Housing cycles / SGP

Singapore

Real residential property prices, BIS index, 1998 to 2025-Q4. The index is rebased to 2010 = 100 for Singapore alone, so its level says nothing next to another country’s. Growth and drawdown are comparable across countries; the level is not.

+2.1%

Real prices, year on year

2025-Q4; nominal +3.3%

-0.1%

Off its own real peak

peak 2025-Q3

-26.6%

Deepest real drawdown

trough 1998-Q4, within the observed sample

1998

Index starts

112 quarters to 2025-Q4

Real house price index, annual

Annual means of the quarterly real index. A year is plotted only if all four of its quarters are present, so a partial year is dropped rather than averaged over whatever is present.

Source: BIS residential property prices (selected series) Latest real quarter 2025-Q4 = 120.4; highest observed real quarter 2025-Q3 = 120.5. Methodology

Banking crises

Laeven-Valencia records no systemic banking crisis for Singapore. There is no event study on this page, and this country enters none of the cross-country medians on the index. Its deepest observed real drawdown is -26.6%, into 1998-Q4. Absence from the chronology is the chronology’s judgement, not proof that no crisis happened.

Limits of this page. The drawdown figures are conditional on the sample: Singapore’s index begins in 1998, so a peak before then is invisible and the deepest drawdown is the deepest observedone. The crisis dating is Laeven-Valencia’s, not this repo’s. Nothing here is a causal claim. See the methodology for the full list.