One of the strange side effects of some economic crises is that property prices rise in their aftermath. This was true in Singapore after the 2008 global financial crisis - which prompted the Monetary Authority of Singapore (MAS) to impose repeated rounds of property cooling measures, starting in 2010.

Prices have risen again after the Covid-19-induced economic crisis last year. Despite negative economic growth, layoffs and rolling restrictions on various economic activities, private property prices in Singapore have risen about 7.5 per cent year on year as at the end of the third quarter, while HDB resale prices have surged by about 12 per cent to a new high, surpassing their level in 2013.