Singapore private home prices up 1.2% in Q3, volumes rise 29%

[SINGAPORE] Private residential prices rose 1.2 per cent in the third quarter of 2025, more quickly than the 1 per cent increase in Q2, flash estimates released by the Urban Redevelopment Authority (URA) on Wednesday (Oct 1) showed. 

Transaction volume rose 28.6 per cent quarter on quarter to 6,594 in Q3 from 5,128 in Q2, as developers rushed to push out new launches before the start of the Hungry Ghost month.

Four of the eight major launches in the quarter (Upperhouse at Orchard Boulevard, The Robertson Opus, River Green and W Residences Marina View) were in the Core Central Region (CCR).

URA caveat data indicated that 894 non-landed homes in the CCR were transacted in Q3. This was the strongest performance in the sector in 15 years, since Q2 2010, noted Marcus Chu, ERA Singapore’s chief executive officer. 

The sector outperformed the other regions in the third quarter, posting the steepest increase in the quarter, rising by 2.4 per cent, and building on a 3 per cent increase in Q2.

Chu said: “Nearly two-thirds of new private homes sold in the CCR in Q3 were priced below $2.5 million. This... has made the CCR more accessible to local buyers, despite the segment’s traditional positioning as a luxury market.”

Tricia Song, CBRE head of research for South-east Asia, said that homebuying appetite has recovered on the decline in interest rates, from 3.02 per cent in early January to 1.45 per cent as at Oct 1, and Singapore’s economic resilience.

Nearly half of Q3’s overall sales volume was driven by new home sales, in line with a surge in launches, said Wong Xian Yang, Cushman & Wakefield’s head of research for Singapore and South-east Asia. 

As buyers focused on new launches, the secondary market registered a dip in resale and sub-sale transactions in Q3, Chu said.

Mark Yip, chief executive officer of Huttons Asia, said: “The resurgence in new sales resulted in a drop in resale transactions of around 12 per cent, as buyers gravitated to new launches where prices were similar in quantum to (those for) resale units.”

On the whole, prices of non-landed private residential properties were up 1.1 per cent, after having risen 0.7 per cent in the quarter before. 

In the Rest of Central Region, prices inched up 0.4 per cent after having declined 1.1 per cent in the preceding three months. Those in the suburban Outside Central Region rose 1 per cent after registering an increase of 1.1 per cent in Q2. 

Landed property prices rose 1.4 per cent, moderating from the 2.2 per cent increase in the previous quarter. 

Detached homes posted the steepest jump of 9 per cent quarter on quarter amid an uptick in sales volume, although overall landed-home transactions fell from 509 deals to 458 deals, PropNex head of research and content Wong Siew Ying said. 

Leonard Tay, research head at Knight Frank Singapore said: “Although landed homes continue to be sought after due to their scarcity and status at the top of the Singapore housing ladder, it was observed that more landed homebuyers were willing to explore and consider older landed homes or less central locations, or both.

“Nevertheless, most stayed away from severely run-down properties that required a full redevelopment.” 

With the current tally of new sales in the first nine months of the year having already surpassed FY2024’s 6,469 units, CBRE’s Song expects 8,000 to 9,000 units to be sold for the whole of 2025. 

“We expect the full-year price increase will likely be at the higher end of our 3 to 4 per cent forecast, matching or exceeding 2024’s 3.9 per cent full-year growth,” Song said. 

Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC) Group, said developers are expected to expedite their launches to ride the positive sales momentum. 

However, Knight Frank’s Tay warned that amid the resilience in the private home market, caution is creeping into the consciousness of potential homebuyers, especially for employees in industries facing business stress.