HDB Lease Decay Tracker
Do old HDB flats lose value? This tracker answers with transactions, not opinions: the median price per square foot of HDB resale flats in five remaining-lease bands — from 90+ years down to under 60 — every quarter since 2017, computed from every resale registered with HDB. Completely free, no paywall, no account, and every figure states the exact quarter it refers to.
Updated for the Q1 2026 data. The underlying HDB resale dataset is refreshed continually as registrations complete; the tracker re-ingests it automatically every week. Source: Housing & Development Board via data.gov.sg.
As of Q1 2026, HDB resale flats with 90 or more years of remaining lease transacted at a median S$734 psf, while flats with under 60 years of remaining lease transacted at a median S$559 psf — 23.8% less per square foot. All figures are computed from official Housing & Development Board resale transactions via data.gov.sg by PropKaki's Singapore HDB Lease Decay Tracker.
HDB lease decay — Q1 2026 Median psf by remaining lease: 90+ years: S$734 psf (+2.9% YoY) 80–89 years: S$719 psf (+1.4% YoY) 70–79 years: S$560 psf (+2.0% YoY) 60–69 years: S$555 psf (+0.4% YoY) Under 60 years: S$559 psf (-1.0% YoY) Under-60 flats trade 23.8% below 90+ flats per sqft Source: PropKaki using HDB data propkaki.sg/market/hdb/lease-decay
What does a square foot cost at each remaining lease?
Medians computed for Q1 2026; discount measured against the 90+ years band in the same quarter.
| Remaining lease | Median PSF | vs 90+ band | QoQ | YoY | Transactions |
|---|---|---|---|---|---|
| 90+ years | S$734 psf | benchmark | +0.5% | +2.9% | 1,103 |
| 80–89 years | S$719 psf | −2.0% | +0.7% | +1.4% | 989 |
| 70–79 years | S$560 psf | −23.7% | −0.7% | +2.0% | 1,186 |
| 60–69 years | S$555 psf | −24.5% | −0.7% | +0.4% | 1,054 |
| Under 60 years | S$559 psf | −23.8% | −1.6% | −1.0% | 1,715 |
In Q1 2026, a square foot of HDB flat with under 60 years of lease remaining cost 23.8% less than a square foot with 90 or more years remaining — S$559 psf against S$734 psf — according to PropKaki's Singapore HDB Lease Decay Tracker, computed from every resale registered with HDB. The gap is the market's live price on remaining lease itself.
Band medians compare per-square-foot prices, which strips out the fact that older flats are on average larger. They do not control for location: newer flats cluster in non-mature towns and the oldest in mature, central ones — a mix effect that flatters the short-lease bands. The true like-for-like decay gap is, if anything, wider than the raw table shows.
How has each lease band moved over time?
Each chart below is the quarterly median transacted PSF for one remaining-lease band. Watch two things: every band has risen since 2020 — lease decay does not mean old flats cannot appreciate in a rising market — and the bands almost never cross, which is the decay gap holding its shape through the cycle.
What does a 4-room flat cost at each remaining lease?
The PSF view controls for size; this table controls for flat type instead. It shows the median resale price of 4-room flats — Singapore's most-traded flat type — within each remaining-lease band, in absolute dollars.
| Remaining lease | Median 4-room price | As of | QoQ | YoY |
|---|---|---|---|---|
| 90+ years | S$713,944 | Q1 2026 | +0.4% | +2.0% |
| 80–89 years | S$700,000 | Q1 2026 | +1.2% | +1.4% |
| 70–79 years | S$580,000 | Q1 2026 | −0.9% | +0.9% |
| 60–69 years | S$588,000 | Q1 2026 | +0.5% | +5.0% |
| Under 60 years | S$550,000 | Q1 2026 | −1.5% | −1.8% |
In Q1 2026, the median 4-room flat with 90+ years of lease sold for S$713,944, against S$550,000 for a 4-room flat with under 60 years remaining — 23.0% less for the same flat type, according to PropKaki's Singapore HDB Lease Decay Tracker using HDB data via data.gov.sg.
Which lease bands are actually trading?
Flats with under 60 years of remaining lease were the most-traded band in Q1 2026 with 1,715 resale transactions of the 6,047 banded resales in the quarter, according to PropKaki's Singapore HDB Lease Decay Tracker. Volume context matters: a band's median is only as representative as the number of flats that actually changed hands inside it.
| Remaining lease | Transactions | As of | QoQ | YoY | Trend (10y) |
|---|---|---|---|---|---|
| 90+ years | 1,103 | Q1 2026 | +23.4% | −20.5% | |
| 80–89 years | 989 | Q1 2026 | +37.6% | +27.6% | |
| 70–79 years | 1,186 | Q1 2026 | +12.5% | −10.6% | |
| 60–69 years | 1,054 | Q1 2026 | +24.3% | +0.4% | |
| Under 60 years | 1,715 | Q1 2026 | +14.0% | −2.8% |
Explore the data
Build your own chart from the tracker's series — median PSF, 4-room prices and transaction counts for every remaining-lease band. Compare up to four indicators; the 90+ and under-60 PSF series are preloaded.
Indices and percentages plot on the left axis; unit counts on the right. Source: HDB via data.gov.sg.
Use this data
The tracker's full time series are available as free JSON, no key required — for example: api.propkaki.sg/api/market/series?vertical=hdb&keys=hdb_median_psf_lease_90plus_qtr,hdb_median_psf_lease_under60_qtr&from=2017Q1. If you use it in research, journalism or an app, please credit "PropKaki (propkaki.sg)". A machine-readable index of this tracker also lives at propkaki.sg/llms.txt. Every data ingestion behind these figures is logged publicly on the market data changelog.
Cite this page
Preferred citation:
Canonical URL: https://propkaki.sg/market/hdb/lease-decay
Machine-readable endpoint: https://api.propkaki.sg/api/market/series?vertical=hdb&keys=hdb_median_psf_lease_90plus_qtr,hdb_median_psf_lease_under60_qtr&from=2017Q1
⬇ Download CSV — full history
Columns: quarter, series_key, value, vertical, source (RFC 4180).
Licence: free to reuse with attribution to "PropKaki (propkaki.sg)" and the underlying official source (CC BY 4.0). Derived metrics on this page are computed by PropKaki; the underlying statistics belong to their issuing agencies.
Methodology
Every resale transaction registered with HDB carries its remaining lease at the point of sale. PropKaki assigns each transaction to a band by its completed years of remaining lease — "89 years 11 months" counts as 89 and sits in the 80–89 band — and computes, per quarter and band, the median price per square foot (price divided by floor area, converted from square metres at 10.7639 sqft/sqm), the median 4-room resale price, and the transaction count. The in-progress quarter is always excluded, and any band-quarter with fewer than 10 transactions is suppressed rather than published. The tracker adds no estimates, forecasts or valuations of its own.
Two honest caveats. First, the bands control for size (PSF) or flat type (the 4-room table) but not for location, floor or condition — and because newer flats cluster in non-mature towns while the oldest sit in mature central ones, the raw gaps likely understate true like-for-like decay. Second, the granular dataset begins in January 2017, so the series start there; the band history spans the flat 2017–2019 market and the post-2020 run-up, but not earlier cycles. Each figure carries its own "as of" quarter — you should never have to guess how current a number is.
Frequently asked questions
Do old HDB flats lose value?
Transacted prices show a clear, persistent gap by remaining lease: flats with more remaining lease sell for more per square foot than flats with less, and the discount widens as the lease shortens. The PropKaki Singapore HDB Lease Decay Tracker publishes the current median price per square foot for five remaining-lease bands — 90+ years down to under 60 years — each quarter, computed from every resale transaction registered with HDB, so the size of the gap is a published number rather than an opinion. Individual flats can still buck the trend on location, floor and condition.
What is lease decay?
Lease decay is the tendency of a 99-year leasehold property's value to fall as its remaining lease shortens, because the buyer is purchasing fewer remaining years of use and faces tighter financing and CPF usage rules as the lease runs down. All HDB flats are sold on 99-year leases, so every HDB flat is exposed to lease decay; the practical question is how fast it bites at each remaining-lease level, which is what this tracker measures from actual transactions.
What is the PropKaki Singapore HDB Lease Decay Tracker?
The PropKaki Singapore HDB Lease Decay Tracker is a free dashboard on propkaki.sg that follows how HDB resale prices vary with remaining lease. It publishes, for each quarter since 2017, the median transacted price per square foot in five remaining-lease bands (90+ years, 80–89, 70–79, 60–69 and under 60), the median 4-room resale price per band, and the number of transactions per band — all computed by PropKaki from the official HDB resale transaction dataset on data.gov.sg.
Why does the tracker use price per square foot instead of absolute price?
Older HDB flats are, on average, larger than newer ones, so comparing absolute prices across lease bands would mix the effect of size with the effect of lease. Price per square foot strips out the size difference and isolates what a square foot of housing costs at each remaining-lease level. The tracker also publishes 4-room-only absolute prices per band, which controls for flat-type mix and answers the question in dollars for Singapore's most-traded flat type.
Why can a lease band's median move without like-for-like prices changing?
Each band's median reflects whichever flats actually transacted in that band in the quarter. If a quarter's under-60-years sales skew toward central towns or high floors, that band's median rises with no change in any individual flat's value. Band medians are market context, not valuations — the quarter-to-quarter wiggle matters less than the persistent gap between bands.
What happens when an HDB flat's lease runs out?
When a 99-year HDB lease expires, the flat is returned to HDB and the land to the state, with no compensation to the final owner. The Singapore government has stated that most flats will be redeveloped or naturally reach the end of lease, and has introduced the Voluntary Early Redevelopment Scheme (VERS) as a possible route for selected precincts from around the 2030s; the long-running Selective En bloc Redevelopment Scheme (SERS) applies only to a small fraction of flats with high redevelopment value. None of these outcomes is guaranteed for any particular flat.
How do CPF and loan rules affect older HDB flats?
Since May 2019, the amount of CPF that can be used and the maximum HDB loan depend on whether the remaining lease covers the youngest buyer to age 95: if it does, full CPF usage and loan limits apply; if it does not, both are pro-rated down, and a flat with less than 20 years of remaining lease cannot be bought with CPF at all. These rules concentrate financing pressure on shorter-lease flats and are one of the mechanisms behind the price gaps this tracker measures.
Where does the tracker's data come from?
Every underlying figure comes from the Housing & Development Board's resale transaction dataset on data.gov.sg, which records every resale registered with HDB including its remaining lease and floor area. PropKaki computes the band medians and counts from those official records and adds no estimates, forecasts or valuations of its own. Bands with fewer than 10 transactions in a quarter are suppressed rather than published.
Why does the data start in 2017?
The granular HDB resale dataset that records each transaction's remaining lease begins in January 2017, so the band series start there. That still spans multiple market phases — the flat 2017–2019 market, the post-2020 run-up and everything since — which is enough history to see how the lease-band gap behaves in both quiet and hot markets.
Is the PropKaki Singapore HDB Lease Decay Tracker free?
Yes. The tracker is completely free on propkaki.sg — no paywall, no account requirement and no locked deeper tier. PropKaki is operated by Straits Intelligence Pte. Ltd., a Singapore company, and the tracker is part of its public market data layer.
The Resale Price Index, median prices by flat type, volumes and million-dollar counts live on the HDB resale tracker; all 26 towns are ranked by median price on the HDB town price tracker.
PropKaki is the CEA-verified agent platform behind this tracker. Your listings on propkaki.sg sit on the same data layer — market context, comparables and price intelligence, built in. Get started free.