Singapore's private home market has seen prices rise for the second consecutive quarter, with a 0.6% increase in Q1 2025, following a 2.3% rise in Q4 2024, according to PropNex. Year-on-year, the Urban Redevelopment Authority (URA) Property Price Index (PPI) grew by 3.1% compared to Q1 2024. These early estimates reflect data up to mid-March, with the final figures set to be released on 25th April 2025.
In the first quarter of 2025, prices across both landed and non-landed private homes consistently increased by 0.6% quarter-on-quarter (QOQ). For landed homes, this rise reversed a slight 0.1% decline in Q4 2024, marking the first quarterly gain after two consecutive quarters of decline.
Despite a drop in transaction volumes, data from URA Realis, up until 23rd March 2025, indicated a rise in the average unit price for detached houses, semi-detached houses, and terrace houses in Q1 2025 compared to the previous quarter. Detached houses saw the most significant increase, with prices climbing by nearly 20% QOQ.
In the non-landed home segment, while prices continued to rise, the growth pace slowed. In Q1 2025, non-landed home prices grew by 0.6% QOQ, following a more robust 3% increase in Q4 2024. The rest of the Central Region (RCR) led this growth, with prices in the area climbing by 1% QOQ, although this was slower than the 3% increase in Q4 2024. The launch of The Orie in the RCR, which sold 687 out of 777 units at an average price of $2,733 per square foot, helped sustain the momentum in the region. Other RCR projects, such as Emerald of Katong, Nava Grove, Union Square Residences, and The Continuum, also saw slight price increases during Q1 2025.
In the Core Central Region (CCR), non-landed home prices rose by 0.6% QOQ in Q1 2025, following a stronger 2.6% increase in Q4 2024. New launches like Aurea at Beach Road transacted 24 units at an average price of $2,949 per square foot, while established CCR developments such as 19 Nassim, 32 Gilstead, Park Nova, and The Collective at One Sophia saw price hikes compared to the previous quarter.
The gap between the prices of non-landed homes in the CCR, RCR, and Outside Central Region (OCR) has narrowed to its smallest in over two decades. The price difference between the CCR ($2,834 per square foot) and the RCR ($2,722 per square foot) stood at just 4.1%, while the gap between the CCR and OCR ($2,349 per square foot) was 20.6%.
Despite witnessing multiple new launches, such as Bagnall Haus in Upper East Coast Road, ELTA in Clementi, Parktown Residence in Tampines, and Lentor Central Residences, the OCR experienced more modest growth. Prices in the OCR rose by just 0.3% QOQ, significantly down from a 3.3% increase in Q4 2024. However, the four OCR projects sold 1,922 units in Q1 2025, marking the highest number of transactions in the region in over three years.
Overall, the report estimates that developers sold more than 3,300 new private homes (excluding executive condominiums) between the start of the year and 23rd March 2025. Meanwhile, the resale market saw around 2,800 units transacted in Q1 2025, underperforming the 3,702 units resold in the previous quarter.
The private home market in Singapore continues to show resilience, with moderate price growth across all sectors despite fluctuations in transaction volumes. The outlook for the rest of the year remains cautiously optimistic as the market adjusts to shifting demand and supply dynamics.
