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Urban Redevelopment Authority (URA)
Press Releases

Moderation of price and sales momentum in private residential market

1 April 2025

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•  The overall private residential property price index saw a smaller increase of 0.6% in 1Q2025 compared to the 2.3% increase in 4Q2024, as price momentum for non-landed properties eased across all market segments. Total sale transaction volume declined by 15% on a quarter-on-quarter basis.

•  To cater to housing demand and maintain market stability, the Government raised the overall private housing supply in the Government Land Sales (GLS) Programme to 8,505 units in 1H2025, with 5,030 units (including 980 Executive Condominium units) to be tendered out via the Confirmed List. This is close to 60% higher than the average Confirmed List supply from 2021 to 2023. We will continue to release a steady supply of private housing in future GLS programmes, with supply calibrated to account for prevailing economic and market conditions, to promote market stability.

•  Singapore’s GDP growth is projected to moderate over 2025 against the backdrop of ongoing global trade frictions, geopolitical tensions and economic policy uncertainty. Despite some easing in Q4 last year alongside the decline in US interest rates, domestic mortgage rates are expected to remain elevated relative to the low levels seen over the past decade. Households should continue to exercise prudence when purchasing properties and taking on mortgage loans.

1  The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential properties for 1st Quarter 2025 today.

2  The flash estimate of the private residential property price index increased by 0.6% on a quarter-on-quarter basis in 1st Quarter 2025, moderating from the 2.3% increase in the previous quarter (see Annex A [PDF, 47 KB] (opens in new tab) and Annex B [PDF, 71 KB] (opens in new tab)). Sale transaction volume fell by about 15% on a quarter-on-quarter basis in 1st Quarter 20251.

3  Prices of non-landed properties increased by 0.6% in 1st Quarter 2025, a significant moderation from the 3.0% increase in the previous quarter. Prices of non-landed properties in the Core Central Region and Rest of Central Region increased by 0.6% and 1.0% respectively, compared to the increase of 2.6% and 3.0% in the previous quarter. Prices of non-landed properties in the Outside Central Region increased by 0.3%, moderating from the 3.3% increase in the previous quarter. For landed properties, prices increased by 0.6% in 1st Quarter 2025, compared to the 0.1% decrease in the previous quarter (see Annex C [PDF, 73 KB] (opens in new tab)).

4  The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-March. The statistics will be updated on 25 April 2025 when URA releases its full set of real estate statistics for 1st Quarter 2025. Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.

1 Sale transaction volume (up to mid-March) totalled 6,299 in 1st Quarter 2025, compared to 7,433 in 4th Quarter 2024.