The middle private home sold between 1995 and 2026 grew 3.4% a year in price. After inflation that is 1.5% a year, and rent added about 3.6% gross on top. This page measures growth, wealth kept after inflation and rental yield across 158,165 real resales, and sets private condos, resale ECs and landed homes side by side.
A year of owning, in three layers
Think of a year of owning as a core sample drilled through three layers. The bottom layer is growth that only matched rising prices. The middle layer is growth beyond inflation, the part that made the owner richer. The top layer is rent, or the rent an owner-occupier no longer pays.
The dashed line is the 2.5% a year the CPF Ordinary Account pays. Each layer is a median of its own measure, so the stack is a guide to scale rather than an exact sum.
| Home type | Growth a year | After inflation | Sale ÷ purchase | Kept pace with inflation | Gross yield | Growth + rent | Median hold |
|---|---|---|---|---|---|---|---|
| Private condo596 projects, 1995–2026 | 3.2% | 1.4% | 1.29× | 73.0% | 3.6% | 6.8% | 8.5 yrs |
| Resale EC74 projects, 1997–2026 | 4.8% | 3.2% | 1.68× | 92.1% | 3.5% | 8.3% | 10.0 yrs |
| Landed199 estates, 1995–2026 | 4.3% | 2.5% | 1.60× | 77.2% | 3.4% | 7.7% | 10.1 yrs |
68% of resale EC sales here were made from 2021 onward, a strong stretch for prices: 57 of the ECs only carry sales from October 2021. Read the EC figures as five good years more than a full cycle. Landed price per square foot is measured on land area, not floor area. "Growth + rent" is gross: no stamp duty, agent fees, maintenance, tax or loan interest has been taken off.
Capital appreciation
Annualised return is the fairest way to compare two sales. It spreads the gain evenly over the years the owner held, so a 40% gain over ten years reads as 3.4% a year, the same as an 18% gain over five. Across every resale here, the middle home grew 3.4% a year over a 8.7-year hold, and sold for 1.32× its purchase price.
In 1996 the middle condo resale fetched $904 psf; in 2026 it fetched $1,838 psf. In 2025 dollars the same move is $1,471 to $1,838, because 61% of the rise was the cost of living catching up. Shaded bands mark the Asian financial crisis (1997–98) and the global financial crisis (2008–09). The mix of homes sold shifts from year to year, so read the line as a level guide, not a price index; URA's index is the official measure.
Sales held three years or more. 56.2% of private condo sales grew faster than the CPF Ordinary Account's 2.5% a year on price alone.
| Market | Growth a year | Middle half of sales | Sale ÷ purchase | Median hold | Sales |
|---|---|---|---|---|---|
| CCR (Core Central Region) | 3.7% | 1.2% to 8.2% | 1.32× | 7.8 yrs | 25,198 |
| RCR (Rest of Central Region) | 3.8% | 1.8% to 6.4% | 1.31× | 7.7 yrs | 45,914 |
| OCR (Outside Central Region) | 2.8% | 1.2% to 4.6% | 1.26× | 9.2 yrs | 72,421 |
| Resale EC | 4.8% | 3.4% to 6.4% | 1.68× | 10.0 yrs | 14,628 |
| Landed | 4.3% | 1.6% to 8.2% | 1.60× | 10.1 yrs | 18,013 |
The middle half runs from the 25th to the 75th percentile: one sale in four did better than the top figure, one in four worse than the bottom. RCR condos grew fastest of the three private markets. OCR condos had the narrowest spread, so their outcomes were the most predictable.
Capital appreciation
More than almost anything else. Group every private condo sale by the year the owner bought, and the price cycle shows plainly. Owners who bought in 2004 grew 7.3% a year and 98.4% of them beat inflation. Owners who bought at the 1996 peak grew 0.7% a year, and only 32.7% beat inflation.
Years with fewer than 200 later sales are left out. Recent years are incomplete: only owners who have already sold appear, and quick sellers are not a random sample. Resale ECs are left out because most of their record starts in 2021.
Wealth preservation
A dollar in 1995 bought what $1.65 buys today. So the test of a home as a store of wealth is whether it sold for more than inflation alone would have carried its price. 74.8% of all resales passed that test. The longer the hold, the more often it passed: held 20 years or more, the middle home sold for 1.90× its purchase price, and 82.4% of those owners came out ahead of inflation.
Each bar is the middle sale's price as a multiple of what was paid. The tick on each bar is the multiple that inflation alone would have produced over that band's typical hold. The figure under each bar is the share of sales that cleared it.
| Held for | Sale ÷ purchase | Growth a year | After inflation | Kept pace with inflation | Sales |
|---|---|---|---|---|---|
| Under 3y | 1.20× | 11.6% | 6.1% | 81.0% | 16,633 |
| 3–5y | 1.19× | 4.5% | 2.1% | 74.4% | 23,034 |
| 5–10y | 1.20× | 2.6% | 1.1% | 69.1% | 44,718 |
| 10–15y | 1.37× | 2.6% | 1.0% | 67.3% | 33,777 |
| 15–20y | 1.74× | 3.3% | 1.5% | 79.9% | 14,088 |
| 20y+ | 1.90× | 2.6% | 1.0% | 82.4% | 11,285 |
Private condos. Sales inside three years are mostly units bought from the developer and sold around completion, so their yearly rate is high. Nobody can repeat that pace for long. The five-to-ten-year band was the weakest for keeping pace with inflation (69.1%), because many of those owners bought at the 2011–2013 peak.
Freehold or leasehold? On private condos the lease made little difference to growth. Freehold and 999-year projects grew 3.1% a year and 1.2% after inflation; 99-year leasehold projects grew 3.2% and 1.4%. Leasehold also yielded more rent, 3.7% against 3.5%. A 99-year lease still runs down, and that shows most in sales of older blocks, so check how many years are left on any lease you buy.
Rental yield
Gross rental yield is a year of rent divided by the price. The middle project yields 3.6%, and most sit between 3.1% and 4.1%. Add it to price growth and the middle home returned about 7.0% a year gross. For an owner who lives in the home, the yield is the rent they no longer pay.
Projects with 30 or more matched sales, grouped by gross yield. Higher-yield projects also grew faster: 5.7% a year against 1.6% for the lowest-yield group. Many high-yield projects were cheaper per square foot than their neighbours against similar rents, and that same lower starting price left room for growth. This shows what happened, not a rule that will always hold.
| Project | Gross yield | Growth a year | Growth + rent | Sales |
|---|---|---|---|---|
| Blossoms @ WoodleighD13 · RCR | 6.5% | 9.3% | 15.8% | 161 |
| Twin RegencyD03 · RCR | 6.1% | 9.7% | 15.8% | 214 |
| Kovan MelodyD19 · OCR | 6.1% | 7.1% | 13.2% | 692 |
| MeraprimeD03 · RCR | 5.9% | 10.1% | 16.0% | 206 |
| City Square ResidencesD08 · RCR | 5.8% | 10.8% | 16.6% | 898 |
| Haig CourtD15 · RCR | 5.8% | 6.9% | 12.7% | 207 |
| The BeaconD02 · CCR | 5.7% | 16.0% | 21.7% | 166 |
| The HillfordD21 · OCR | 5.7% | 2.0% | 7.7% | 187 |
| CaspianD22 · OCR | 5.6% | 13.6% | 19.2% | 582 |
| IconD02 · CCR | 5.6% | 11.0% | 16.6% | 1,029 |
| KerrisdaleD08 · RCR | 5.6% | 7.3% | 12.9% | 484 |
| The QuartzD19 · OCR | 5.6% | 6.2% | 11.8% | 561 |
Gross figures, from matched rental contracts. Maintenance, property tax, agent fees, empty months and income tax all come off before rent reaches the owner.
The case, with the counter-case
Five reasons hold up in the data, and four costs come with them. Both lists belong in the decision.
745.1 sq km
Singapore's total land area is 745.1 square kilometres, as at June 2026 (SingStat). Reclamation adds a little; nothing adds much. Every new home competes for the same ground, which is one reason land bids, and so launch prices, have tended to rise over time.
1.90×
Held 20 years or more, the middle condo sold for 1.90× what it cost, and 82.4% of those owners beat inflation. Landed homes held 15 years or more did better still: 2.33×, with 93.6% keeping pace. That is wealth kept, not just wealth on paper.
7.0%
Price growth of 3.4% plus a gross yield of 3.6% gives about 7.0% a year before costs. For an owner who lives in it, the rent is money no longer paid to a landlord. For a landlord, it is income while the price grows.
2.5%
CPF used for a home is refunded on sale with the interest it would have earned in the Ordinary Account (CPF Board), which pays 2.5% a year (CPF Board, Oct–Dec 2026). The middle sale grew 3.4% a year on price alone, so in a typical sale the home more than covered that interest.
91.2%
91.2% of resident households own their home (SingStat, 2025). Additional Buyer's Stamp Duty of 20% on a citizen's second home and 60% for foreigners (IRAS) keeps short-term money out. Prices still moved: URA's flash estimate put the private price index up 1.4% in the third quarter of 2026, with landed up 2.8% (URA).
Where
Switch between growth a year, growth after inflation, gross yield and the two added together. D08 (Little India, Farrer Park) led on growth at 8.9% a year; D26 (Upper Thomson, Springleaf) trailed at 1.7%. Private condos and ECs together.
Districts with fewer than 30 sales or fewer than three projects are left unshaded.
| District | Market | Growth a year | After inflation | Gross yield | Growth + rent | Sales |
|---|---|---|---|---|---|---|
| D01Raffles Place, Marina | CCR | 4.7% | 2.1% | 3.3% | 8.0% | 3,180 |
| D02Tanjong Pagar, Chinatown | CCR | 5.1% | 2.7% | 3.7% | 8.8% | 2,225 |
| D03Queenstown, Tiong Bahru | RCR | 3.5% | 1.5% | 4.0% | 7.5% | 6,652 |
| D04Telok Blangah, HarbourFront | RCR | 3.0% | 0.8% | 3.2% | 6.2% | 3,739 |
| D05Pasir Panjang, Clementi | RCR | 3.8% | 1.6% | 4.0% | 7.8% | 8,204 |
| D06 | Too few sales to rank (33 sales across 1 projects) | |||||
| D07Bugis, Beach Road | RCR | 3.6% | 1.8% | 3.6% | 7.2% | 1,349 |
| D08Little India, Farrer Park | RCR | 8.9% | 6.0% | 4.3% | 13.2% | 2,394 |
| D09Orchard, River Valley | CCR | 3.8% | 1.3% | 3.5% | 7.3% | 8,103 |
| D10Bukit Timah, Holland, Tanglin | CCR | 2.9% | 1.2% | 3.3% | 6.2% | 7,503 |
| D11Novena, Newton, Thomson | CCR | 4.3% | 1.9% | 3.4% | 7.7% | 4,154 |
| D12Balestier, Toa Payoh | RCR | 2.5% | 1.0% | 3.9% | 6.4% | 3,393 |
| D13Macpherson, Potong Pasir | RCR | 3.6% | 1.6% | 3.9% | 7.5% | 2,242 |
| D14Geylang, Eunos, Paya Lebar | RCR | 3.2% | 1.4% | 4.1% | 7.3% | 4,731 |
| D15Katong, Joo Chiat, Marine Parade | RCR | 4.1% | 2.0% | 3.3% | 7.4% | 9,388 |
| D16Bedok, Upper East Coast | OCR | 2.8% | 1.1% | 3.5% | 6.3% | 9,347 |
| D17Loyang, Changi | OCR | 2.4% | 0.8% | 2.9% | 5.3% | 4,717 |
| D18Tampines, Pasir Ris | OCR | 3.5% | 1.8% | 3.8% | 7.3% | 13,165 |
| D19Serangoon Garden, Hougang, Punggol | OCR | 3.6% | 1.9% | 3.7% | 7.3% | 17,945 |
| D20Bishan, Ang Mo Kio | RCR | 4.8% | 2.9% | 3.5% | 8.3% | 3,902 |
| D21Upper Bukit Timah, Clementi Park | OCR | 2.0% | 0.3% | 3.5% | 5.5% | 7,429 |
| D22Jurong | OCR | 4.1% | 2.3% | 4.2% | 8.3% | 6,844 |
| D23Bukit Batok, Bukit Panjang, Hillview | OCR | 2.2% | 0.6% | 3.5% | 5.7% | 14,458 |
| D24 | Too few sales to rank (10 sales across 1 projects) | |||||
| D25Kranji, Woodlands | OCR | 3.3% | 1.6% | 3.7% | 7.0% | 4,169 |
| D26Upper Thomson, Springleaf | OCR | 1.7% | 0.1% | 3.0% | 4.7% | 1,798 |
| D27Yishun, Sembawang | OCR | 3.8% | 2.0% | 3.7% | 7.5% | 5,164 |
| D28Seletar, Yio Chu Kang | OCR | 4.1% | 2.7% | 3.3% | 7.4% | 1,923 |
Projects
577 projects with 30 or more matched sales, ranked on growth a year by default. Rank by growth after inflation or by yield to see a different list.
| Project | Growth a year | After inflation | Sale ÷ purchase | Gross yield | Sales | Sold above cost |
|---|---|---|---|---|---|---|
| SouthbankD07 · Private condo · RCR | 17.2% | 10.3% | 1.99× | 5.3% | 310 | 100.0% |
| The BeaconD02 · Private condo · CCR | 16.0% | 10.7% | 1.82× | 5.7% | 166 | 99.4% |
| CitylightsD08 · Private condo · RCR | 14.2% | 9.4% | 1.94× | 5.4% | 775 | 99.2% |
| CaspianD22 · Private condo · OCR | 13.6% | 7.1% | 1.72× | 5.6% | 582 | 100.0% |
| The Sail @ Marina BayD01 · Private condo · CCR | 13.1% | 8.9% | 1.80× | 4.4% | 1,435 | 96.7% |
| The MetzD09 · Private condo · CCR | 12.3% | 9.5% | 1.80× | 4.4% | 185 | 99.5% |
| The Sea ViewD15 · Private condo · RCR | 12.3% | 8.6% | 1.82× | 4.4% | 476 | 99.6% |
| The AzureD04 · Private condo · RCR | 12.1% | 7.7% | 1.59× | 3.6% | 131 | 96.9% |
| AlexisD03 · Private condo · RCR | 11.8% | 4.6% | 1.51× | 5.2% | 300 | 100.0% |
| The BelvedereD15 · Private condo · RCR | 11.7% | 7.7% | 1.88× | 3.7% | 187 | 97.9% |
Growth figures are medians across every sale, winners and losers together. "Sold above cost" is shown for context and is not the ranking.
Data updated 2026-10-13 · 158,165 matched resales across 740 projects, plus 18,013 landed resales
A price index tells you what the market did. A paired sale tells you what one owner did. They bought one unit on one day, sold that same unit later, and walked away with a real number. Every figure here is built from that second kind of fact.
Five terms this page uses
Do not read a typical figure as a forecast. Every buyer here bought under stamp duty rules, loan limits and interest rates that have since changed. A buyer in 2026 starts from 2026 prices.
Do not add yield to growth and call it profit. Growth here leaves out stamp duty, legal and agent fees, loan interest and renovation. Yield leaves out maintenance, property tax, empty months and tax on rent. "Growth + rent" is a gross ceiling, not what reaches your bank account.
Do not compare landed psf with condo psf. Landed price per square foot is measured on land area, condo on floor area. Compare growth rates and multiples across the two, not prices.
What to take away
Decide how long you can hold, then read the row for that band, not the island-wide figure. Look up your shortlist on the resale map, which now covers private condos, resale ECs and landed estates, each with its full sale record. For houses, the landed section measures every estate before and after inflation. For homes still being sold by developers, the new launch tracker shows pricing and the land cost behind it.
We matched each resale caveat lodged with URA to the same unit's earlier purchase, giving 158,165 pairs across 740 private condo and EC projects, sold from 1995 to 2026. Growth a year is the compound rate between the two prices. A few months of gain turned into a yearly rate swings wildly, so the 143 quick resales that work out above 1,000% a year are left out of every growth median, and sales held under a year are left out of the after-inflation figures. Inflation is the World Bank's consumer price series for Singapore, read through FRED, with 2026 held at the 2025 level. For 57 of the resale ECs, sales are only held from October 2021. A sale at exactly the purchase price counts as not above cost.
Landed figures come from our landed dataset: 18,013 matched sales in the 200 most-traded estates, measured the same way. Rental yield is the project's average lodged rent against its average price; it is gross and indicative.
Resale and rental records: URA private residential transactions, compiled by PropertyInsider.sg. Inflation: World Bank via FRED (FPCPITOTLZGSGP). Land area and home ownership: SingStat. Price index: URA flash estimate, Q3 2026. CPF rates and accrued interest: CPF Board. Stamp duty: IRAS. This page is research, not financial or property advice.
In 158,165 matched resales of private condos and ECs from 1995 to 2026, the middle home grew 3.4% a year in price. Half of all sales fell between 1.5% and 5.7% a year. Landed homes in the 200 most-traded estates grew 4.3% a year. These are price gains only, before stamp duty, agent fees and loan interest.
Usually, and more reliably the longer it is held. Consumer prices rose 64.9% between 1995 and 2025, about 1.7% a year. The middle condo or EC resale grew 1.5% a year after inflation, and 74.8% of sales kept pace. For homes held 20 years or more, the middle sale fetched 1.90 times its purchase price and 82.4% kept pace.
The middle project yields 3.6% gross, across 666 projects with rental data. Most sit between 3.1% and 4.1%. By market: 3.4% in the CCR, 3.8% in the RCR and 3.6% in the OCR. Resale ECs yield 3.5% and landed estates 3.4%. Gross means before maintenance, property tax, agent fees, empty months and income tax.
Not in this record. Projects yielding 4.5% and over grew 5.7% a year. Projects yielding under 3% grew 1.6% a year. Higher-yield projects were often cheaper per square foot against their rents when bought, so the same starting price that lifted the yield also left room for the price to rise.
Resale ECs grew 4.8% a year, landed homes 4.3% and private condos 3.2%. 68% of the EC sales were made from 2021, a strong stretch for prices, and ECs are first sold at a subsidised price with resale limits in the early years. On sales held 20 years or more, private condos grew 2.6% a year.
They answer different needs. The CPF Ordinary Account pays 2.5% a year. The middle home sale grew 3.4% a year in price, plus rent or rent saved. Of sales held three years or more, 56.2% grew faster than 2.5% a year on price alone. When you sell, the CPF you used is refunded with the interest it would have earned in the Ordinary Account.
Yes, more than most choices. Of condos bought in 2004, 98.4% later sold for more than inflation. Of those bought in 1996, only 32.7% did. Buyers at the 1996 peak waited years for prices to recover.
No. We are an independent research publication. We do not market projects, take developer fees for coverage, or act as agents. Our editorial policy sets out how we work.
The research on this page tells you what the data says. If you want to work through what it means for your own situation — budget, ABSD position, timing an HDB sale, or comparing your buy-or-sell decision against other options — you can request a one-to-one consultation.
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