📈 Are SG Property Prices Really “Cooling”?
Despite multiple rounds of cooling measures since 2010, Singapore’s property market tells a very different story — one of long-term resilience.
Based on the latest URA data, the market has moved through 6 distinct phases:
1️⃣ Post-GFC Boom
The recovery years where confidence returned and prices rebounded strongly.
2️⃣ 2010s Cooling Measures
A decade of government intervention that slowed growth and stabilized the market.
3️⃣ En-bloc Fever (2017–2018)
Land rates surged past $1,100 PSF PPR, driven by aggressive developer bidding.
4️⃣ Post-2018 Measures
A short-lived dip before global conditions shifted dramatically.
5️⃣ Post-Pandemic Boom
Demand surged, supply tightened, and overall price quantum climbed significantly.
6️⃣ The “New Normal” (2023–2026)
A market adapting to GFA harmonisation and fresh cooling measures — yet prices continue to hold firm.
From my experience observing Singapore's property market, it's clear that despite the government's persistent cooling measures, the market exhibits strong resilience and adaptability. The post-GFC boom restored confidence among buyers, which laid a solid foundation for subsequent market phases. The decade-long government interventions in the 2010s indeed slowed down rapid price increases, aiming to stabilize the market and prevent overheating. However, the en-bloc fever in 2017-2018 was a game-changer, with land rates soaring past $1,100 PSF PPR due to intense bidding wars among developers. This surge was a vivid reminder that demand for prime land remains robust. After the 2018 cooling measures, many expected a prolonged slowdown, but the dip was relatively brief. The post-pandemic boom further defied expectations as supply tightened and demand accelerated, pushing prices higher again. Recently, the market has adjusted to new norms like GFA harmonisation and fresh cooling policies. Even with these adaptations, prices have held firm, demonstrating the market’s underlying strength. For potential buyers and investors, understanding these cycles is crucial. It helps in timing purchases better and anticipating how policy changes or economic shifts might influence prices. Personally, I've noticed that while cooling measures aim to temper speculative buying, genuine demand driven by family needs or long-term investment continues to support the market. This dynamic balance between regulation and market forces ensures that Singapore’s property sector remains one of the most resilient in the region.
