Over the course of Singapore’s real estate history, its track record showed that it has quickly recovered from economic down turns and it has grown steadily and significantly after each recovery.

As Singapore emerged from the global financial crisis, prices increased on average over 15% per annum from early 2009 to 2013. The government then introduced cooling measures to cope with rising prices by implementing a stamp duty increase for second-home purchases and foreign owners, and loan-to-value (LTV) limits. This led to a fall the market to fall 11.6% for the next four years from peak 2013 to 2017. After the prices rose again by more than 9% in 2017, the government further tightened restrictions to stabilize the market.

The market had started to record modest growth in 2020 when the pandemic and subsequent lockdowns caused a drop in sales over the next year. Nevertheless, sales quickly recovered as restrictions eased due to pent up demand and low interest rate environment. Foreigners and Permanent Residents accounted for 22.1% of total purchases in Q1 2020 but dropped to 17.4% by Q4 2020. Foreign investors are likely to return driven by the country's optimism and the government's ability to manage the pandemic and stabilize the economy.