How much have property prices in Singapore increased since COVID

Since the onset of the Covid-19 pandemic, property prices in Singapore have increased significantly, with particularly rapid growth observed between 2020 and 2022. For private residential properties, prices surged by about 10.6% in 2021, followed by 8.6% in 2022, and a further 6.8% in 2023. The pace of growth appears to have moderated in recent years, with a 3-4% increase projected for 2025 in the private residential sector, according to major analysts.

This upswing has been driven by factors such as lower interest rates, strong real demand, tight supply, and post-pandemic lifestyle changes that increased demand for larger and better-located homes. Both public and private housing sectors saw a boom, with buyers taking advantage of cheaper loans and limited supply.

Overall, from the start of the Covid-19 pandemic in early 2020 to 2025, private residential property prices have risen by over 30%. However, the rate of increase has slowed in recent quarters, attributed to government cooling measures and a larger share of suburban homes, which are generally less expensive. The market is showing signs of stabilization, but prices remain on an upward trajectory, reflecting the long-term resilience and demand in Singapore’s property market.