Even while cryptocurrency fortunes crumble at this instant, for many Singaporeans, their net worth remains safe (see here), as it is largely in the properties they stay in. And this remains true almost everywhere in the world. Although we devote countless pages to discussing how investing in stocks can help build your nest egg, the biggest asset market, and the single biggest source of wealth in the world, is property. In Singapore, the vast majority of residential property is the ubiquitous Housing and Development Board (HDB) flat. There is a large and fairly liquid market for resale HDB transactions, and the prices of these resale HDB flats indirectly set the prices of new Built-to-Order (BTO) flats sold by the HDB (see here). So what really drives HDB resale flat prices in Singapore? And this is a question of some concern. While the HDB Resale Price Index is hitting all time...