Despite implementing over 15 rounds of cooling measures since 2009, Singapore’s property market has demonstrated remarkable resilience. Private property prices surged 106.1%, and HDB resale flat prices climbed 87.9% during this period, prompting UOB to assess that regulatory interventions will likely persist as authorities balance market stability against sustained price appreciation.
The Additional Buyer’s Stamp Duty rates implemented in 2023 remained in effect through 2025, effectively restricting foreign buyer participation to approximately 1% of all transactions in 2024.
Concurrently, the Loan-to-Value ratio for HDB flats decreased from 80% to 75% during Prime Minister Lawrence Wong’s first National Day Rally speech in 2024. At the same time, Total Debt Servicing Ratio limits continued enforcement alongside existing ABSD rates throughout 2025.
Recent market activity prompted further regulatory intervention, with the Seller’s Stamp Duty framework tightening in July 2025 through higher rates and extended holding periods in response to increased short-term property flipping. This adjustment served as a government warning shot to speculators despite not being officially labeled as a cooling measure, following the framework’s previous relaxation in 2017.
Market performance demonstrated moderated but sustained growth, with the private property price index gaining 3.9% in 2024 following a 6.8% increase in 2023. Developer sales contracted to approximately 6,400 units annually in 2023 and 2024, representing their lowest levels in 15 years.
A fresh buying surge occurred in Q4 2024 and Q1 2025 driven by attractive new project launches before caution returned after April 2025 tariff announcements. The narrowing gap between OCR and CCR property prices has reflected government efforts to decentralise and develop areas outside the Core Central Region.
Average new launch three-bedroom unit prices exceeded the $2 million mark despite existing ABSD rates and TDSR limits. Stricter compliance requirements targeted high-value property deals involving foreign capital.
Enhanced CPF Housing Grants increased for homebuyers as part of August 2024 measures to support affordability. Meanwhile, the commercial office market showed vacancy rates improved to 8.1% in Q1 2025 as landlords focused on tenant retention strategies. The regulatory framework reflects Singapore’s status as a global financial hub, requiring careful management of vulnerabilities from international capital flows while maintaining sustainable growth. However, speculative proposals suggested potentially reducing HDB loan eligibility income ceilings from $14,000 to $12,000 per household to sharpen targeting of public subsidies toward middle and lower-income households.
