Singapore private home prices up 3.4% in 2025, led by jump in landed property prices

[SINGAPORE] Private residential property prices in Singapore rose 0.7 per cent in the fourth quarter of 2025, bringing the full-year increase to 3.4 per cent, according to flash estimates released by the Urban Redevelopment Authority (URA) on Friday (Jan 2). 

This was the slowest rate of increase since 2020, with price momentum slowing even as new home sales hit a four-year high. In 2024, prices climbed 3.9 per cent, less than the 6.8 per cent rise in 2023.

While a sharp 3.2 per cent fall in prime condominium prices in the Core Central Region (CCR) dragged on non-landed home prices in the last quarter, prices of landed properties led with their 3.5 per cent gain.

Transaction volume was boosted by a crowded new-launch calendar, but it was the landed segment that fuelled gains in the private residential property price index in 2025, analysts said.  

For the year, landed prices jumped a significant 7.7 per cent after a “rather indifferent” increase of 0.9 per cent in 2024, said Leonard Tay, Knight Frank Singapore’s head of research.  

In contrast, non-landed prices rose 2.4 per cent in the year, easing from their 4.7 per cent gain in 2024, said Wong Xian Yang, Cushman & Wakefield’s head of research for Singapore and South-east Asia.

“Even though (landed) sellers continued to be sticky with asking prices, the lowered interest rate environment improved affordability among buyers and motivated both buyers and sellers to a transaction decision that resulted in a pickup in sales activity throughout most of the year,” Tay added.

Landed prices, up 3.5 per cent in Q4, had accelerated from a 1.4 per cent increase in Q3 2025, noted Tricia Song, CBRE head of research for Singapore and South-east Asia.

Prices rose despite fewer landed transactions done in the quarter, at 491 caveated deals compared with the 559 transacted in Q3 2025, said Wong Siew Ying, PropNex’s head of research and content.

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Meanwhile, prices of apartments and condos slipped 0.1 per cent in Q4, after inching up 0.8 per cent in Q3.

The relatively steep 3.5 per cent fall in CCR prices may reflect a short-term fluctuation in prices rather than a structural weakness in demand, said Cushman’s Wong.

He noted how Skye at Holland drove about 51 per cent of non-landed sales in the CCR in Q4, with the condominium selling 662 units at a median price of S$2,948 per square foot (psf).

In comparison, the top-selling new launches in Q3 were priced higher: River Green, which sold 465 units at a median price of S$3,111 psf; and Upperhouse at Orchard Boulevard, which moved 202 units at a median price of S$3,277 psf. 

Knight Frank’s Tay also pointed out that “without new launches in the prime residential areas anchoring prices, general resale activity accounted for the (price) decrease in the final quarter”.

Caveats data showed that in the luxury segment, the price gap between new and resale was particularly wide.

New launch units spanning over 2,500 square feet (sq ft) in prime areas of Singapore had a median price of S$4,692 psf, while resale units with the same parameters had a median price of S$2,182 psf, said Tay.

“With the median unit prices of new product commanding a premium that is more than double that of resale transactions, discerning buyers could find more affordable opportunities for completed prime homes with good value,” he added. 

PropNex’s Wong similarly noted that during the year, there were 2,592 resale transactions in the CCR, the highest resale tally in this sub-market in four years.

In other regions, non-landed prices rose slightly faster in Q4 than they did in the quarter before. Prices in the Rest of Central Region increased by 0.7 per cent, versus the 0.3 per cent growth in Q3.

Outside Central Region prices rose by 1 per cent, a shade over the 0.8 per cent increase in the previous quarter.

During the year, developers had generally priced projects competitively, said PropNex CEO Kelvin Fong.

The moderation in price momentum can also be partly attributed to the thinner pipeline of new project launches in the final quarter of the year, said SRI head of research and data analytics Mohan Sandrasegeran. 

Around 2,580 new units were launched in the fourth quarter, a notable pullback from the 4,191 units introduced in Q3 2025, he added. 

New home sales reach 4-year high 

In 2025, more than 10,000 new private homes (excluding executive condominiums or ECs) were sold, a four-year high since 13,027 new homes were sold in 2021, said CBRE’s Song.  

The brisk sales have spurred developers to stock up on land bank and bid up land prices at government land sales tenders.  

Tay said: “The number of interested participants as well as… land rates among top bidders at government land sales tenders have been observed to be increasing.”

He added: “The increasing land prices will inevitably have a knock-on impact on selling prices at launch some 12 to 15 months later.”

Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, estimates that around 23,500 to 25,500 private homes (excluding ECs) may be sold in 2026, a slight decline from the 26,300 to 27,200 units she expects were sold in 2025. 

She noted that more than half of this year’s new launches will be in suburban areas, where prices tend to be lower than in other market segments. 

There will also be more new homes being completed next year, which will invigorate and sustain buyer interest in the secondary market, Sun said. 

Song expects sentiment and appetite to stay firm in 2026 amid low interest rates, but sees sales volumes easing with fewer launches, the “normalisation” of demand and as the decline in interest rates tapers.

Uncertainties in the employment market, however, from entry level to mid-career jobs, would pose a headwind for price growth, said Nicholas Mak, Mogul.sg chief research officer.  

Analysts expect private home prices to grow between 2 and 5 per cent in 2026.