Singapore Property Market

Home Prices After Inflation: Above the 1996 Peak

Singapore consumer prices rose 2.2% in September 2026. After inflation, private home prices are still above their 1996 and 2013 peaks.

By Propwise2 min read

Consumer prices in Singapore were 2.2% higher in Sep 2026 than a year earlier, according to SingStat. Private home prices rose 3.4% over the past year, so they are still ahead of inflation. After stripping out consumer prices, the URA private price index is at its highest level in the 1990 to 2026 record.

Prices after inflation

The table divides the URA private home price index by the consumer price index, using the average of the three months in each quarter. It sets the first quarter of 2009 at 100, the same base as the URA index.

QuarterURA price indexConsumer prices (2024 = 100)Price index after inflation (Q1 2009 = 100)
Q2 1996129.761.9153.3
Q1 2009100.073.2100.0
Q3 2013154.684.6133.6
Q4 2021173.689.2142.4
Q3 2026222.5103.2157.8

Source: URA, SingStat. Data to Q3 2026.

The 1996 peak was 153.3 after inflation. Today’s figure is 157.8, about 3% higher. The 2013 peak was 133.6, so prices after inflation are about 18% above it.

Private home prices since 1990URA price index for all private homes, Q1 2009 = 100. Quarterly.
  • Policy measures (select one for details)
Private home prices since 1990. The index climbs to a peak of about 130 in the second quarter of 1996, falls to about 72 by the end of 1998, and then recovers. It dips again in 2008 to 2009 and from 2013 to 2017, and stands at about 219 in the second quarter of 2026.0.050.0100.0150.0200.019901995200020052010201520202025222.51996-05-14: Anti-speculation measures, May 1996: seller's stamp duty, tax on short-term gains, 80% loan limit1997-11-18: Property relief, November 1997: seller's stamp duty suspended, land sales deferred1998-06-29: Off-budget property measures, June 1998: land sales suspended, stamp duty deferred2001-10-12: 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 home prices since 1990. The index climbs to a peak of about 130 in the second quarter of 1996, falls to about 72 by the end of 1998, and then recovers. It dips again in 2008 to 2009 and from 2013 to 2017, and stands at about 219 in the second quarter of 2026.0.050.0100.0150.0200.0199019952000200520102015202020251996-05-14: Anti-speculation measures, May 1996: seller's stamp duty, tax on short-term gains, 80% loan limit1997-11-18: Property relief, November 1997: seller's stamp duty suspended, land sales deferred1998-06-29: Off-budget property measures, June 1998: land sales suspended, stamp duty deferred2001-10-12: 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 222.5 (Q3 2026).

The index is a market average, not the price of any single home. Marked policy measures are shown for context only.

Table view
PeriodPrivate homes (URA price index)
Q3 2026222.5
Q2 2026219.4
Q1 2026218.3
Q4 2025216.4
Q3 2025215.1
Q2 2025213.2
Q1 2025211.1
Q4 2024209.4
Q3 2024204.7
Q2 2024206.1
Q1 2024204.3
Q4 2023201.5
Q3 2023196.0
Q2 2023194.4
Q1 2023194.8
Q4 2022188.6
Q3 2022187.8
Q2 2022180.9
Q1 2022174.8
Q4 2021173.6
Q3 2021165.3
Q2 2021163.5
Q1 2021162.2
Q4 2020157.0
Q3 2020153.8
Q2 2020152.6
Q1 2020152.1
Q4 2019153.6
Q3 2019152.8
Q2 2019150.8
Q1 2019148.6
Q4 2018149.6
Q3 2018149.7
Q2 2018149.0
Q1 2018144.1
Q4 2017138.7
Q3 2017137.6
Q2 2017136.6
Q1 2017136.7
Q4 2016137.2
Q3 2016137.9
Q2 2016140.0
Q1 2016140.6
Q4 2015141.6
Q3 2015142.3
Q2 2015144.2
Q1 2015145.5
Q4 2014147.0
Q3 2014148.6
Q2 2014149.7
Q1 2014151.3
Q4 2013153.2
Q3 2013154.6
Q2 2013154.0
Q1 2013152.4
Q4 2012151.5
Q3 2012148.8
Q2 2012147.9
Q1 2012147.2
Q4 2011147.4
Q3 2011147.0
Q2 2011145.1
Q1 2011142.3
Q4 2010139.2
Q3 2010135.5
Q2 2010131.7
Q1 2010125.1
Q4 2009118.4
Q3 2009110.3
Q2 200995.3
Q1 2009100.0
Q4 2008116.4
Q3 2008123.9
Q2 2008126.9
Q1 2008126.7
Q4 2007122.1
Q3 2007114.4
Q2 2007105.6
Q1 200797.6
Q4 200693.1
Q3 200689.6
Q2 200687.3
Q1 200685.8
Q4 200584.5
Q3 200583.3
Q2 200582.3
Q1 200581.9
Q4 200481.3
Q3 200480.7
Q2 200480.4
Q1 200480.3
Q4 200380.6
Q3 200380.7
Q2 200381.1
Q1 200381.6
Q4 200282.3
Q3 200282.6
Q2 200282.2
Q1 200282.8
Q4 200183.8
Q3 200187.6
Q2 200190.3
Q1 200191.1
Q4 200094.9
Q3 200097.6
Q2 2000100.4
Q1 200098.9
Q4 199995.9
Q3 199991.1
Q2 199984.3
Q1 199975.4
Q4 199871.5
Q3 199878.3
Q2 199890.1
Q1 199898.3
Q4 1997108.4
Q3 1997113.0
Q2 1997118.2
Q1 1997119.2
Q4 1996123.7
Q3 1996127.2
Q2 1996129.7
Q1 1996122.3
Q4 1995117.9
Q3 1995112.7
Q2 1995111.1
Q1 1995109.8
Q4 1994106.9
Q3 1994104.5
Q2 199493.6
Q1 199482.1
Q4 199375.1
Q3 199371.1
Q2 199364.9
Q1 199358.3
Q4 199255.3
Q3 199253.8
Q2 199251.8
Q1 199249.9
Q4 199147.6
Q3 199146.8
Q2 199145.6
Q1 199142.1
Q4 199040.3
Q3 199042.0
Q2 199041.8
Q1 199040.9
Policy measures marked on this chart (26)
  • 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
  • 1998-06-29 Off-budget property measures, June 1998: land sales suspended, stamp duty deferred
  • 1997-11-18 Property relief, November 1997: seller's stamp duty suspended, land sales deferred
  • 1996-05-14 Anti-speculation measures, May 1996: seller's stamp duty, tax on short-term gains, 80% loan limit

Source: URA. Data to Q3 2026.

The chart shows prices before inflation. Since 2013 the index has risen 44%, while the figure after inflation has risen 18%.

Why the gap matters

A buyer in 2013 saw a price index of 154.6. Today it is 222.5, which is 44% higher. Consumer prices rose about 22% over the same period. The gap between the two numbers is the real gain, and it is the figure that tells you whether a home bought then keeps pace with the cost of living.

MAS expects inflation to stay inside a range of 1.5% to 2.5% in 2027, according to its 14 October statement. Our note on the MAS decision sets out what drove the pause.

Rents against prices

The URA rental index rose 1.8% over the year to Q3 2026, against 2.2% for consumer prices. The chart puts rents and prices side by side.

Private home rents and pricesURA rental index and price index, both Q1 2009 = 100. Quarterly.
  • Prices (URA price index)
  • Rents (URA rental index)
Private home rents and prices. Prices and rents both rose after 2009. Prices have risen further than rents, which is why rental yields have fallen.100.0150.0200.020052010201520202025Prices 222.5Rents 164.6Private home rents and prices. Prices and rents both rose after 2009. Prices have risen further than rents, which is why rental yields have fallen.100.0150.0200.020052010201520202025

Latest: Prices 222.5 (Q3 2026); Rents 164.6 (Q3 2026).

Table view
PeriodPrices (URA price index)Rents (URA rental index)
Q3 2026222.5164.6
Q2 2026219.4162.5
Q1 2026218.3161.4
Q4 2025216.4160.9
Q3 2025215.1161.7
Q2 2025213.2159.8
Q1 2025211.1158.5
Q4 2024209.4157.9
Q3 2024204.7157.9
Q2 2024206.1156.6
Q1 2024204.3157.9
Q4 2023201.5161.0
Q3 2023196.0164.5
Q2 2023194.4163.2
Q1 2023194.8158.8
Q4 2022188.6148.1
Q3 2022187.8137.9
Q2 2022180.9127.0
Q1 2022174.8119.0
Q4 2021173.6114.2
Q3 2021165.3111.3
Q2 2021163.5109.3
Q1 2021162.2106.2
Q4 2020157.0103.9
Q3 2020153.8103.8
Q2 2020152.6104.3
Q1 2020152.1105.6
Q4 2019153.6104.5
Q3 2019152.8105.6
Q2 2019150.8105.5
Q1 2019148.6104.1
Q4 2018149.6103.1
Q3 2018149.7104.1
Q2 2018149.0103.8
Q1 2018144.1102.8
Q4 2017138.7102.5
Q3 2017137.6103.4
Q2 2017136.6103.4
Q1 2017136.7103.6
Q4 2016137.2104.5
Q3 2016137.9105.6
Q2 2016140.0106.9
Q1 2016140.6107.5
Q4 2015141.6108.9
Q3 2015142.3110.3
Q2 2015144.2111.0
Q1 2015145.5112.2
Q4 2014147.0114.1
Q3 2014148.6115.2
Q2 2014149.7116.1
Q1 2014151.3116.8
Q4 2013153.2117.6
Q3 2013154.6118.2
Q2 2013154.0117.9
Q1 2013152.4117.6
Q4 2012151.5116.6
Q3 2012148.8115.9
Q2 2012147.9114.8
Q1 2012147.2114.5
Q4 2011147.4114.2
Q3 2011147.0113.7
Q2 2011145.1112.8
Q1 2011142.3111.4
Q4 2010139.2110.0
Q3 2010135.5107.2
Q2 2010131.7103.5
Q1 2010125.197.7
Q4 2009118.493.3
Q3 2009110.392.8
Q2 200995.394.8
Q1 2009100.0100.0
Q4 2008116.4109.3
Q3 2008123.9115.5
Q2 2008126.9116.5
Q1 2008126.7113.6
Q4 2007122.1107.2
Q3 2007114.4100.4
Q2 2007105.690.1
Q1 200797.681.6
Q4 200693.175.9
Q3 200689.672.1
Q2 200687.368.7
Q1 200685.867.2
Q4 200584.566.5
Q3 200583.366.1
Q2 200582.365.6
Q1 200581.965.2
Q4 200481.364.6
Q3 200480.764.2
Q2 200480.464.0
Q1 200480.364.0

Source: URA. Data to Q3 2026.

property price indexinflationura

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