SOARING PRICES

Over the past 20 years, home prices have increased by almost 5 times. In the 1980s, a 4-room flat may have cost up to $70,000 whereas a 4-room flat of today is likely to reach $350,000. Some of the reasons for this could include the maturity of the estate and development of more commercial centres nearby. What other reasons could have caused this increase in price?

Estimated average prices of HDB flats in 1980s and 2012 Source: http://en.wikipedia.org/wiki/public_housing_in_singapore