Last reviewed: 19 May 2026
Singapore Property Cooling Measures: Full Timeline 2009–2026
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% and SSD applies for the first 3 years of ownership. No relaxation has occurred as of May 2026.
Facts verified: May 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.
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 3–5% |
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 10–15% 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.
Related: ABSD Singapore 2026 Complete Guide · Seller Stamp Duty Singapore · Cooling Measures Overview