DBS Forecast SG Home Prices May Double! Time to Buy Property or REITs?
A recent research report from DBS Bank has stirred heated debate: In 15 years, the average psf price of private homes could exceed S$4,000 — roughly double today’s level!
For context, according to URA data, the median psf for non-landed private homes in the first three quarters of this year was just S$2,139.
That means — a 1,000 sq ft condo that costs S$2.14 million today could reach S$3.5–4.05 million in 15 years!
😱Many people’s first reaction is:
“If I don’t buy now, I’ll never be able to afford it later!”
Others are skeptical:
“Is this forecast realistic? Can prices really rise that long?”
🔍 Why is DBS confident about a “price doubling” scenario?
The report is built on three main pillars:
1️⃣ Stable population growth and steady inflow of foreign talent Singapore’s population has surpassed 6.11 million, with foreigners and PRs still increasing.
The government plans to add 130,000 new homes over the next 10–15 years — but demand could outpace supply.
2️⃣ Rising household income
DBS expects median income to rise steadily alongside economic growth. “Affordability” will remain the keyword supporting future housing demand.
3️⃣ Strong policy and regulatory stability
Continued cooling measures to curb speculation, plus ongoing urban renewal and infrastructure upgrades, will help sustain long-term value.
But even DBS admits:
“A 15-year forecast carries high uncertainty. Any shift in population, economy, or policy could reverse the trend.”
In fact, from 2000 till now, Singapore property prices have risen about 1.6x, but not every cycle moves in a straight line — it’s still a slow bull with volatility.
What about S-REITs?
If home prices skyrocket, is that good or bad for them?
At first glance, property appreciation seems positive — but the reality is more nuanced.
Home prices doubling ≠ REIT prices doubling. The key to REIT performance lies in rental cash flow growth and interest rate control.
Join the Discussion
What’s your take?
1️⃣ I believe it — Singapore property only goes up.
2️⃣ Sounds far-fetched — doubling in 15 years is too much.
3️⃣ Doesn’t matter to me, I’m investing in REITs.
Leave your comments to win tiger coins~
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Still, I doubt the rise will be linear. Factors like interest rates, global uncertainty, and population shifts could slow the pace. Doubling in 15 years assumes strong income growth and sustained demand — conditions that may not always align.
Personally, I prefer balance. Property is a good hedge, but I’d rather diversify through REITs and equities to capture growth with lower capital and debt risk. Prices may keep climbing, but I’m not betting everything on real estate alone.
@Tiger_SG @TigerStars @Tiger_comments
I can just start with a few hundred dollars and SReits are traded on SGX just like stocks, making it so easy to buy and sell.
I also have diversification across different sectors of industries - from retail, to hospitality and industrial centers. How good is that!
With interest rates coming down, SReits have lower borrowing costs, allowing them to pay better dividends. It is a Win Win situation for SReits managers and investors.
@Tiger_SG @TigerStars @Tiger_comments @TigerClub @CaptainTiger
Check them in the history - “community distribution“
Simply put, wages just don't keep up with inflation and appreciation, and that is totally unacceptable, we really shouldn't accept things as it is...
不过，我认为“15年翻倍”要看从哪个起点算。现在的均价已是历史高位，未来能否再翻一倍，取决于经济增长能否持续、利率环境能否回落，以及政府是否会进一步收紧政策来维持可负担性。如果这些因素配合得当，4000新元/平方英尺的平均价也并非天方夜谭，但这条路会很颠簸，涨势绝不会像过去那样一帆风顺。
至于S-REITs，房价上升不一定直接利好。毕竟REITs吃的是“现金流”而非“升值”。如果利率居高不下、融资成本偏高，分派收益率反而会被压缩。除非租金收入同步提升，否则很难出现估值暴涨的行情。
我个人的看法是：房地产仍是新加坡长期财富的锚，但短期别盲目乐观。买房要看自住或长期投资，REIT则看稳健现金流。房价或许能翻倍，但生活成本、理财策略也得同步升级。
Rising property prices could boost S-REITs' rental income and asset values, but higher prices may raise acquisition costs, and rising interest rates could squeeze margins
Homeownership may become less affordable, increasing reliance on rentals and widening the wealth gap between owners and non-owners
Investing in REITs provides exposure to the property market with lower capital requirements, but be mindful of interest rate hikes and macroeconomic shifts that could cause volatility
The property market has been a reliable investment due to strong demand and limited land supply, but while a 100% price increase in 15 years is bold, cooling measures could help moderate extreme price hikes
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@Huat99
@Snowwhite
但就連星展銀行也承認：
“15年的預測具有很高的不確定性。人口、經濟或政策的任何轉變都可能逆轉這一趨勢。”
作爲背景，根據市建局的數據，今年首三季非土地私人住宅的psf中位數僅爲2,139新元.
這意味着——1,000平方英尺公寓那成本今天214萬新元可以達到3.5-405萬新元15年後！