28/11/2025
Singapore’s private residential property market continued to show steady price growth in Q4 2025.The quarter was marked by strong performance in the Core Central Region (CCR) and a recovery in the Rest of Central Region (RCR), while landed property price gains moderated
Overall private home prices Increased by 0.9% in Q3 2025, compared to 1.0% in Q2.Landed properties: Prices rose by 1.4%, slowing from 2.2% in the previous quarter.Non-landed properties: Price growth edged up to 0.8% in Q3, slightly higher than 0.7% in Q2.
The Singapore property market is expected to carry this momentum into Q4 2025, supported by resilient buyer demand, easing interest rates, and an active pipeline of new project launches. Analysts anticipate that full-year 2025 new home sales could reach a multi-year high, while prices are set to maintain their upward trend in 2026.
Market Dynamics
• Resilient demand: Local buyers—including HDB upgraders, first-time purchasers, and affluent Singaporeans/PRs—continue to anchor the market, backed by strong savings and low unemployment.
• Easing interest rates: Anticipated and ongoing U.S. Federal Reserve cuts have helped soften mortgage rates in Singapore, improving affordability and boosting confidence.
• Robust supply pipeline: Developers are accelerating new launches, while the Government Land Sales (GLS) programme continues to deliver healthy supply to meet demand.
• Potential risks: Global economic volatility, domestic growth concerns, and uneven job prospects remain key risks. Some analysts also caution that further cooling measures may be considered if household debt rises too quickly.
Residential Property Outlook
Private Residential Market
• Prices: 4% to 5% till year end 2025, slightly higher than last year’s growth. CCR’s strong Q3 rebound is expected to carry into Q4 to first quarter of 2026
• Sales volume: New home sales are on track to exceed 10,000 units, the highest annual volume since 2021. Notable Q4 launches include Skye at Holland, Penrith, Zyon Grand, and Faber Residence.
• Rental market: 1%–3% rental growth in 2025, supported by steady leasing demand and improved occupancy.
HDB Resale Market
• Prices: Increased 0.4% in Q3 2025— the slowest pace in nearly five years—due to more new flat supply and fewer MOP completions.
• Transactions: Resale volumes rose slightly in Q3, though overall annual volumes remain lower.
Commercial Property Market
• Office: Prices and rents in the Central Region fell slightly in Q3, even as island-wide vacancy dipped to 11.2%. Around 870,000 sqm GFA of new office supply is in the pipeline.
• Retail: Retail space prices slipped marginally, while rentals rose moderately. Vacancy rates declined to 6.9% island-wide.
For detailed data, refer to URA or HDB.
