Seeding stage: This is the stage whereby displacement occurs. For example, when interest rates begin dropping massively over a given period, this is when the asset bubble is sawed. Asset prices will start going up slowly.

Developed stage: Prices will begin going up rapidly following the policy that there will always be a market of buyers willing to pay more for the product. This should be a warning sign that the bubble is almost bursting.

Final stage: In this stage, the bubble finally burst. It takes a minor event to prick and burst the bubble. Asset prices reverse course and descend as fast as they ascended, and this can finally lead to the asset being of no worth.

What stage was the 2011 Singapore property market in?