Singapore’s property market is showing clear signs of stabilisation as both private home and HDB resale prices rose at a slower pace in the third quarter of 2025. The softer growth comes even as buying activity picked up, suggesting that demand remains firm, but price expectations are moderating.
Table of contents
- Private home market: Price growth slowdown in Q3
- Sales picked up strongly, backed by new launches
- Demand stays resilient amid moderating rates
- Supply pipeline for private homes
- Private rental market: Recovery strengthens
- HDB resale market: Stable activity and moderated prices
Private home market: Price growth slowdown in Q3
According to the Urban Redevelopment Authority (URA), private home prices inched up 0.9% quarter-on-quarter (QOQ) in Q3 2025. This marks a slight slowdown from the 1.0% rise in Q2, and is lower than the earlier flash estimate of 1.2%. Still, prices have gained 2.7% in the first nine months of 2025, a stronger showing than the 1.6% rise during the same period last year.
The strongest price growth in Q3 2025 came from the landed homes segment, which climbed 1.4% since last quarter. Meanwhile, non-landed private homes gained by 0.8%. Within this category, the Core Central Region (CCR) led the charge with a 1.7% increase, extending its strong 3% rise in Q2. Over the first nine months of 2025, CCR prices have risen 5.6%, outperforming other regions as the high-end market continued its recovery.
In contrast, the Rest of Central Region (RCR) saw a mild 0.3% uptick, reversing the 1.1% decline recorded in the previous quarter. The Outside Central Region (OCR) posted a 0.8% gain, slightly below the 1.1% growth in Q2. For the year to date, RCR prices have edged up 0.9%, while OCR prices are up 2.2%, reflecting steady demand in the suburban market.
Sales picked up strongly, backed by new launches
New home sales surged in Q3 2025, with 3,288 units (excluding ECs) sold, nearly three times higher than the 1,212 units recorded in the previous quarter. The spike was driven by a busy launch pipeline and strong buying sentiment, particularly from local purchasers.
Projects launched during the quarter achieved a combined take-up rate of about 77%, reflecting healthy demand despite cautious market sentiment. Several developments performed exceptionally well, including LyndenWoods (98% sold), Springleaf Residence (94%), and River Green (89%). Collectively, these projects accounted for the bulk of Q3’s stellar sales performance.
Developers launched 4,191 units (ex. EC) in Q3 — more than double the 1,520 units introduced in Q2 — giving buyers more variety across different market segments. In the first nine months of 2025, new private home sales reached 7,875 units, marking a multi-year high.
Meanwhile, the private residential resale market also gained pace, with 3,881 transactions in Q3, up 6.4% from Q2’s 3,647 units. Resales made up 52% of all private home sales during the quarter, including 235 sub-sale deals. This is the lowest level of sub-sales in almost three years, suggesting that speculative activity remains contained while genuine demand continues to drive transactions.
Demand stays resilient amid moderating rates
What’s driving the market’s resilience? Analysts point to sensitive pricing, easing mortgage rates, and a growing economy as key support factors. Developers’ unsold stock fell to 17,029 units (excluding ECs) by end-Q3, down 7.9% from the previous quarter and the lowest in seven quarters. According to Kelvin Fong of PropNex, this inventory could be absorbed in just about two years — indicating a healthy balance between supply and demand.
Affordable price points for private home buyers
Keeping prices sensitive and overall quantum affordable remains a key factor sustaining buyer demand. Based on caveats lodged in Q3 2025:
- 2-bedroom units (600–700 sqft) averaged S$1.74 million
- 3-bedroom units (800–1,000 sqft) averaged S$2.29 million
- Larger units (1,100–1,300 sqft) averaged S$2.96 million
These price points are considered attainable for many upgraders and families, supporting demand for mid-sized homes. Developers appear to be calibrating supply accordingly, favouring smaller formats with palatable total prices rather than pushing headline per-square-foot rates.
With several major projects, such as Skye at Holland, Penrith, and Faber Residence, having launched in October and achieved strong weekend sales, the final quarter of the year is expected to maintain momentum. If this pace continues, new home sales for 2025 could surpass 10,000 units, far higher than the 6,469 units sold in 2024. Meanwhile, the overall private home prices may rise by 4% to 5%, close to the 3.9% increase in 2024.
Supply pipeline for private homes
About 3,010 private residential units (including ECs) were completed in Q3. The total for the first three quarters of 2025 reached 5,978 units. URA flags a substantial pipeline beyond these completions: roughly 54,000 private residential units (including ECs) are expected to be completed in the next few years. That pipeline will shape market supply and give buyers plenty of options over time.
The Government is maintaining a high level of private housing supply through the GLS programme. URA notes the Confirmed List supply for 2025 stands at close to 10,000 units, which is about 50% higher than the average annual Confirmed List supply from 2021 to 2023. This deliberate supply posture aims to ensure housing options remain available as population and economic needs evolve.
Private rental market: Recovery strengthens
Singapore’s private rental market continued its rebound for the third consecutive quarter, with rental prices rising 1.2% QOQ in Q3 after a 0.8% gain in Q2. For the first nine months of 2025, rental prices have increased 2.4%, reversing the 1.9% decline in 2024.
This steady rebound was underpinned by stronger leasing demand. URA Realis data shows 26,882 rental contracts (excluding ECs) were signed in Q3 — a 24% jump from 21,638 contracts in the previous quarter. In total, 69,264 contracts were inked in the first nine months of 2025, up from 66,694 during the same period last year.
HDB resale market: Stable activity and moderated prices
Over in the public housing segment, resale flat prices rose by 0.4% in Q3 2025, according to HDB’s latest data, moderating from the 0.9% increase recorded in the previous quarter. This marks the fourth consecutive quarter of slower price growth, underscoring the gradual cooling of the market after several years of strong gains.
For the first nine months of 2025, HDB resale prices have climbed 2.9%, a notable slowdown compared to the 6.9% rise over the same period in 2024. These final figures were consistent with HDB’s flash estimates released earlier on 1 October.
Transaction volumes, however, remained stable. Altogether, 20,913 resale flats were sold in the first nine months of 2025. A total of 7,221 resale flats changed hands in Q3 2025, up 1.7% from Q2’s 7,102 units. Compared to a year ago, sales were 11.3% lower than the 8,142 flats transacted in Q3 2024, showing stabilisation from the elevated activity seen last year.
Increased rental demand for HDB flats
On the rental front, HDB recorded 10,123 approved rental applications in Q3, a 0.6% increase from Q2. Year-on-year, the figure is 11% higher, reflecting continued demand for public housing leases amid higher private rents.
As of end-Q3 2025, 59,001 flats were rented out, slightly up from 58,720 the previous quarter. The steady increase suggests that the HDB rental segment remains a key buffer for those priced out of the private market.
Upcoming SBF and BTO flat supply
While the October Build-to-Order (BTO) has just ended, HDB plans to launch about 4,600 new flats across Bukit Merah, Sembawang, Tampines, and Toa Payoh in its next BTO exercise in February 2026. Additionally, the Sale of Balance Flats (SBF) exercise with around 3,000 units will also take place.
Flat buyers are reminded to secure a valid HFE letter by 15 December 2025 to participate in these upcoming sales. This steady release of flats underscores HDB’s ongoing effort to meet diverse housing needs and maintain market stability.
Wrapping up
Overall, the Q3 2025 URA and HDB figures point to a housing market that is stabilising rather than slowing down. Prices in both the private and public sectors continue to rise, though at a more measured and sustainable pace. Demand has stayed resilient, fuelled by buyers drawn to sensibly priced new launches, HDB upgraders active in the resale segment, and tenants re-entering the market amid limited supply.
With mortgage rates easing, unsold inventory remaining healthy, and a fresh pipeline of supply coming, Singapore’s housing market appears to be settling into a balanced rhythm — one defined by stability, steady demand, and sustainable growth.
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