The government has imposed a series of macro-prudential measures since 2009 to cool the housing market, taking aim at foreign demand and speculation, as property prices have risen close to 60% after the global financial crisis as confidence returned to the market. These measures, which include the implementation of higher transaction costs (e.g. Additional Buyers’ Stamp Duty) and the introduction of the Total Debt Servicing Ratio (TDSR) framework, have helped to rein in investment demand for residential properties from both foreign and local buyers. Coupled with a slowing rental market and mounting supplies of residential properties, the Singapore property market remains muted. Here’s the million-dollar question – will we be seeing a quick recovery anytime soon?