Singapore home prices, interest rates and supply, since 1975

Prices

Interest rates and the Singapore dollar

Singapore home loans are priced off SORA, not the Fed funds rate.

Rents

Sales and supply

Inflation and population

Property measures since 1996

National rounds of stamp duty, loan and eligibility rules, by the date each took effect. Full timeline with sources.

1. 4 Jul 2025 · Tightening

   Seller's stamp duty back to 4 years

   Seller's stamp duty extended from 3 to 4 years at 16%, 12%, 8% and 4%, for homes bought from this date. Source

2. 20 Aug 2024 · Tightening

   HDB loans cut to 75%

   HDB loans cut from 80% to 75% of value, in line with bank loans, alongside larger CPF housing grants. Source

3. 27 Apr 2023 · Tightening

   ABSD for foreigners doubled to 60%

   ABSD raised to 60% for foreigners, 20% on a citizen's second home and 30% on a permanent resident's second; first-home rates unchanged. Source

4. 15 Feb 2023 · Tightening

   Top buyer's stamp duty rates raised to 5% and 6%

   Buyer's stamp duty of 5% on the part of a home's value from S$1.5 million to S$3 million, and 6% above S$3 million. Source

5. 30 Sep 2022 · Tightening

   Higher stress-test rates, HDB loans 80%

   The interest rate private loans are tested at raised from 3.5% to 4%, and a 3% test rate set for HDB loans; HDB loans cut from 85% to 80% of value; private owners must wait 15 months before buying a resale flat. Source

6. 16 Dec 2021 · Tightening

   ABSD raised, debt servicing ratio 55%

   ABSD raised to 17% on a citizen's second home, 25% on a permanent resident's second and 30% for foreigners; the debt servicing ratio cut from 60% to 55%; HDB loans cut from 90% to 85% of value. Source

7. 6 Jul 2018 · Tightening

   ABSD raised, loan limits cut 5 points

   ABSD raised to 12% on a citizen's second home, 15% on a permanent resident's second and 20% for foreigners; every bank loan limit cut 5 points, to 75% on a first loan. Source

8. 20 Feb 2018 · Tightening

   Top buyer's stamp duty rate raised to 4%

   A new 4% buyer's stamp duty tier on the part of a home's value above S$1 million. Source

9. 11 Mar 2017 · Easing

   Seller's stamp duty cut to 3 years

   Seller's stamp duty cut to 3 years at 12%, 8% and 4%; equity-withdrawal loans up to 50% of value freed from the debt servicing ratio. Source

10. 27 Aug 2013 · Tightening

    HDB loan terms tightened

    HDB loans capped at 25 years and 30% of income; bank loans for HDB flats capped at 30 years; permanent residents must wait 3 years before buying a resale flat. Source

11. 29 Jun 2013 · Tightening

    Total debt servicing ratio introduced

    All property loan repayments capped at 60% of gross monthly income, tested at an interest rate of at least 3.5%. Source

12. 12 Jan 2013 · Tightening

    ABSD raised, second-loan limit cut

    ABSD raised to 15% for foreigners and companies, 7% on a citizen's second home and 5% on a permanent resident's first; a second housing loan limited to 50% of value, with 25% in cash; a 30% mortgage servicing cap on bank loans for HDB flats. Source

13. 6 Oct 2012 · Tightening

    Loan tenure capped at 35 years

    Home loans capped at 35 years, with lower loan limits for tenures over 30 years or running past age 65. Source

14. 8 Dec 2011 · Tightening

    Additional buyer's stamp duty introduced

    ABSD of 10% for foreigners and companies, 3% for permanent residents buying a second home, and 3% for citizens buying a third. Source

15. 14 Jan 2011 · Tightening

    Seller's stamp duty to 4 years

    Seller's stamp duty extended to 4 years at 16%, 12%, 8% and 4%; a second housing loan limited to 60% of value, and 50% for companies. Source

16. 30 Aug 2010 · Tightening

    Seller's stamp duty to 3 years

    Seller's stamp duty extended to sales within 3 years; buyers with an existing housing loan limited to 70% of value, with 10% in cash. Source

17. 20 Feb 2010 · Tightening

    Seller's stamp duty back, loan limit 80%

    Seller's stamp duty reintroduced on homes sold within 1 year; bank housing loans cut from 90% to 80% of value. Source

18. 14 Sep 2009 · Tightening

    Interest absorption and interest-only loans banned

    Developer interest absorption schemes and interest-only housing loans disallowed for uncompleted private homes. Source

19. 26 Oct 2007 · Tightening

    Deferred payment scheme withdrawn

    Developers could no longer let buyers of uncompleted private homes defer most of the payment until completion. Source

20. 19 Jul 2005 · Easing

    Loan limit raised to 90%

    Bank housing loans raised from 80% to 90% of value, and the minimum cash payment for private homes cut from 10% to 5%. Source

21. 1 Sep 2002 · Easing

    CPF allowed for part of the down payment

    Loans stayed capped at 80%, but CPF savings could now cover half of the 20% down payment, cutting the cash needed to 10%. Source

22. 12 Oct 2001 · Easing

    1996 tax and foreign-loan curbs lifted

    The income tax on gains from sales within 3 years was removed, and foreigners could again take Singapore-dollar housing loans. This is the date of the announcement in Parliament; the effective date is not confirmed. Source

23. 18 Nov 1997 · Easing

    Seller's stamp duty suspended

    Seller's stamp duty on homes sold within 3 years suspended during the Asian financial crisis. This is the date of the government's announcement; the effective date is not confirmed. Source

24. 15 May 1996 · Tightening

    Anti-speculation package

    Housing loans capped at 80% of value; gains on homes sold within 3 years taxed as income; seller's stamp duty on sales within 3 years; foreigners and foreign companies barred from Singapore-dollar housing loans. Source