Which year did Singapore property drop previously?

Singapore's property market has experienced several periods of decline in the past, often in response to significant economic events.

- During the Asian Financial Crisis (AFC) of 1997, housing prices in Singapore fell by 4.4% in the same quarter, 8% in six months, and a total of 40% over 18 months.
- In the Global Financial Crisis (GFC) of 2008, the Urban Redevelopment Authority (URA) Housing Index fell by 2.4% in the third quarter of 2008, and prices dipped by about 25% over a year before recovering.
- Following the dot-com bubble burst in 2001 and the SARS crisis in 2003, private residential property prices also experienced declines.
- More recently, during the COVID-19 pandemic, although the market did not crash, it did experience a slowdown. However, the impact was less severe compared to previous crises, partly due to government measures and a resilient market.

These periods highlight the significant economic events that have led to declines in Singapore's property market.