Asian crisis1996-Q21998-Q4-45%
Rebound1998-Q42000-Q2+40%
Dotcom slump2000-Q22004-Q1-20%
Boom2004-Q12008-Q2+58%
Global crisis2008-Q22009-Q2-25%
Recovery2009-Q22013-Q3+62%
Slow decline2013-Q32017-Q2-12%
New highs2017-Q22026-Q2+61%
HDB set up1960-02-01
Government land sales begin1967
Anti-speculation package1996-05-14
Reserve List for land sites2001-06-05
Two integrated resorts planned2005-04-18
First cooling measure2009-09-14
ABSD introduced2011-12-07
TDSR introduced2013-06-28
ABSD and TDSR tightened2021-12-15
SSD back to four years2025-07-03

FreeTimeline

Fifteen of sixteen measures since 2009 tightened the market

Red: tighter. Green: easier. Impact is my own rating from 1 (minor) to 3 (major).

CSV download: members

Open page
Fifteen of sixteen measures since 2009 tightened the marketRed: tighter. Green: easier. Impact is my own rating from 1 (minor) to 3 (major).200820122016202020242028Stamp duties onlyLoan and debt limits onlyStamp duty and loan limits togetherEasingABSD introducedTop BSD rate 4% above S$1mBSD up for dearer homesABSD up (foreigners 60%)SSD back to four yearsInterest-only loans banned35-year loan limitTDSR introduced (60%)TDSR floor 4%, 15-month waitSSD starts; LTV 80%SSD 3 years; LTV 70%SSD up to 16%; LTV 60%ABSD 15%; LTV 50% and 40%ABSD up; LTV down 5 pointsABSD up; TDSR 55%SSD 3 years; TDSR easedABSD introduced: 7 Dec 2011 (impact 3)7 Dec 2011impact 3Top BSD rate 4% above S$1m: 19 Feb 2018 (impact 1)19 Feb 2018impact 1BSD up for dearer homes: 14 Feb 2023 (impact 1)14 Feb 2023impact 1ABSD up (foreigners 60%): 26 Apr 2023 (impact 2)26 Apr 2023impact 2SSD back to four years: 3 Jul 2025 (impact 2)3 Jul 2025impact 2Interest-only loans banned: 14 Sep 2009 (impact 1)14 Sep 2009impact 135-year loan limit: 5 Oct 2012 (impact 2)5 Oct 2012impact 2TDSR introduced (60%): 28 Jun 2013 (impact 3)28 Jun 2013impact 3TDSR floor 4%, 15-month wait: 29 Sep 2022 (impact 2)29 Sep 2022impact 2SSD starts; LTV 80%: 19 Feb 2010 (impact 3)19 Feb 2010impact 3SSD 3 years; LTV 70%: 30 Aug 2010 (impact 2)30 Aug 2010impact 2SSD up to 16%; LTV 60%: 13 Jan 2011 (impact 3)13 Jan 2011impact 3ABSD 15%; LTV 50% and 40%: 11 Jan 2013 (impact 3)11 Jan 2013impact 3ABSD up; LTV down 5 points: 5 Jul 2018 (impact 3)5 Jul 2018impact 3ABSD up; TDSR 55%: 15 Dec 2021 (impact 2)15 Dec 2021impact 2SSD 3 years; TDSR eased: 10 Mar 2017 (impact 2)10 Mar 2017impact 2

Source: MND, MAS, IRAS and MOF releases via the Propwise policy timeline. HDB-only measures are left out. Impact sizes are a PropInsights rating (a judgment, not data): data/catalog/pmcm-policy-events.csv.

View the data as a table
Fifteen of sixteen measures since 2009 tightened the market
EventStartEndNote
ABSD introduced2011-12-07impact 3
Top BSD rate 4% above S$1m2018-02-19impact 1
BSD up for dearer homes2023-02-14impact 1
ABSD up (foreigners 60%)2023-04-26impact 2
SSD back to four years2025-07-03impact 2
Interest-only loans banned2009-09-14impact 1
35-year loan limit2012-10-05impact 2
TDSR introduced (60%)2013-06-28impact 3
TDSR floor 4%, 15-month wait2022-09-29impact 2
SSD starts; LTV 80%2010-02-19impact 3
SSD 3 years; LTV 70%2010-08-30impact 2
SSD up to 16%; LTV 60%2011-01-13impact 3
ABSD 15%; LTV 50% and 40%2013-01-11impact 3
ABSD up; LTV down 5 points2018-07-05impact 3
ABSD up; TDSR 55%2021-12-15impact 2
SSD 3 years; TDSR eased2017-03-10impact 2