Cooling measures sent Singapore's housing market into a long hibernation, but some analysts point to signs of a spring awakening in sales volume, if not yet prices.
Tan Min Lan, head of the Asia Pacific investment office for UBS Wealth Management, said the bank had been bearish on Singapore property prices for "quite a few years."
But that was changing, she said.
"Singapore has dropped from an overvalued market globally, compared with global competitors, to now fairly valued," she said, noting the headline government price index was down about 11 percent since 2013.
"If you look at it in terms of real terms, adjusted for income, this is the longest stretch of decline in property prices in Singapore in 40 years," she said. "And unlike Hong Kong, Singapore actually has household income increase in the last five years," improving affordability, she noted.
There were some signs of a pickup visible in government data, with the number of new homes sold rising to 1,252 in October, from 509 in September, the highest number of sales since July 2015, although there were also more new property launches during the month.
But while sales have picked up, prices may not.