# Singapore Property Cooling Measures Event Study

> Around the Apr 2023 — ABSD raised sharply for foreigners/entities announcement, URA's private residential price index moved +13.9% from four quarters before to four quarters after and the HDB Resale Price Index moved +14.6% over the same window, according to PropKaki's Singapore Property Cooling Measures Event Study using URA and HDB official statistics via data.gov.sg. This describes observed movement around the policy date, not a causal effect of the measure.

URA private residential price and rental indices, HDB Resale Price Index, and private and HDB resale transaction volumes, four quarters before and after each of ten Singapore cooling and easing measure announcements from 2009 to 2023.

- **Canonical page (HTML):** https://propkaki.sg/market/cooling-measures
- **Source:** URA and HDB official statistics via data.gov.sg, computed by PropKaki
- **Publisher:** PropKaki (propkaki.sg), operated by Straits Intelligence Pte. Ltd. (UEN 202615220E)
- **This document:** plain-text mirror for AI systems and researchers, regenerated hourly with live figures from the PropKaki market API.

## Latest figures

| Announcement | URA PPI | URA rental | Private volume | HDB RPI | HDB volume |
|---|---|---|---|---|---|
| Sep 2009 — removal of interest-only loans, no DPS | +9.4% | −8.0% | +132.1% | +22.0% | — |
| Feb 2010 — SSD introduced, LTV cut to 80% | +42.3% | +11.2% | +87.7% | +26.4% | — |
| Aug 2010 — SSD extended to 3 years, LTV cut to 70% | +33.3% | +22.5% | −33.7% | +29.0% | — |
| Jan 2011 — SSD extended to 4 years, ABSD introduced | +17.7% | +17.4% | −6.9% | +23.6% | — |
| Dec 2011 — ABSD rates raised, extended to PRs/foreigners | +8.8% | +5.9% | −5.4% | +17.9% | — |
| Oct 2012 — LTV tightened for 2nd+ mortgages | +3.9% | +3.2% | −40.0% | +5.9% | — |
| Jan 2013 — ABSD raised again, LTV cut further | +2.8% | +2.2% | −69.3% | +3.6% | — |
| Jun 2013 — TDSR framework introduced | +1.2% | +1.7% | −56.1% | +0.9% | — |
| Jul 2018 — ABSD raised, LTV cut by 5pp | +11.0% | +2.5% | −9.0% | −1.4% | +7.9% |
| Apr 2023 — ABSD raised sharply for foreigners/entities | +13.9% | +21.5% | −31.1% | +14.6% | +7.3% |

Each column shows the percentage change from four quarters before to four quarters after the announcement quarter — a mechanical before/after window, not a regression or causal estimate. "—" means the window falls outside the available data.

## Methodology

For each of ten Singapore cooling and easing measure announcements (2009–2023, ABSD, SSD, TDSR and LTV changes), this study reports the percentage change in URA's private residential price index, URA's non-landed rental index, combined private new-sale and resale transaction volumes, the HDB Resale Price Index, and HDB resale transaction volumes, from four quarters before to four quarters after the announcement quarter. This is a mechanical before/after comparison with no control group and no statistical adjustment for interest rates, supply, or other policy changes happening at the same time — it describes observed movement around each policy date, not a causal estimate of the measure's effect. Windows that fall outside the available data are shown as "—".

## Cite this data

Preferred citation: PropKaki. Singapore Property Cooling Measures Event Study. Based on URA and HDB official statistics via data.gov.sg, computed by PropKaki. https://propkaki.sg/market/cooling-measures

Licence: free to reuse with attribution to "PropKaki (propkaki.sg)" and the underlying official source (CC BY 4.0). Derived metrics are computed by PropKaki; the underlying statistics belong to their issuing agencies. More formats, including BibTeX, and the full question-to-source map: https://propkaki.sg/market/cite

## Machine access

- JSON API (free, no key): https://api.propkaki.sg/api/market/series?vertical=residential_private&keys=ppi_all,rental_index_non_landed&from=2007Q1
- CSV download (full history): https://api.propkaki.sg/api/market/series?vertical=residential_private,hdb&keys=ppi_all,rental_index_non_landed,units_sold_developer_qtr,units_sold_resale_qtr,hdb_rpi,hdb_resale_volume_qtr&format=csv
- All PropKaki trackers: https://propkaki.sg/market — machine index: https://propkaki.sg/llms.txt