Private residential property prices rose at a slower pace of 0.7% q-o-q in 4Q2025, compared to a 0.9% rise in the previous quarter, according to flash estimates released by the Urban Redevelopment Authority (URA) on Jan 2.
For the whole of 2025, private residential property prices rose by 3.4%, compared to the 3.9% increase in 2024. 2025 saw the lowest rate of increase since 2020, according to URA.
Meanwhile, prices of non-landed private residential properties decreased by 0.1% in 4Q2025, compared to the 0.8% increase in the previous quarter.
Prices of non-landed private residential properties in the Core Central Region (CCR) decreased by 3.2% in 4Q2025, compared to the 1.7% increase in 3Q2025.
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Prices in the Rest of Central Region (RCR) increased by 0.7% in 4Q2025, compared to the 0.3% increase in the previous quarter.
Prices in the Outside Central Region (OCR) increased by 1.0% in 4Q2025, compared to the 0.8% increase in the previous quarter.
For landed properties, prices increased by 3.5% in 4Q2025, compared to the 1.4% increase in the previous quarter.
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The flash estimates are compiled based on transaction prices submitted for stamp duty payment and data on units sold by developers up till mid-December 2025. The statistics will be updated on Jan 23 when URA releases its full set of real estate statistics for 4Q2025.
Resale prices largely flat: HDB
Separately, the Housing and Development Board’s (HDB) flash estimates show that resale prices of public housing stayed flat q-o-q in 4Q2025, with the Resale Price Index (RPI) standing at 203.6 compared to 203.7 in 3Q2025.
This is the first time public housing resale prices have remained unchanged since 1Q2020, and the 4Q2025 flash estimate follows four consecutive quarters of slower price growth for resale flats, says HDB in a Jan 2 announcement.
Based on the flash estimate, the full-year growth in resale flat prices has slowed significantly, from 9.7% in 2024 to 2.9% in 2025, and is the slowest price growth since 2019.
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The resale volume in 4Q2025 is 5,129, 18.8% lower than the 6,314 cases recorded in the same period last year. This is the second consecutive quarter with a double-digit y-o-y percentage drop in quarterly resale volume.
For the whole of 2025, the total resale volume is 26,042, which is 9.8% lower than the 28,876 cases recorded in the corresponding period last year.
According to HDB, the last time annual resale volume declined was in 2023, when it fell by 4.2% compared to 2022 — less than half the current rate of decline.
HDB will launch in February some 4,600 Build-To-Order (BTO) flats in Bukit Merah, Sembawang, Tampines and Toa Payoh. In addition, HDB will conduct a concurrent Sale of Balance Flats (SBF) exercise comprising about 3,000 units.
Government Land Sales
Some 4,575 private residential units will be tendered out via the Confirmed List of 1H2026 Government Land Sales (GLS) Programme, which is 50% above the average Confirmed List supply per GLS programme over the past decade.
An additional 4,610 units will be made available via the Reserve List.
Together, the total GLS supply of nearly 9,200 units in 1H2026 will be comparable to that in 2H2025, says URA.
“Given the uncertain macroeconomic outlook, households should continue to exercise prudence when purchasing properties and taking on mortgage loans,” reads URA’s announcement.
Analysts comment on URA figures
Following the bumper slate of new launches that propelled private property price growth in 3Q2025, this momentum carried into 4Q2025, largely underpinned by strong new home sales, with 2,856 units sold during the quarter, says Marcus Chu, CEO of ERA Singapore.
“Overall, the primary market delivered a stellar performance in 2025, with 10,611 units sold, marking the best performing year since 2021,” Chu adds.
Chu notes that non-landed CCR prices recorded a steeper decline of 3.2% q-o-q, mainly reflecting the higher pace of growth in 3Q2025. The previous quarter’s 1.7% increase was supported by four CCR launches, compared with just one in 4Q2025.
“Nonetheless, the strong sales momentum carried into this quarter, with Skye at Holland — the sole CCR launch in 4Q2025 — performing exceptionally well,” says Chu.
The 666-unit Skye at Holland combines a prime CCR location near an MRT station with convenient access to amenities, all at a “palatable” price point, with median transaction prices of $2,948 psf recorded in 4Q2025, notes Chu.
“Its balanced proposition, featuring attractive pricing, family-friendly layouts and a strong location that supports a steady exit strategy, drove robust demand. As a result, Skye at Holland sold the highest number of units during the quarter and emerged as the best-selling project of 2025, with 99.4% of units sold,” he adds.
The wealth of households has grown tremendously since 2023, says Mark Yip, CEO of Huttons Asia. The currency and deposits of households stand at $696,102 million as of 3Q2025, $106,545.1 million, or 18.1% higher, than 1Q2023.
Developers launched an estimated 2,600 units for sale in 4Q2025, of which 58%, or more than 1,500 units, were in the RCR.
In 2026, there may be up to 24 new private residential launches with an estimated 11,317 units. This is on par with 2025’s launched units, notes Yip.
Around 84% of the units (excluding executive condominiums) are in the RCR and OCR.
The OCR will make up around 59% of the units launched for sale in 2026. This is about 65% higher than 2025’s 4,040 units.
In view of the high proportion of launches in the OCR, there may be more transactions in the $1.5 million to $2 million range in 2026, writes Yip.
The sharp increase in supply in the OCR will be matched by a 68.9% increase in the number of flats that will fulfil the five-year minimum occupation period in 2026.
Wong Xian Yang, head of research, Singapore and Southeast Asia at Cushman & Wakefield, are “cautiously optimistic” that private residential prices could grow by 2.0% to 4.0% y-o-y in 2026, supported by low borrowing costs, increasing land prices and resilient buyer confidence, underpinned by “still-low” unemployment rates.
HDB upgrader demand is still expected to persist, says Wong, though overall momentum could slow. While resale HDB prices grew about 2.9% y-o-y in 2025, it was the slowest annual growth since 2019.
“Affordability concerns are likely to play a larger role in shaping upgrading decisions, particularly as private home prices continue to climb,” adds Wong. Despite the slowdown in price increases, private residential prices ended 2025 at a record high for the ninth consecutive year.
“In 2026, the market may shift towards selective buying, with buyers gravitating to market segments or projects perceived to offer the best value-for-money.” writes Wong.
Analysts comment on HDB figures
HDB resale prices held steady for the first time since 1Q2020 after 22 consecutive quarters of growth, notes Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC) Group.
“The slower pace of price growth over the past year and the subsequent zero price growth in the last quarter indicate a cooling in demand for resale flats,” writes Sun.
The high number of applicants was mainly driven by policy changes that made it more favourable for Singaporeans to buy new flats, she adds. “Many flats at highly desirable locations and with short waiting times were also released for sale.”
That said, sales tend to be slower near the end of the year because of the school holidays, notes Sun, when many Singaporeans travel abroad. “As a result, housing viewings and sales activities typically decrease during this time.”
Commenting on HDB resale figures, ERA Singapore key executive officer Eugene Lim says million-dollar flat transactions are rising, but still account for a small share of the market.
In 4Q2025, a further 331 million-dollar flat transactions were recorded up to Dec 30, 2025, the lowest quarterly tally for the year. This brings the total number of million-dollar flat transactions to 1,574 units for the full year, about 52.1% higher than the previous peak of 1,035 units in 2024.
“Overall, HDB resale prices remained affordable in 4Q2025, with about 73% of transactions taking place below the $750,000 price point. Additionally, million-dollar flats made up only 6.9% of all transactions in the quarter,” says Lim.
These higher-value transactions remained concentrated in mature estates, which accounted for around 91% of all million-dollar deals over 4Q2025.
In addition, over half (52.4%) of million-dollar deals in the year till Dec 30, 2025 involved newer flats aged 15 years or below. This reflects ongoing demand for newer HDB homes in centrally-located, mature estates, adds Lim.
During the quarter, the Toa Payoh town had the highest number of million-dollar flats at 62, followed by Bukit Merah with 46 and Queenstown at 44 deals, according to data from Huttons Asia.
HDB will increase its supply of BTO flats by 10%, or 5,000 units, to 55,000 from 2025 to 2027. However, the estimated annual supply of BTO flats in 2026 and 2027 is 17,639, 10.6% lower than 2025’s 19,723 BTO flats, notes Huttons Asia.
The next BTO exercise in February with an estimated 4,600 flats across six projects will be the smallest BTO exercise since February 2022, where 4,126 flats were offered for application. The Bukit Merah, Tampines and Toa Payoh BTO may see more interest among applicants, according to Huttons Asia.
If the income ceiling for BTO flats is raised in 2026, more will qualify to apply for a BTO flat. The reduced BTO supply in 2026 and 2027 may not be able to meet demand, notes Huttons Asia. “Some buyers will gravitate to the HDB resale market.”
The number of flats that will fulfil their five-year minimum occupancy period (MOP) in 2026 will increase to 13,480 from around 8,000 in 2025, offering buyers more options in the resale market.
The increased supply will offer buyers more choices in 2026. The HDB resale market may be stable in 2026. Resale flat transactions are estimated to be between 24,000 and 27,000 while resale flat prices may be in the range of 1% to 4%, notes Huttons Asia.
Infographics: URA, HDB, ERA Singapore, Huttons Asia
