Singapore’s private residential property market appears to be shifting gears. URA’s latest flash estimates show a more measured pace of price growth in Q2 2025. Prices rose by just 0.5% this quarter, down from 0.8% in Q1 and a steeper 2.3% in Q4 2024.
Let’s unpack the numbers!
Table of Contents
- Core Central Region sees strongest gains, while RCR slips
- Transaction volumes fall sharply as new launches dry up
- Government steps in with more supply, nearly 10,000 units on Confirmed List for 2025
- A slowing economy and caution in the air
Core Central Region sees strongest gains, while RCR slips
The data tells a clear story. Singapore’s private home prices are resilient, with temporary corrections often followed by strong recoveries. While the pace of growth has moderated in recent quarters, the index continues to climb.
Q2 2025 marks the third consecutive quarter of price increases, but the gentler uptick suggests that buyer sentiment may be softening. Factors such as rising mortgage costs, global uncertainties, and a cooling local economy are all contributing to this trend.
The modest 0.5% rise in the overall index in Q2 ’25 was largely driven by non-landed properties in the Core Central Region (CCR), where prices rose by 2.3%, nearly triple the growth seen in the previous quarter.
On the other hand, the Rest of Central Region (RCR) saw prices fall by 1.1%, reversing the 1.7% increase recorded in Q1. Meanwhile, the Outside Central Region (OCR), which typically reflects mass-market demand, posted a 0.9% uptick. This suggests suburban demand remains relatively steady.
For landed homes, prices rose 0.7%, up from a 0.4% increase in Q1.
Transaction volumes fall sharply as new launches dry up
One major factor behind the more moderate price growth is a drop in transaction activity.
According to URA, only 4,340 private home sales were recorded in Q2 2025 up till mid-June. That represents a sharp 40% decline from Q1’s 7,261 units. It is also lower than Q2 2024’s 4,915 transactions, indicating a slowdown in both demand and new project launches.
Government steps in with more supply, nearly 10,000 units on Confirmed List for 2025
To support housing demand and maintain market stability, the government is pressing ahead with a high level of land supply through the Government Land Sales (GLS) programme.
More than 4,700 private residential units will be released under the 2H 2025 GLS Confirmed List. This brings the total Confirmed List supply for the year to nearly 10,000 units, or about 50% more than the average supply between 2021 and 2023.
With a steady stream of new projects in the pipeline, buyers may soon have more choices, potentially easing upward pressure on prices.
A slowing economy and caution in the air
Macroeconomic conditions are also playing a role in tempering buyer enthusiasm. Singapore’s GDP growth is expected to moderate in 2025, with early signs pointing to softening labour demand.
Against this backdrop of rising global trade tensions and economic uncertainty, the government is urging households to exercise financial prudence when committing to property purchases or mortgage loans.
Whether this signals the start of a broader cooldown or just a temporary pause remains to be seen. URA will release the full Q2 2025 data on 25 July 2025, which should provide further clarity on where the market is headed.
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