Singapore Private Home Prices Rose 0.8% in Q1 2025 After 0.6% Flash Estimate

Singapore’s private residential property market continued to gain in the first quarter of 2025, but at a much slower pace than at the end of 2024. The Urban Redevelopment Authority’s initial estimate put the quarter-on-quarter increase at 0.6%. URA later revised the increase to 0.8% when it published the complete quarter’s data.

That distinction matters. The 0.6% figure was a flash estimate based on contracts submitted for stamp duty and developer sales data available up to mid-March. It was an early reading rather than the final result. Even after the revision, however, the main conclusion was unchanged: prices rose, but growth moderated sharply from the 2.3% increase recorded in the fourth quarter of 2024.

From a 0.6% flash estimate to a 0.8% final increase

URA’s 1 April 2025 flash estimate showed the overall private residential property price index rising 0.6% quarter on quarter. At that stage, landed and non-landed homes were both estimated to have increased by 0.6%, while total sales volume was estimated to have fallen by about 15% from the preceding quarter.

The agency’s complete Q1 2025 statistics, released on 25 April, revised overall price growth to 0.8%. The final breakdown also changed: landed home prices rose 0.4%, reversing a 0.1% decline in Q4 2024, while non-landed prices increased 1.0%, down from 3.0% in the previous quarter.

The revision illustrates why flash data should be labelled clearly. Early estimates are useful for identifying direction, but later transactions can change both the headline index and the segment-level figures. Readers looking for a separate account of the final release can also review our Q1 2025 private housing update.

Price growth differed across market segments

Non-landed homes did not move uniformly across Singapore. In the Core Central Region, prices rose 0.8% quarter on quarter. The Rest of Central Region recorded the strongest increase at 1.7%, while the Outside Central Region rose by a more restrained 0.3%.

These figures do not establish that one region will continue to outperform. A quarterly index can be affected by the mix of projects and units transacted, particularly when major launches enter the sample. URA also cautions that prices vary from project to project. Buyers therefore need to compare recent transactions for similar units, tenure, age and location instead of applying an island-wide or regional percentage directly to an individual home.

The original flash estimate prompted attention because landed and non-landed homes appeared to post identical gains. The final data showed otherwise. It also did not support using the reported movement of a narrow landed-home subtype as a description of the entire landed market. The broad landed index rose only 0.4% for the quarter.

Sales held up, but resale activity softened

Final transaction data presented a more detailed picture than the early estimate of a 15% quarter-on-quarter decline. Developers sold 3,375 private homes excluding executive condominiums in Q1 2025, only slightly below the 3,420 units sold in Q4 2024. They launched 3,139 units, compared with 3,425 in the previous quarter.

The resale market was softer. URA recorded 3,565 resale transactions, down from 3,702 in Q4 2024. Resales represented 49.1% of all private residential sales, compared with 49.8% one quarter earlier. Sub-sales moved in the opposite direction, increasing to 321 transactions from 311, although they remained a small 4.4% share of total sales.

This split is important for interpreting demand. New projects can generate concentrated sales during launch periods, while resale transactions are distributed across a wider range of developments. Stable developer sales alongside lower resale volume suggests buyers were still active, but activity was not equally strong across channels.

Rental and supply data pointed to a balanced market

The private residential rental index increased 0.4% in Q1 2025 after being unchanged in the previous quarter. Landed rents rose 0.3% and non-landed rents increased 0.5%. The overall vacancy rate for completed private residential units excluding ECs edged down to 6.5% from 6.6%.

Supply remained a central part of the market outlook. URA reported 40,721 uncompleted private homes, including ECs, in the pipeline with planning approval at the end of the quarter. Of these, 19,604 remained unsold. Looking further ahead, about 55,600 private housing units including ECs were expected to be completed over the coming years, with 26,300 scheduled between 2025 and 2027.

The Government also raised first-half 2025 Government Land Sales supply to 8,505 units, including 5,030 units on the Confirmed List. The Confirmed List figure was almost 60% above the average for 2021 to 2023. Our overview of selected 2025 GLS sites provides more location-specific context, but future project details and selling prices remain subject to planning and developer decisions.

Financing costs and cooling measures still shaped decisions

Moderating price growth did not remove affordability concerns. In its final release, URA said domestic interest rates had eased from their end-2023 peak but were still expected to remain above the unusually low levels of the preceding decade. Borrowers comparing fixed and floating packages needed to consider how repayments would change under less favourable rate assumptions, not only the introductory rate.

Policy settings also continued to limit some forms of demand. The Government’s April 2023 property-market measures raised Additional Buyer’s Stamp Duty rates for second and subsequent homes and for foreign buyers, while leaving rates for Singapore citizens and permanent residents buying their first home at 0% and 5% respectively. Those measures were intended to prioritise owner-occupation and reduce the risk of prices running ahead of economic fundamentals.

What the Q1 figures meant for buyers and sellers

Q1 2025 was not a quarter of falling private home prices. It was a quarter in which prices continued to rise while the pace eased from the previous quarter. The eventual 0.8% increase was stronger than the 0.6% flash estimate, yet still well below Q4 2024’s 2.3% gain.

For buyers, the practical lesson is to assess affordability at the property level: compare verified transactions, account for stamp duties and renovation costs, and stress-test the mortgage. For sellers, a rising national index did not guarantee the same increase for every project, especially where competing resale listings or new launches gave buyers more choice.

The data also argued against treating transaction volume, price movement or a single submarket as a complete market signal. Prices, sales channels, rents, vacancies and future supply were moving at different speeds. Taken together, they described a market that remained firm in early 2025, but with slower momentum and continued reasons for financial caution.