The Urban Redevelopment Authority (URA) and Housing & Development Board (HDB) have released Singapore’s real estate statistics for the fourth quarter of 2025, providing an updated view of how both the public and private housing markets closed the year.
Across segments, the latest data shows that price growth continued, although at a more measured pace. At the same time, transaction volumes moderated in some areas, while supply conditions continued to evolve. Together, these trends point to a housing market that is adjusting gradually, following several years of strong activity.
Table of contents
- HDB resale prices held steady in 4Q2025
- Private residential prices rose at a measured pace
HDB resale prices held steady in 4Q2025
In the public housing market, HDB’s Resale Price Index (RPI) came in at 203.6 in the fourth quarter of 2025, marginally lower than 203.7 in the previous quarter. On a quarter-on-quarter basis, prices were unchanged.
This marks the first time since the first quarter of 2020 that resale prices did not register a quarterly increase. Importantly, this followed four consecutive quarters of slower price growth, indicating a period of price consolidation rather than a shift in direction.
For the full year, HDB resale prices rose by 2.9%, a notable moderation from the 9.7% increase recorded in 2024. This was also the slowest annual price increase since 2019.
Mr. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the latest figures reflect a period of stabilisation. He said that while resale prices still rose on a year-on-year basis, the absence of quarterly growth in Q4 and the slower annual increase suggest that prices may be settling after several years of sustained gains.
Resale transaction volumes moderated toward year-end
Alongside stable prices, resale activity eased in the fourth quarter. A total of 5,256 resale flats were transacted in 4Q2025, down from 7,221 units in the previous quarter. This represents a 27.2% quarter-on-quarter decline.
Compared with the same period in 2024, resale transactions were 18.2% lower. For the whole of 2025, resale volumes totalled 26,169 units, a 9.7% decline from 28,986 units in 2024.
While quarterly volumes fluctuated through the year, the annual figures suggest that resale demand remained present, though more evenly paced than in the previous year.
According to Mr. Luqman, activity softened in the fourth quarter mainly due to lower transaction volumes in October and November. Looking ahead, he noted that resale prices are likely to moderate in 2026 as around 13,400 flats reach their Minimum Occupation Period (MOP), adding fresh supply to the market. Against this backdrop, buyer demand is expected to become more selective, with price premiums increasingly concentrated on well-located or spacious units rather than the broader market.
Median resale prices continued to vary across towns
Beneath the headline stability, price performance remained uneven across flat types and locations. SRX data shows that Executive flats continued to see firmer growth, with prices rising 5.7% year-on-year, according to Mr. Luqman.
Median resale prices also differed significantly by town. In mature and centrally located estates such as Queenstown, Toa Payoh, Bukit Merah, Bishan, and Kallang/Whampoa, median prices for larger flats remained comparatively high.
In contrast, towns including Sembawang, Woodlands, Yishun, Jurong West, and Bukit Panjang continued to record lower median prices, particularly for 3-room and 4-room flats.
This variation reflects how location, flat size, remaining lease, and proximity to amenities continued to play a key role in pricing outcomes, even as overall price growth slowed.
HDB rental market: Stable levels with slight quarterly easing
In the HDB rental segment, the number of approved applications to rent out flats fell by 5.6% quarter-on-quarter, from 10,123 cases in 3Q2025 to 9,557 cases in 4Q2025.
However, on a year-on-year basis, rental approvals were 11.1% higher than in the fourth quarter of 2024. For the full year, total approved applications rose by 7.5%, reaching 39,408 cases in 2025.
As at the end of the quarter, 58,775 HDB flats were rented out, a slight decrease from 59,001 units in the previous quarter. Median rents across towns remained broadly steady, with higher rental levels continuing to be observed in more central locations.
Overall, the data suggests that rental demand remained consistent through the year, even as activity moderated slightly toward the end of 2025.
Upcoming BTO supply to continue supporting housing demand
Looking ahead, HDB confirmed plans to launch around 19,600 Build-To-Order (BTO) flats across three sales exercises in 2026. This includes more than 4,000 Shorter Waiting Time (SWT) flats, accounting for about one-fifth of the year’s supply.
In February 2026, approximately 4,600 BTO flats will be offered in Bukit Merah, Sembawang, Tampines, and Toa Payoh, alongside a concurrent Sale of Balance Flats (SBF) exercise featuring around 3,000 units.
HDB also reiterated that it is prepared to offer more than 55,000 flats from 2025 to 2027 if needed, providing flexibility to respond to housing demand conditions.
Private residential prices rose at a measured pace
In the private housing market, URA data showed that private residential prices increased by 0.6% quarter-on-quarter in 4Q2025, easing from the 0.9% increase recorded in 3Q2025.For the full year, prices rose by 3.3%, compared with a 3.9% increase in 2024.
Price movements varied by segment. Landed property prices rose by 3.4% in the quarter, while non-landed prices edged down by 0.2%. Regionally, prices for non-landed homes declined in the Core Central Region, while modest increases were recorded in the Rest of Central Region and Outside Central Region.
Mr. Luqman noted that these trends point to a more even pace of growth, adding that 2025 marked the most measured annual price increase since 2020, reinforcing the view that the private housing market is expanding more sustainably.
Private residential rents eased in the quarter but ended the year higher
In the rental market, private residential rents declined by 0.5% quarter-on-quarter in 4Q2025, compared with a 1.2% increase in 3Q2025.
Despite this quarterly pullback, rents for the full year rose by 1.9%, marking a recovery after a decline in 2024.
Rental trends differed by property type. Rents for landed homes fell by 3.0% in the quarter, while non-landed rents dipped marginally by 0.1%. Over the year, landed rents rose by 0.4%, while non-landed rents increased by 2.3%.
Across regions, non-landed rents increased in central locations but softened outside the central area. In 4Q2025, rents rose by 0.7% in CCR and 0.6% in RCR, but fell by 2.0% in OCR. On a full-year basis, rental growth stood at 2.5% in CCR, 2.8% in RCR, and 1.3% in OCR.
New launch sales supported overall market activity
Despite slower price growth, transaction activity in the private market remained healthy in 2025 with many projects recording high take-up rates on their opening weekends. Developers sold 10,815 private residential units (excluding ECs) during the year, up from 6,469 units in 2024.
This increase was supported by a steady flow of new launches and consistent buyer interest across regions. Developers also launched 11,482 new private homes in 2025, significantly more than in the previous year.
Looking ahead, Mr. Luqman noted that around 25 new private residential projects, comprising close to 12,000 units, are expected to be launched in 2026, providing continued choice for buyers.
Resale and sub-sale activity remained stable
In the secondary market, 3,529 resale transactions were recorded in 4Q2025, slightly lower than the 3,881 units transacted in the previous quarter. Resales accounted for 52.7% of total private residential transactions, broadly unchanged from the prior quarter.
For the full year, resale volumes totalled 14,622 units, marginally higher than the 14,053 transactions recorded in 2024.
Sub-sale activity remained limited. 230 sub-sale transactions were recorded in 4Q2025, close to the 235 units in the previous quarter, and accounted for 3.4% of all sales. For 2025, sub-sale volumes fell to 1,055 units, down from 1,428 units in 2024.
Supply pipeline continues to expand gradually
On the supply front, about 8,000 private residential units (including ECs) were completed in 2025. Based on URA estimates, close to 57,000 units are expected to be completed over the next few years, supported by a sustained ramp-up in Government Land Sales (GLS) supply.
At the same time, vacancy rates declined to 6.0% in 4Q2025, down from 6.9% in the previous quarter, as newly completed units continued to be absorbed.
Mr. Luqman noted that the expanding supply pipeline is likely to temper price and rental growth over time, even as demand conditions remain supported by employment stability and improved financing conditions.
A market adjusting at a steady pace
Taken together, the 4Q2025 real estate statistics point to a housing market that is adjusting gradually after several years of strong performance. Prices continued to rise across both public and private segments, though at a more moderate pace. Transaction volumes eased in certain quarters, while supply conditions continued to evolve.
Looking into 2026, Mr. Luqman added that while demand fundamentals remain intact, buyers are likely to remain cautious and increasingly selective, particularly amid a more uncertain macroeconomic environment and a growing stock of incoming supply.
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