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How to Read the URA Property Price Index: Flash vs Final

How the URA private home price index is built, why its flash estimate gets revised, and how to read it, with 2025–26 flash and final figures compared.

By Propwise EditorialUpdated 5 October 20264 min read

The URA property price index tracks how private home prices change after adjusting for the mix of homes sold, so it measures price movement and not just what happened to sell that quarter. Read it with care. URA publishes a quick “flash” estimate first, and in five recent quarters the final figure differed from the flash by up to 0.6 percentage points.

This article explains how the index works and how to read it. For what the numbers mean for 2027, see our market outlook.

At a glance

  • The index covers private homes only, not ECs, with 1Q2009 = 100. The final Q2 2026 figure is 219.4. The Q3 2026 flash (+1.4%) implies about 222.5, a record.
  • It uses a stratified hedonic regression, so the mix of homes sold does not distort it.
  • Flash estimates use data to mid-quarter. In five recent quarters the flash and final figures differed by 0.3 points on average.
  • The index is not your home’s value. Use recent transactions for that.

What the index measures

The data.gov.sg notes for the series say it is compiled from caveats lodged at the option stage, supplemented by IRAS stamp duty data and developers’ new-sale data. It uses a stratified hedonic regression. The weights come from the value of properties transacted in the past five quarters. The notes say the weights are revised every three years, and cite 2015-Q1 as the latest revision.

A hedonic method adjusts for differences between the homes sold, such as location and size. Why that matters is easiest to see with a made-up example. Say a quarter has 80 outer-suburb sales at S$1,800 per sq ft and 20 core-area sales at S$3,000. The average is S$2,040. Next quarter, 60 outer-suburb and 40 core-area homes sell at the same prices, so the average jumps to S$2,280, up 11.8%. No price changed. A hedonic index would show roughly 0%.

So a headline average or median psf can mislead when the mix of sales shifts. The index is built to avoid that.

What it covers, and what it does not

The index covers private residential homes. URA’s statistics exclude executive condominiums, and HDB flats have their own series. The data.gov.sg series has three lines: all residential, landed and non-landed. URA’s quarterly releases also split non-landed homes into the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR).

Private landed and non-landed home pricesURA price index, Q1 2009 = 100. Quarterly.
  • Non-landed (condos and apartments)
  • Landed (houses)
Private landed and non-landed home prices. Two lines show private home prices from 2004. Both rise over the period, and the landed index ends above the non-landed index, at its highest level in the second quarter of 2026.100.0150.0200.0250.020052010201520202025Landed 258.4Non-landed 210.6Private landed and non-landed home prices. Two lines show private home prices from 2004. Both rise over the period, and the landed index ends above the non-landed index, at its highest level in the second quarter of 2026.100.0150.0200.0250.020052010201520202025

Latest: Non-landed 210.6 (Q2 2026); Landed 258.4 (Q2 2026).

Table view
PeriodNon-landed (condos and apartments)Landed (houses)
Q2 2026210.6258.4
Q1 2026210.8252.1
Q4 2025208.1253.1
Q3 2025208.5244.8
Q2 2025206.8241.4
Q1 2025205.4236.2
Q4 2024203.4235.3
Q3 2024197.5235.5
Q2 2024197.3243.8
Q1 2024196.1239.3
Q4 2023194.2233.2
Q3 2023189.8222.9
Q2 2023185.7231.2
Q1 2023186.8228.7
Q4 2022182.1216.0
Q3 2022181.6214.7
Q2 2022173.9211.3
Q1 2022167.9205.3
Q4 2021168.4197.0
Q3 2021159.9189.6
Q2 2021158.8184.8
Q1 2021157.1185.4
Q4 2020153.3173.8
Q3 2020148.8176.6
Q2 2020148.7170.3
Q1 2020148.1170.3
Q4 2019149.6171.8
Q3 2019150.0165.8
Q2 2019148.1164.2
Q1 2019145.2164.4
Q4 2018146.8162.6
Q3 2018146.1165.9
Q2 2018146.1162.2
Q1 2018141.6155.8
Q4 2017135.6152.9
Q3 2017134.5152.1
Q2 2017133.7150.3
Q1 2017133.8150.8
Q4 2016133.8153.6
Q3 2016134.9152.4
Q2 2016136.5156.6
Q1 2016136.6159.0
Q4 2015137.4160.8
Q3 2015137.7163.7
Q2 2015139.8164.4
Q1 2015140.9166.1
Q4 2014142.5167.6
Q3 2014143.9169.8
Q2 2014144.5172.9
Q1 2014145.7175.9
Q4 2013147.6177.1
Q3 2013148.9178.9
Q2 2013148.0178.4
Q1 2013145.9177.8
Q4 2012144.8177.0
Q3 2012142.3173.9
Q2 2012141.6171.9
Q1 2012141.0171.2
Q4 2011141.2171.0
Q3 2011140.8170.8
Q2 2011139.2166.9
Q1 2011137.3161.1
Q4 2010135.0155.1
Q3 2010132.6147.0
Q2 2010130.5136.4
Q1 2010124.3128.4
Q4 2009118.4118.6
Q3 2009110.5109.5
Q2 200995.395.3
Q1 2009100.0100.0
Q4 2008117.8110.1
Q3 2008125.8115.7
Q2 2008129.0117.8
Q1 2008129.0117.1
Q4 2007124.4112.7
Q3 2007116.0108.1
Q2 2007107.1100.6
Q1 200798.894.0
Q4 200693.891.3
Q3 200690.089.2
Q2 200687.288.2
Q1 200685.786.8
Q4 200584.485.6
Q3 200583.184.8
Q2 200581.984.1
Q1 200581.484.0
Q4 200480.883.6
Q3 200479.983.3
Q2 200479.683.0
Q1 200479.682.7

Source: URA (via SingStat). Data to Q2 2026. Licences and notices

HDB publishes the Resale Price Index, also set to 1Q2009 = 100. That lets you compare. In Q2 2026 the private index was 219.4 and the HDB index 202.8. Since Q2 2020, the HDB index is up 53.8% and the private index up 43.8% (Propwise calculation). For the longer story, see which has performed better, HDB or private.

Private homes and HDB flats: price indices since 1999Both indices equal 100 in Q1 2009, so one axis compares them fairly. Quarterly.
  • Private homes (URA price index)
  • HDB resale flats (HDB Resale Price Index)
  • Policy measures (select one for details)
Private homes and HDB flats: price indices since 1999. Two lines rise from 1999. Private home prices swing more, with falls around 2008 to 2009 and 2013 to 2017, and rise faster after 2020. HDB resale prices climb steadily and flatten in 2025 and 2026.100.0150.0200.0200020052010201520202025Private 219.4HDB 202.82001-10-12: Second off-budget package, October 2001: property tax rebate, stamp duty cut, gains tax removed, land sales eased2005-07-19: Property policy review, July 2005: LTV limit raised to 90%, CPF housing rules eased, foreign ownership rules eased2009-09-14: Interest-only loans and Interest Absorption Scheme disallowed, September 20092010-02-19: Seller's Stamp Duty introduced and LTV limit cut to 80%, February 20102010-08-30: Property cooling measures, August 20102010-08-30: HDB measures after National Day Rally 2010: DBSS income ceiling, 5-year MOP for non-subsidised flats2011-01-13: Property cooling measures, January 20112011-12-07: Additional Buyer's Stamp Duty introduced, December 20112012-10-05: Maximum loan tenure of 35 years and tighter LTV limits, October 20122013-01-11: Property cooling measures, January 20132013-06-28: MAS introduces the Total Debt Servicing Ratio (TDSR) framework2013-08-27: HDB loan and resale measures, August 20132017-03-10: SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal2018-02-19: Budget 2018: top BSD rate raised to 4% above S$1m2018-02-19: Budget 2018: Proximity Housing Grant enhanced2018-07-05: Property cooling measures, July 2018: higher ABSD and lower LTV limits2021-12-15: Property cooling measures, December 2021: higher ABSD, TDSR 55%, HDB loan LTV 85%2022-09-29: Property measures, September 2022: higher TDSR and MSR rate floor, HDB loan LTV 80%, 15-month wait-out2023-02-14: Buyer's Stamp Duty raised for higher-value properties, Budget 20232023-02-14: CPF Housing Grant raised for first-time resale buyers, Budget 20232023-04-26: ABSD rates raised, April 20232024-08-19: HDB loan LTV cut to 75% and Enhanced CPF Housing Grant raised2025-07-03: Seller's Stamp Duty holding period back to four years, rates raised by 4 ppPrivate homes and HDB flats: price indices since 1999. Two lines rise from 1999. Private home prices swing more, with falls around 2008 to 2009 and 2013 to 2017, and rise faster after 2020. HDB resale prices climb steadily and flatten in 2025 and 2026.100.0150.0200.02000200520102015202020252001-10-12: Second off-budget package, October 2001: property tax rebate, stamp duty cut, gains tax removed, land sales eased2005-07-19: Property policy review, July 2005: LTV limit raised to 90%, CPF housing rules eased, foreign ownership rules eased2009-09-14: Interest-only loans and Interest Absorption Scheme disallowed, September 20092010-02-19: Seller's Stamp Duty introduced and LTV limit cut to 80%, February 20102010-08-30: Property cooling measures, August 20102010-08-30: HDB measures after National Day Rally 2010: DBSS income ceiling, 5-year MOP for non-subsidised flats2011-01-13: Property cooling measures, January 20112011-12-07: Additional Buyer's Stamp Duty introduced, December 20112012-10-05: Maximum loan tenure of 35 years and tighter LTV limits, October 20122013-01-11: Property cooling measures, January 20132013-06-28: MAS introduces the Total Debt Servicing Ratio (TDSR) framework2013-08-27: HDB loan and resale measures, August 20132017-03-10: SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal2018-02-19: Budget 2018: top BSD rate raised to 4% above S$1m2018-02-19: Budget 2018: Proximity Housing Grant enhanced2018-07-05: Property cooling measures, July 2018: higher ABSD and lower LTV limits2021-12-15: Property cooling measures, December 2021: higher ABSD, TDSR 55%, HDB loan LTV 85%2022-09-29: Property measures, September 2022: higher TDSR and MSR rate floor, HDB loan LTV 80%, 15-month wait-out2023-02-14: Buyer's Stamp Duty raised for higher-value properties, Budget 20232023-02-14: CPF Housing Grant raised for first-time resale buyers, Budget 20232023-04-26: ABSD rates raised, April 20232024-08-19: HDB loan LTV cut to 75% and Enhanced CPF Housing Grant raised2025-07-03: Seller's Stamp Duty holding period back to four years, rates raised by 4 pp

Latest: Private 219.4 (Q2 2026); HDB 202.8 (Q2 2026).

Table view
PeriodPrivate homes (URA price index)HDB resale flats (HDB Resale Price Index)
Q2 2026219.4202.8
Q1 2026218.3203.4
Q4 2025216.4203.6
Q3 2025215.1203.7
Q2 2025213.2202.9
Q1 2025211.1201.0
Q4 2024209.4197.9
Q3 2024204.7192.9
Q2 2024206.1187.9
Q1 2024204.3183.7
Q4 2023201.5180.4
Q3 2023196.0178.5
Q2 2023194.4176.2
Q1 2023194.8173.6
Q4 2022188.6171.9
Q3 2022187.8168.1
Q2 2022180.9163.9
Q1 2022174.8159.5
Q4 2021173.6155.7
Q3 2021165.3150.6
Q2 2021163.5146.4
Q1 2021162.2142.2
Q4 2020157.0138.1
Q3 2020153.8133.9
Q2 2020152.6131.9
Q1 2020152.1131.5
Q4 2019153.6131.5
Q3 2019152.8130.9
Q2 2019150.8130.8
Q1 2019148.6131.0
Q4 2018149.6131.4
Q3 2018149.7131.6
Q2 2018149.0131.7
Q1 2018144.1131.6
Q4 2017138.7132.6
Q3 2017137.6132.8
Q2 2017136.6133.7
Q1 2017136.7133.9
Q4 2016137.2134.6
Q3 2016137.9134.7
Q2 2016140.0134.7
Q1 2016140.6134.7
Q4 2015141.6134.8
Q3 2015142.3134.6
Q2 2015144.2135.0
Q1 2015145.5135.6
Q4 2014147.0137.0
Q3 2014148.6139.1
Q2 2014149.7141.5
Q1 2014151.3143.5
Q4 2013153.2145.8
Q3 2013154.6148.1
Q2 2013154.0149.4
Q1 2013152.4148.6
Q4 2012151.5146.7
Q3 2012148.8143.1
Q2 2012147.9140.3
Q1 2012147.2138.5
Q4 2011147.4137.7
Q3 2011147.0135.4
Q2 2011145.1130.4
Q1 2011142.3126.4
Q4 2010139.2124.4
Q3 2010135.5121.3
Q2 2010131.7116.6
Q1 2010125.1112.1
Q4 2009118.4109.0
Q3 2009110.3105.0
Q2 200995.3101.4
Q1 2009100.0100.0
Q4 2008116.4100.8
Q3 2008123.999.4
Q2 2008126.995.4
Q1 2008126.791.3
Q4 2007122.188.0
Q3 2007114.483.2
Q2 2007105.678.1
Q1 200797.675.8
Q4 200693.174.9
Q3 200689.674.2
Q2 200687.374.3
Q1 200685.873.6
Q4 200584.573.5
Q3 200583.373.2
Q2 200582.373.5
Q1 200581.977.2
Q4 200481.377.1
Q3 200480.776.3
Q2 200480.476.2
Q1 200480.375.3
Q4 200380.675.1
Q3 200380.774.3
Q2 200381.172.5
Q1 200381.671.0
Q4 200282.369.9
Q3 200282.669.9
Q2 200282.269.2
Q1 200282.869.1
Q4 200183.869.6
Q3 200187.670.6
Q2 200190.372.1
Q1 200191.173.2
Q4 200094.975.8
Q3 200097.677.6
Q2 2000100.479.3
Q1 200098.980.3
Q4 199995.979.8
Q3 199991.178.1
Q2 199984.372.2
Q1 199975.471.2
Policy measures marked on this chart (23)
  • 2025-07-03 Seller's Stamp Duty holding period back to four years, rates raised by 4 pp
  • 2024-08-19 HDB loan LTV cut to 75% and Enhanced CPF Housing Grant raised
  • 2023-04-26 ABSD rates raised, April 2023
  • 2023-02-14 CPF Housing Grant raised for first-time resale buyers, Budget 2023
  • 2023-02-14 Buyer's Stamp Duty raised for higher-value properties, Budget 2023
  • 2022-09-29 Property measures, September 2022: higher TDSR and MSR rate floor, HDB loan LTV 80%, 15-month wait-out
  • 2021-12-15 Property cooling measures, December 2021: higher ABSD, TDSR 55%, HDB loan LTV 85%
  • 2018-07-05 Property cooling measures, July 2018: higher ABSD and lower LTV limits
  • 2018-02-19 Budget 2018: Proximity Housing Grant enhanced
  • 2018-02-19 Budget 2018: top BSD rate raised to 4% above S$1m
  • 2017-03-10 SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal
  • 2013-08-27 HDB loan and resale measures, August 2013
  • 2013-06-28 MAS introduces the Total Debt Servicing Ratio (TDSR) framework
  • 2013-01-11 Property cooling measures, January 2013
  • 2012-10-05 Maximum loan tenure of 35 years and tighter LTV limits, October 2012
  • 2011-12-07 Additional Buyer's Stamp Duty introduced, December 2011
  • 2011-01-13 Property cooling measures, January 2011
  • 2010-08-30 HDB measures after National Day Rally 2010: DBSS income ceiling, 5-year MOP for non-subsidised flats
  • 2010-08-30 Property cooling measures, August 2010
  • 2010-02-19 Seller's Stamp Duty introduced and LTV limit cut to 80%, February 2010
  • 2009-09-14 Interest-only loans and Interest Absorption Scheme disallowed, September 2009
  • 2005-07-19 Property policy review, July 2005: LTV limit raised to 90%, CPF housing rules eased, foreign ownership rules eased
  • 2001-10-12 Second off-budget package, October 2001: property tax rebate, stamp duty cut, gains tax removed, land sales eased

Source: URA, HDB (via SingStat). Data to Q2 2026. Licences and notices

The flash estimate and the final figure

URA releases a flash estimate about three weeks before the full statistics. The Q3 2026 flash uses transactions submitted for stamp duty and developer sales up to mid-September. URA warns that past data show flash estimates can differ from the actual change.

QuarterFlash (q/q)Final (q/q)Gap
Q2 2025+0.5%+1.0%0.5 pt
Q3 2025+1.2%+0.9%0.3 pt
Q4 2025+0.7%+0.6%0.1 pt
Q1 2026+0.3%+0.9%0.6 pt
Q2 2026+0.5%+0.5%0 pt

Flash figures from URA’s Q2 2025, Q3 2025, Q4 2025, Q1 2026 and Q2 2026 releases. Final figures from the Q2 2025, Q3 2025, Q4 2025, Q1 2026 and Q2 2026 statistics. The average gap is 0.3 points.

In Q1 2026 the flash showed the smallest quarterly rise in six quarters. The final figure was three times larger. The full Q3 2026 data is due on 23 October 2026, so treat the +1.4% as provisional.

Three checks when you read the index

1. Convert points to percentages yourself. At 219.4, one index point is about 0.46%. From Q4 2025 (216.4) to Q2 2026 (219.4) the index rose 1.4%. That matches URA’s statement for the first half of the year. Against Q2 2025 (213.2) the rise is 2.9%.

2. Look under the headline. The Q3 2026 flash estimate showed +1.4% overall, but the segments diverged: CCR -0.1%, RCR +0.2%, OCR +2.2%, landed +2.8%. The all-homes figure hides that spread. Check the segment you care about.

Private non-landed home prices by regionURA price index, Q1 2009 = 100. Quarterly.
  • Core Central Region
  • Rest of Central Region
  • Outside Central Region
  • Policy measures (select one for details)
Private non-landed home prices by region. Three lines show condo prices by region from 2004. The rest of the central region and the suburbs have risen furthest since 2009, while the core central region has been flatter.100.0150.0200.0250.020052010201520202025OCR 271.1RCR 226.2CCR 161.52005-07-19: Property policy review, July 2005: LTV limit raised to 90%, CPF housing rules eased, foreign ownership rules eased2009-09-14: Interest-only loans and Interest Absorption Scheme disallowed, September 20092010-02-19: Seller's Stamp Duty introduced and LTV limit cut to 80%, February 20102010-08-30: Property cooling measures, August 20102010-08-30: HDB measures after National Day Rally 2010: DBSS income ceiling, 5-year MOP for non-subsidised flats2011-01-13: Property cooling measures, January 20112011-12-07: Additional Buyer's Stamp Duty introduced, December 20112012-10-05: Maximum loan tenure of 35 years and tighter LTV limits, October 20122013-01-11: Property cooling measures, January 20132013-06-28: MAS introduces the Total Debt Servicing Ratio (TDSR) framework2013-08-27: HDB loan and resale measures, August 20132017-03-10: SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal2018-02-19: Budget 2018: top BSD rate raised to 4% above S$1m2018-02-19: Budget 2018: Proximity Housing Grant enhanced2018-07-05: Property cooling measures, July 2018: higher ABSD and lower LTV limits2021-12-15: Property cooling measures, December 2021: higher ABSD, TDSR 55%, HDB loan LTV 85%2022-09-29: Property measures, September 2022: higher TDSR and MSR rate floor, HDB loan LTV 80%, 15-month wait-out2023-02-14: Buyer's Stamp Duty raised for higher-value properties, Budget 20232023-02-14: CPF Housing Grant raised for first-time resale buyers, Budget 20232023-04-26: ABSD rates raised, April 20232024-08-19: HDB loan LTV cut to 75% and Enhanced CPF Housing Grant raised2025-07-03: Seller's Stamp Duty holding period back to four years, rates raised by 4 ppPrivate non-landed home prices by region. Three lines show condo prices by region from 2004. The rest of the central region and the suburbs have risen furthest since 2009, while the core central region has been flatter.100.0150.0200.0250.0200520102015202020252005-07-19: Property policy review, July 2005: LTV limit raised to 90%, CPF housing rules eased, foreign ownership rules eased2009-09-14: Interest-only loans and Interest Absorption Scheme disallowed, September 20092010-02-19: Seller's Stamp Duty introduced and LTV limit cut to 80%, February 20102010-08-30: Property cooling measures, August 20102010-08-30: HDB measures after National Day Rally 2010: DBSS income ceiling, 5-year MOP for non-subsidised flats2011-01-13: Property cooling measures, January 20112011-12-07: Additional Buyer's Stamp Duty introduced, December 20112012-10-05: Maximum loan tenure of 35 years and tighter LTV limits, October 20122013-01-11: Property cooling measures, January 20132013-06-28: MAS introduces the Total Debt Servicing Ratio (TDSR) framework2013-08-27: HDB loan and resale measures, August 20132017-03-10: SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal2018-02-19: Budget 2018: top BSD rate raised to 4% above S$1m2018-02-19: Budget 2018: Proximity Housing Grant enhanced2018-07-05: Property cooling measures, July 2018: higher ABSD and lower LTV limits2021-12-15: Property cooling measures, December 2021: higher ABSD, TDSR 55%, HDB loan LTV 85%2022-09-29: Property measures, September 2022: higher TDSR and MSR rate floor, HDB loan LTV 80%, 15-month wait-out2023-02-14: Buyer's Stamp Duty raised for higher-value properties, Budget 20232023-02-14: CPF Housing Grant raised for first-time resale buyers, Budget 20232023-04-26: ABSD rates raised, April 20232024-08-19: HDB loan LTV cut to 75% and Enhanced CPF Housing Grant raised2025-07-03: Seller's Stamp Duty holding period back to four years, rates raised by 4 pp

Latest: CCR 161.5 (Q2 2026); RCR 226.2 (Q2 2026); OCR 271.1 (Q2 2026).

Table view
PeriodCore Central RegionRest of Central RegionOutside Central Region
Q2 2026161.5226.2271.1
Q1 2026158.6228.9271.4
Q4 2025157.7227.1265.6
Q3 2025163.4225.5263.0
Q2 2025160.7224.8260.9
Q1 2025156.0227.3258.1
Q4 2024154.8223.5257.3
Q3 2024150.9217.0249.1
Q2 2024152.6215.3249.1
Q1 2024153.1211.9248.6
Q4 2023148.1211.3248.1
Q3 2023142.5213.0237.4
Q2 2023146.5208.6225.0
Q1 2023146.6213.9222.3
Q4 2022145.4204.9218.2
Q3 2022144.4198.7224.0
Q2 2022141.2193.3208.4
Q1 2022138.6181.7204.1
Q4 2021138.7186.7199.7
Q3 2021135.1175.0188.9
Q2 2021135.8170.6189.1
Q1 2021134.3170.4185.6
Q4 2020133.6160.6183.6
Q3 2020129.5153.8180.4
Q2 2020134.6150.0177.4
Q1 2020131.1152.6177.2
Q4 2019134.1153.4177.9
Q3 2019138.0155.4173.1
Q2 2019135.3153.4171.7
Q1 2019132.3148.2171.0
Q4 2018136.4149.2170.7
Q3 2018137.8146.6169.5
Q2 2018136.0148.5169.7
Q1 2018134.8140.6164.8
Q4 2017127.8138.9156.1
Q3 2017126.0138.3154.9
Q2 2017125.9137.6153.7
Q1 2017126.5136.8154.2
Q4 2016127.0136.4154.0
Q3 2016126.9139.2154.9
Q2 2016129.4140.6156.5
Q1 2016129.0140.3157.3
Q4 2015128.6140.3159.4
Q3 2015129.0140.9159.4
Q2 2015130.6143.2162.0
Q1 2015131.4144.1163.8
Q4 2014131.9146.6165.6
Q3 2014133.1148.6167.0
Q2 2014134.2149.2167.6
Q1 2014136.2149.7169.1
Q4 2013137.6154.8169.3
Q3 2013140.5154.2170.9
Q2 2013140.9155.6167.3
Q1 2013141.2155.3161.1
Q4 2012140.3155.0158.9
Q3 2012139.4153.6153.2
Q2 2012139.2152.3151.6
Q1 2012138.4151.7150.9
Q4 2011139.2152.5149.2
Q3 2011138.5152.4148.4
Q2 2011137.5150.6145.3
Q1 2011135.3148.9142.8
Q4 2010133.9145.9138.6
Q3 2010131.0143.3135.8
Q2 2010128.9140.0132.9
Q1 2010122.4133.8125.7
Q4 2009117.2124.1120.5
Q3 2009109.2113.3113.4
Q2 200994.895.697.7
Q1 2009100.0100.0100.0
Q4 2008119.4120.4107.9
Q3 2008127.6128.3114.6
Q2 2008131.2131.5116.3
Q1 2008131.3130.6115.2
Q4 2007126.5126.4111.0
Q3 2007117.7117.4103.7
Q2 2007108.6108.796.1
Q1 2007100.7100.689.7
Q4 200695.496.987.9
Q3 200690.994.886.5
Q2 200686.394.485.8
Q1 200682.594.484.5
Q4 200581.594.184.3
Q3 200579.794.183.6
Q2 200577.994.183.6
Q1 200577.693.783.6
Q4 200476.992.983.4
Q3 200476.492.283.0
Q2 200476.191.682.7
Q1 200476.091.583.0
Policy measures marked on this chart (22)
  • 2025-07-03 Seller's Stamp Duty holding period back to four years, rates raised by 4 pp
  • 2024-08-19 HDB loan LTV cut to 75% and Enhanced CPF Housing Grant raised
  • 2023-04-26 ABSD rates raised, April 2023
  • 2023-02-14 CPF Housing Grant raised for first-time resale buyers, Budget 2023
  • 2023-02-14 Buyer's Stamp Duty raised for higher-value properties, Budget 2023
  • 2022-09-29 Property measures, September 2022: higher TDSR and MSR rate floor, HDB loan LTV 80%, 15-month wait-out
  • 2021-12-15 Property cooling measures, December 2021: higher ABSD, TDSR 55%, HDB loan LTV 85%
  • 2018-07-05 Property cooling measures, July 2018: higher ABSD and lower LTV limits
  • 2018-02-19 Budget 2018: Proximity Housing Grant enhanced
  • 2018-02-19 Budget 2018: top BSD rate raised to 4% above S$1m
  • 2017-03-10 SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal
  • 2013-08-27 HDB loan and resale measures, August 2013
  • 2013-06-28 MAS introduces the Total Debt Servicing Ratio (TDSR) framework
  • 2013-01-11 Property cooling measures, January 2013
  • 2012-10-05 Maximum loan tenure of 35 years and tighter LTV limits, October 2012
  • 2011-12-07 Additional Buyer's Stamp Duty introduced, December 2011
  • 2011-01-13 Property cooling measures, January 2011
  • 2010-08-30 HDB measures after National Day Rally 2010: DBSS income ceiling, 5-year MOP for non-subsidised flats
  • 2010-08-30 Property cooling measures, August 2010
  • 2010-02-19 Seller's Stamp Duty introduced and LTV limit cut to 80%, February 2010
  • 2009-09-14 Interest-only loans and Interest Absorption Scheme disallowed, September 2009
  • 2005-07-19 Property policy review, July 2005: LTV limit raised to 90%, CPF housing rules eased, foreign ownership rules eased

Source: URA (via SingStat). Data to Q2 2026. Licences and notices

3. Remember the lag. The index reflects prices agreed at the option stage (or developers’ reported sales), not asking prices. It is a record of what happened, not a forecast.

What the index cannot tell you

  • Your own home’s value. A condo in a weak project can fall while the index rises. Use URA’s property market information service, which lists transactions from the last 60 months, and compare units in the same project.
  • Whether to buy now. The index says where prices have been. See is now a good time to buy?
  • Anything about financing. Rates change affordability; the index does not. Try your numbers in our mortgage calculator.

The data.gov.sg notes say URA revises the index weights every three years, and they cite 1Q2015 as the latest revision. If an older article quotes an index level, check it against the current series on data.gov.sg before you compare it with today’s figures.

Propwise’s view

We use only the final quarterly figures for any conclusion, and treat the flash as a hint. One quarter, even a record, is not a trend. The risk to this approach is the delay: final figures arrive about three weeks after the flash, and in a fast-moving market a lot can change in that time. The index is also an average. A buyer in a segment that is falling gets no comfort from a rising headline.

Bottom line

The URA index is the best single measure of private home price change because it adjusts for the mix of sales. But it is an average, it covers private homes only, and its first release is often revised. Use the final figure, check your segment, and use real transactions to price your own home.

property price indexhdb resale price indexuraurban redevelopment authorityprice index

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