Singapore Residential Property Market Update: Q1 2025
Price and Sales Trends
According to preliminary data from the Urban Redevelopment Authority (URA), the private non-landed residential market (excluding Executive Condominiums) recorded a modest quarter-on-quarter price growth of 0.6% and an annual increase of 4.3% in Q1 2025. These gains were primarily driven by new project launches in fringe and suburban districts. Despite ongoing momentum from late 2024, the pace of price growth appears to be moderating, signaling a potential stabilization in market conditions.
Sales activity remained resilient, with 3,310 new units sold during the quarter—marginally lower than the 3,368 units in Q4 2024. The strong performance was supported by more favorable interest rate conditions, which encouraged previously cautious buyers to enter the market. Purchasers were particularly drawn to new launches due to phased payment structures and the appeal of modern developments with full amenities.
Secondary market activity, however, declined. The number of resale transactions fell by 20.3% quarter-on-quarter to 2,775 units. Overall, the non-landed residential market recorded a total of 6,085 transactions, down 11.2% from the previous quarter but 54.0% higher than the same period in 2024.
Regional Market Insights
Core Central Region (CCR)
The CCR saw a 41.2% rise in new home sales, reaching 185 units in Q1 2025. This increase was bolstered by promotional activity at developments like One Bernam and Aurea. However, secondary sales in the region declined by 14.9%, resulting in a total transaction volume of 681 units—4.6% lower than Q4 2024. With foreign buyer interest still muted due to elevated Additional Buyer’s Stamp Duty (ABSD) rates, prices in CCR grew only modestly at 0.6% q-o-q and 1.7% y-o-y.
Rest of Central Region (RCR)
In the RCR, prices grew by 1.0% q-o-q and 6.5% y-o-y. These increases were largely supported by the launch of The Orie, which sold approximately 86% of its 668 units at an average of S$2,704 psf. However, overall sales volume declined significantly. New transactions fell by nearly half (49.7% q-o-q), and total regional transactions were down 38.9% to 1,836 units.
Outside Central Region (OCR)
The OCR emerged as the most active submarket during the quarter. Prices rose by 0.3% q-o-q and 3.8% y-o-y. New launches such as Lentor Central Residences, Parktown Residence, Elta, and Bagnall Haus reported strong take-up rates ranging from 61% to 93%. New sales surged by 57.4% to 2,199 units, although resale activity declined by 21.1%. On balance, the OCR experienced a 13.9% increase in overall sales to 3,568 units.
Rental Market Developments
Leasing activity for non-landed private homes totaled 12,576 contracts in the first two months of 2025—a 4.7% rise from the previous two-month period and 1.7% higher year-on-year. Rents edged up by 1–2% across most market segments, with the exception of the ultra-luxury tier, which saw a 3% decline. Vacancy levels were higher for one- and two-bedroom units, suggesting that landlords in these categories may need to recalibrate rental expectations.
Market Outlook
The pricing gap between prime and non-prime residential regions continues to narrow, as new projects in the RCR and OCR command prices approaching those in the CCR. Limited new launches in the CCR have meant that sales largely comprise residual units, with interest from local high-net-worth individuals and permanent residents replacing foreign demand.
Looking ahead, Knight Frank forecasts that new home sales in 2025 could range between 7,000 and 9,000 units, assuming no introduction of additional cooling measures. Overall, the market is expected to transact between 19,000 and 23,000 non-landed units for the year, with prices projected to rise by 3% to 5%.