Singapore’s private housing market has entered 2025 on a steady footing, showing resilience even as global economic uncertainty weighs on sentiment elsewhere. Home prices and rents continue to inch upward, supported by steady demand, a strong line-up of new project launches, and confidence boosted by moderating interest rates.
The Urban Redevelopment Authority (URA)’s latest figures show that private residential prices rose 0.89 percent in the third quarter of 2025, and are now 5.08 percent higher than a year ago. This steady rise underscores the market’s ability to navigate higher construction costs, a slower global economy and policy curbs on foreign buyers.
Landed homes took the lead during the quarter. Prices of terrace houses, semi-detached homes and bungalows rose 1.41 percent from the previous quarter and nearly 4 percent over the year. Analysts say wealthy buyers are returning to this segment as borrowing costs ease. Market observers at OrangeTee expect buying interest in luxury homes to stay strong well into 2026 as high-net-worth individuals focus on capital preservation.
Prices of non-landed private homes — mainly condominiums — rose 0.82 percent quarter-on-quarter and more than 5.5 percent year-on-year. The strongest gains came from the Core Central Region (CCR), where prices jumped 1.68 percent in the quarter and 8.28 percent over the year. New launches such as The Robertson Opus, UpperHouse at Orchard Boulevard and River Green helped lift sentiment in this prime zone.
Even so, Knight Frank’s long-term data shows that price growth in the CCR has been slower than the city-fringe Rest of Central Region (RCR) and suburban Outside Central Region (OCR). Between 2020 and 2025, CCR condo prices grew 27 percent, compared with 47 percent in the RCR and 46 percent in the OCR. Analysts say this narrowing gap could open up value buys for buyers eyeing prime districts at more palatable entry points.
For now, the CCR remains the most expensive region to buy a newly launched home, with prices averaging SGD 3,208 per square foot. The RCR followed at SGD 2,695 and the OCR at SGD 2,154.
Developers, encouraged by steady demand and consumer confidence, stepped up launches this year. URA figures show 4,191 private homes were launched in the third quarter alone — a staggering 226 percent jump from a year ago. Over the first nine months of 2025, launches reached 8,850 units, almost triple the levels of the previous year.
Much of the action remains concentrated in the OCR, which accounted for 41 percent of launches, followed by the RCR at 37 percent and the CCR at 22 percent. The CCR saw the sharpest jump in launches thanks to headline projects like UpperHouse, River Green and W Residences Marina View.
Despite the surge in launches, unsold inventory continues to fall. Total unsold units dipped to 17,209 in Q3 2025, down nearly 8 percent from the previous quarter and 14.5 percent from a year earlier. This remains far below the 10-year average, signalling that new supply is being absorbed at a healthy pace.
Singapore currently has about 54,000 private units in the pipeline, including executive condominiums. Several high-profile launches are expected before the end of the year, including Penrith, Zyon Grand, The Sen, Skye and Holland, and Faber Residence. Analysts expect developers to move quickly to roll out these projects while buyer demand stays firm.
Sales momentum reflects this strong appetite. Residential transactions rose nearly 38 percent year-on-year to 7,404 units in Q3, bringing the total for the first nine months of 2025 to 19,793 units. New home sales alone surged 183 percent year-on-year to 3,288 units in the third quarter. Projects such as Lyndenwoods, River Green and Springleaf Residence sold more than 85 percent of their units on launch day, driven by pent-up demand in neighbourhoods seeing their first new projects in years.
The resale market held steady, with just under 3,900 transactions recorded in Q3 — slightly higher than a year ago — despite strong competition from new launches. Sub-sale activity, typically a smaller segment, slipped as fewer recently completed projects entered the market.
Suburban districts remain Singapore’s strongest market. The OCR accounted for more than half of all private home sales, followed by the RCR at 34 percent and the CCR at 16 percent.
Foreign interest stayed muted because of steep Additional Buyer’s Stamp Duty (ABSD) rates, which currently stand at 60 percent for foreigners. This has shifted investor activity toward wealthy local buyers and permanent residents, who continue to drive demand for high-end homes in central districts.
Looking ahead, property consultants expect the upbeat run to continue, projecting new home sales to hit between 9,000 and 10,000 units in 2025. This would be the highest since 2021. Resale volumes are expected to reach between 14,000 and 15,000 units next year. Analysts say easing interest rates, a robust job market and steady first-time buyer demand will keep the market well supported, though global economic tensions remain a key risk.
