Last reviewed: 29 Jul 2026

Singapore Property Cooling Measures: Full Timeline 2009 to 2026

By Winfred Quek · CEA R073319H · Crestbrick

Quick answer: Singapore has deployed 11 rounds of property cooling measures since 2009. The current regime (post April 2023) is the most restrictive since 2013: SC second property ABSD at 20%, PR first property ABSD at 5%, foreigners at 60%, and entities at 65%. TDSR is capped at 55%. SSD was reinstated to a 4 year holding period with rates up to 16% on 4 Jul 2025, for property bought on or after that date; property bought earlier keeps the previous 3 year, up to 12% schedule. No further relaxation has occurred since.

Rates and thresholds change. The current figures are kept in one place: the Singapore property rules reference.

Facts verified: Jul 2026 · Sources linked below

Why Singapore Uses Cooling Measures

Singapore's property market is unique: it is the primary wealth building vehicle for most resident families, yet it is also a target for regional and international capital seeking a stable, rule of law jurisdiction. Left unchecked, price escalation prices out genuine resident home buyers and risks macroeconomic instability via household debt.

The government uses a demand side toolkit: ABSD, LTV limits, TDSR, rather than supply side controls alone, because supply takes years to materialise. Cooling measures operate immediately on transaction behaviour. The stated goal is not to crash prices but to keep them affordable relative to incomes and to slow excessive speculation.

Complete Cooling Measures Timeline

September 2009

Interest Absorption Scheme (IAS) and Interest Only Loans removed. Developers could no longer offer "deferred payment schemes" that let buyers delay paying until completion. Progress Payment Scheme (PPS) became mandatory: buyers must service loans as construction progresses. This eliminated a major speculative mechanism where buyers committed to multiple units with minimal immediate cash outflow.

February 2010

SSD introduced; LTV for second property reduced to 70%. Seller's Stamp Duty applied for the first time: 1% if sold within 1 year. LTV for buyers with existing loans dropped from 80% to 70%. Transaction volumes dipped 15% in the 3 months following.

August 2010

SSD extended to 3 years; LTV for second property reduced to 60%. SSD rates: 3% (year 1), 2% (year 2), 1% (year 3). LTV for second property (with outstanding loan) cut to 60%. First acknowledgment that the February measures were insufficient: prices had continued rising.

January 2011

SSD extended to 4 years; rates increased. SSD: 16% (year 1), 12% (year 2), 8% (year 3), 4% (year 4). LTV for third and subsequent properties reduced to 60%. This was the first measure to significantly impact holding period behaviour.

December 2011

ABSD introduced for the first time. Foreigners: 10%. PRs buying 1st property: 3%. PRs buying 2nd+: 3%. SC buying 3rd+: 3%. Immediate impact on foreign buying volume: transaction volumes from non-citizens fell sharply in Q1 2012.

January 2013

ABSD rates doubled; LTV tightened; TDSR introduced. The most comprehensive single cooling round to date. Key changes: (1) SC 2nd property: 7%, SC 3rd+: 10%. (2) PR 1st property: 5%, PR 2nd+: 10%. (3) Foreigners: 15%. (4) TDSR (Total Debt Servicing Ratio) capped at 60% introduced for all property loans. (5) LTV for second property reduced to 50% (with outstanding loan). Transaction volumes fell 25% in the following quarter. Prices plateaued for the first time since 2009.

June 2013

HDB loan LTV reduced; ABSD for HDB buyers with private property. HDB concessionary loan LTV reduced from 90% to 80%. SC owners of private property who apply for HDB flats must pay ABSD equivalent. This targeted HDB and private concurrent ownership.

August 2016: First Relaxation

SSD holding period reduced from 4 to 3 years; rates cut. SSD: 12% (year 1), 8% (year 2), 4% (year 3), 0% (year 4+). This was a calibrated easing: prices had fallen approximately 10% from the 2013 peak. ABSD rates were unchanged. Government signalled that the SSD duration reduction was not a signal of broader relaxation.

March 2017: Second Relaxation

ABSD rates modestly reduced for certain categories. SC 2nd property ABSD reduced from 7% to 7% (no change). PR 1st property reduced from 5% to 5% (no change). Only the additional income surcharge for lower income SC was adjusted. Market interpreted this as a floor signal: prices began recovering in late 2017.

July 2018

ABSD doubled for second and third properties; LTV tightened. SC 2nd property: 7% → 12%. SC 3rd+: 10% → 15%. PR 1st property: 5% → 5% (unchanged). PR 2nd+: 10% → 15%. Foreigners: 15% → 20%. LTV for first property (with existing loan) reduced from 80% to 75%. TDSR tightened from 60% to 55%. This round was widely seen as aggressive: it surprised the market, which had been expecting only modest adjustments.

December 2021

Tighter LTV for HDB loans; ABSD for entity buyers increased. HDB concessionary loan LTV reduced from 90% to 85%. Wait out period introduced: private property owners who downgrade to HDB resale must wait 15 months from sale of private property before buying HDB. This targeted the surge in "downgrader" activity during COVID era price spikes.

September 2022

15 month wait out period for private to HDB downgraders confirmed; medium term supply pipeline announced. Government committed to increasing BTO supply to 23,000 units in 2022 and 100,000 units by 2025. Supply side response to complement demand side measures.

April 2023 Current Regime

Most significant ABSD increase since 2013. SC 2nd property: 12% → 20%. SC 3rd+: 15% → 30%. PR 1st property: 5% → 5% (unchanged). PR 2nd+: 15% → 30%. Foreigners: 20% → 60%. Entities: 25% → 65% (additional ABSD on top of existing). The foreign buyer ABSD at 60% was described by then Finance Minister Lawrence Wong as a deliberate signal that Singapore's residential property market is "primarily for owner occupation, not investment by foreigners." Transaction volumes from non-citizens fell by approximately 75% in the following two quarters.

July 2026 Wait Out Removed

15 month wait out period removed with immediate effect on 28 July 2026. National Development Minister Chee Hong Tat announced at the 11th Singapore Economic Review Conference that the wait out period introduced in September 2022 no longer applies. Eligible private property owners and former private property owners of any age can now buy a non subsidised HDB resale flat of any size immediately, provided the purchase is not financed with an HDB housing loan. The removal followed two consecutive quarters of falling HDB resale prices, the first dip in nearly seven years. ABSD, MOP and the HDB loan restriction itself are unchanged.

ABSD Rate History: SC Buyers

Period	SC 1st Property	SC 2nd Property	SC 3rd+ Property
Pre Dec 2011	0%	0%	0%
Dec 2011, Jan 2013	0%	0%	3%
Jan 2013, Jul 2018	0%	7%	10%
Jul 2018, Apr 2023	0%	12%	15%
Apr 2023, present	0%	20%	30%

ABSD Rate History: Foreign Buyers

Period	Foreign Buyer ABSD (Any Property)	Notes
Pre Dec 2011	0%	No ABSD
Dec 2011, Jan 2013	10%	ABSD first introduced
Jan 2013, Jul 2018	15%	First doubling
Jul 2018, Apr 2023	20%	Second increase
Apr 2023, present	60%	Triple increase deliberate market segmentation

Exception: FTA nationals (USA, Iceland, Liechtenstein, Norway, Switzerland) are treated on par with Singapore Citizens for ABSD under Free Trade Agreement provisions.

How Cooling Measures Affected Transaction Volumes

Cooling Round	Private Residential Transactions (following 12 months)	Price Movement
Jan 2013 (ABSD doubled + TDSR)	−25% vs prior year	Prices peaked; flat for 3 years
Aug 2016 (SSD relaxed)	+18% recovery	Prices began recovering from −11% correction
Jul 2018 (ABSD doubled again)	−20% in H2 2018	Short dip; prices recovered by mid 2019
Apr 2023 (60% foreign ABSD)	Foreign buyer share fell from ~5% to ~1% of transactions	Price growth slowed; OCR held; CCR softened 3 to 5%

Will Singapore Relax Cooling Measures in 2026?

As of May 2026, no relaxation has been announced. The government has consistently stated that measures will remain in place until there is clear evidence of sustained price moderation. Key indicators the government watches: URA PPI growth rate (above 5% p.a. would delay relaxation), HDB resale price growth, household debt to income ratios, and global interest rate environment.

Historical precedent suggests relaxation tends to follow a 10 to 15% price correction or a multi year period of flat prices. Given that prices have only softened modestly since April 2023 (not corrected), substantial relaxation in 2026 is considered unlikely by most market analysts.

Planning note: Cooling measures can be tightened or relaxed with no advance notice; they typically take effect the day after announcement. Do not plan property transactions around anticipated relaxation. Model your decisions based on the current regime and stress test against a further tightening scenario.

Frequently Asked Questions

Do cooling measures apply to commercial property in Singapore?

Most cooling measures target residential property only. ABSD, SSD (residential), and LTV limits for residential mortgages do not apply to commercial property (offices, shophouses, industrial). BSD applies to all property purchases. Commercial property loans have different LTV limits set by MAS. This is why conservation shophouses have attracted significant investor interest: they fall outside the residential cooling measure framework entirely.

Does the ABSD apply if I inherit a property?

ABSD does not apply on property inherited through a Will or under intestacy; inheritance is not a "purchase" for ABSD purposes. However, the inherited property counts as a property owned for ABSD purposes on any subsequent purchases you make. A person who inherits a condo and then buys another property is treated as a second property buyer (20% ABSD for SC).

What is the ABSD remission for married SC/PR couples buying their first joint property?

A married couple where one spouse is SC and the other is PR can claim remission of the PR's ABSD component (5%) on their first joint residential property purchase, subject to conditions: neither party can own any other residential property at the time of purchase, and the remission must be claimed within 6 months of purchase. The remission brings the effective ABSD to 0% for their first joint home.

Want to model your ABSD position under the current regime?

Book a Free 30 Min Session

Frequently asked questions

When were Singapore's most significant property cooling measures introduced?

The most significant cooling rounds were: December 2011 (ABSD first introduced), January 2013 (ABSD doubled, LTV tightened, TDSR introduced), July 2018 (ABSD doubled for second/third properties, SC 2nd property from 7% to 12%), April 2023 (ABSD for SC 2nd property raised from 17% to 20%; foreigners raised to 60%; entities raised to 65%).

Has Singapore ever reversed or relaxed cooling measures?

Yes. The government has relaxed measures multiple times when the market corrected. In August 2016, SSD holding period was reduced from 4 years to 3 years and rates were cut, though that relaxation was itself reversed on 4 Jul 2025, when SSD returned to a 4 year holding period with rates of 16/12/8/4% for years 1 to 4, for property bought on or after that date (earlier purchases keep the 3 year, up to 12% schedule). In March 2017, ABSD rates were cut for certain buyer categories. These relaxations were partial and calibrated, never a wholesale removal. The government explicitly retains the right to reinstate measures at any time.

What is the current ABSD rate for Singapore Citizens buying a second property?

As of the April 2023 cooling measures (still in effect as of May 2026), Singapore Citizens pay 20% ABSD on their second residential property and 30% ABSD on their third and subsequent properties.

The information and insights on this page are for informational purposes only. ABSD, TDSR, LTV and SSD rates and their history referenced here are general and subject to change by MAS, IRAS and MOF at any time without notice. This page is not legal, financial, or professional advice. Conduct your own due diligence and seek qualified advice. CEA R073319H. Crestbrick Pte Ltd L31010886H.

How does this apply to your own numbers?

General rules only take you so far. What actually decides your move is your financing, your timeline, and what you already own. A Property Portfolio Analysis maps your real position, so you are deciding on your own figures rather than a rule of thumb.

Book a free 30 minute call WhatsApp Winfred