• The overall private residential price index increased at a slower pace by 0.8% in 1st Quarter 2025, easing from a 2.3% increase in 4Q2024. The overall private residential rental index rose slightly by 0.4% in 1st Quarter 2025 after remaining unchanged in the preceding quarter. • About 55,600 private residential units (including ECs) are expected to be completed in the coming few years, including 7,200 units to be completed in 2025. This pipeline supply includes 5,030 units to be tendered out via the 1H2025 Confirmed List of the Government Land Sales (GLS) programme, which is around 60% higher than the average Confirmed List supply from 2021 to 2023. A steady stream of private housing sites will be released in future GLS programmes, with supply calibrated to account for prevailing economic and market conditions. • Against the backdrop of slowing global and regional trade as well as heightened economic policy uncertainty, Singapore’s GDP growth for 2025 is expected to slow to 0.0–2.0%, down from 4.4% last year. While domestic interest rates have eased from its peak at end-2023, they are expected to remain higher than the low levels seen over the past decade. Given the evolving landscape and interest rate environment, households are advised to exercise financial prudence in their property purchases and borrowing.
1 The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 2025. PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance: Prices and Rentals 2 Prices of private residential properties increased by 0.8% in 1st Quarter 2025, compared with the 2.3% increase in the previous quarter. Property Price Index of private residential properties 3 Prices of landed properties increased by 0.4% in 1st Quarter 2025, compared with the 0.1% decrease in the previous quarter. Prices of non-landed properties increased by 1.0% in 1st Quarter 2025, compared with the 3.0% increase in the previous quarter. 4 Prices of non-landed properties in Core Central Region (CCR) increased by 0.8% in 1st Quarter 2025, compared with the 2.6% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 1.7% in 1st Quarter 2025, compared with the 3.0% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 0.3% in 1st Quarter 2025, compared with the 3.3% increase in the previous quarter (see Annex A-11). 5 Rentals of private residential properties increased by 0.4% in 1st Quarter 2025 after remaining unchanged in the previous quarter. Rental Index of private residential properties
6 Rentals of landed properties increased by 0.3% in 1st Quarter 2025, compared with the 1.8% decrease in the previous quarter. Rentals of non-landed properties increased by 0.5% in 1st Quarter 2025, compared with the 0.2% increase in the previous quarter. 7 Rentals of non-landed properties in CCR properties increased by 0.4% in 1st Quarter 2025, compared with the 0.9% increase in the previous quarter. Rentals of non-landed properties in RCR properties increased by 0.4% in 1st Quarter 2025, compared with the 0.3% increase in the previous quarter. Rentals of non-landed properties in OCR properties increased by 0.7% in 1st Quarter 2025, compared with the 0.8% decrease in the previous quarter (See Annex A-2). Launches and Take-up 8 Developers launched 3,139 uncompleted private residential units (excluding ECs) for sale in 1st Quarter 2025, compared with the 3,425 units in the previous quarter (see Annex C). 9 Developers sold 3,375 private residential units (excluding ECs) in 1st Quarter 2025, compared with the 3,420 units sold in the previous quarter (see Annex D). Number of private housing units launched and sold by developers (excluding ECs) 10 Developers launched 760 EC units for sale in 1st Quarter 2025 and sold 830 EC units in the quarter (see Annex F). In comparsion, developers launched 504 EC units for sale and sold 528 EC units in the previous quarter. Resales and Sub-sales 11 There were 3,565 resale transactions in 1st Quarter 2025, compared with the 3,702 units transacted in the previous quarter. Resale transactions accounted for 49.1% of all sale transactions in 1st Quarter 2025, compared with 49.8% in the previous quarter (see Annex D). 12 There were 321 sub-sale transactions in 1st Quarter 2025, compared with the 311 units transacted in the previous quarter. Sub-sales accounted for 4.4% of all sale transactions in 1st Quarter 2025, compared with 4.2% in the previous quarter (See Annex D). Number of resale and sub-sale transactions for private residential units (excluding ECs) Supply Completions 13 A total of 1,988 private residential units (including ECs) were completed in 1st Quarter 2025 (See Annex E-4). Supply in the Pipeline 14 There has been a progressive ramp up in the overall private housing supply through the Government Land Sales (GLS) programme in recent years. For 1H2025, the supply has been raised to 8,505 units, with 5,030 units to be tendered out via the GLS Confirmed List. This is almost 60% higher than the average Confirmed List supply from 2021 to 2023. 15 Close to 1,000 EC units (3 sites) were launched under the GLS Confirmed List in 1H2025 and a further 1,000 EC units (2 sites) will be launched in 2H2025. This brings the total EC supply to 2,000 units (5 sites) for the whole of 2025 – the highest EC supply in recent years, almost double the average yearly supply launched from 2021 to 2023. 16 As at the end of 1st Quarter 2025, there was a total supply of 35,364 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals, of which 18,125 units remained unsold (see Annexes E-1, E-2, B-1 & B-2). After adding the supply of 5,357 EC units in the pipeline, there were 40,721 units (including ECs) in the pipeline with planning approvals, of which 19,604 units remained unsold, compared to 21,679 units as at the end of 4th Quarter 2024 (see Annex E-3). Total number of unsold private residential units in the pipeline
17 Adding the supply of unsold units (including ECs) in the supply pipeline with planning approval, and those that have not been granted planning approval yet, around 32,500 units (including ECs) could be made available for sale later this year or next year. This includes the supply of about 5,030 units (including 980 EC units) on the Confirmed List of the GLS Programme in 1H2025. 18 Based on the expected completion dates reported by developers, there are a total of about 55,600 private housing units expected to be completed in the coming few years. These comprise about 26,300 units (including ECs) expected to be completed between 2025 and 2027, and a further 29,200 units expected to be completed in 2028 and beyond. Pipeline supply of private residential units and ECs by expected year of completion
Stock and Vacancy 19 The stock of completed private residential units (excluding ECs) increased by 2,136 units in 1st Quarter 2025, compared with the increase of 3,062 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 2,498 units in 1st Quarter 2025, compared with the increase of 5,420 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 6.5% as at the end of 1st Quarter 2025, from 6.6% in the previous quarter (see Annex E-1).
Stock and vacancy of private residential units (excluding ECs)
20 Vacancy rates of completed private residential properties as at the end of 1st Quarter 2025 in CCR, RCR and OCR were 10.3%, 6.6% and 4.7% respectively, compared with the 10.0%, 7.3% and 4.7% in the previous quarter. OFFICE SPACE Office market at a glance:
Prices and Rentals 21 Prices of office space decreased by 0.2% in 1st Quarter 2025, compared with the 0.7% decrease in the previous quarter (See Annex A-1). Rentals of office space increased by 0.3% in 1st Quarter 2025, compared with the 0.9% decrease in the previous quarter (See Annex A-2 & A-3). Property Price Index of office space in Central Region Rental Index of office space in Central Region Supply in the Pipeline 22 As at the end of 1st Quarter 2025, there was a total supply of about 856,000 sq m GFA of office space in the pipeline, compared with the 909,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 & E-2). Pipeline supply of office space Stock and Vacancy 23 The amount of occupied office space decreased by 1,000 sq m (nett) in 1st Quarter 2025, compared with the increase of 23,000 sq m (nett) in the previous quarter. The stock of office space increased by 98,000 sq m (nett) in 1st Quarter 2025, compared with the decrease of 6,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space increased to 11.7% as at the end of 1st Quarter 2025, from 10.6% as at the end of the previous quarter (see Annexes A-3 & E-1). Stock and vacancy of office space
RETAIL SPACE Retail market at a glance: Prices and Rentals 24 Prices of retail space increased by 1.9% in 1st Quarter 2025, compared with the 1.3% decrease in the previous quarter (See Annex A-1). Rentals of retail space decreased by 0.5% in 1st Quarter 2025, compared with the 0.6% increase in the previous quarter (See Annex A-2). Property Price Index of retail space in Central Region
Rental Index of retail space in Central Region
Supply in the Pipeline
25 As at the end of 1st Quarter 2025, there was a total supply of about 524,000 sq m GFA of retail space in the pipeline, compared with the 545,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes E-1 & E-2). Pipeline supply of retail space
Stock and Vacancy 26 The amount of occupied retail space decreased by 12,000 sq m (nett) in 1st Quarter 2025, compared with the increase of 47,000 sq m (nett) in the previous quarter. The stock of retail space increased by 30,000 sq m (nett) in 1st Quarter 2025, compared with the increase of 24,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space increased to 6.8% as at the end of 1st Quarter 2025, from 6.2% as at the end of the previous quarter (see Annexes A-3 & E-1). Stock and vacancy of retail space URA’S REAL ESTATE INFORMATION SERVICE 27 Real estate information, such as time series statistics, are available on the URA website. Visit https://eservice.ura.gov.sg/property-market-information/pmiResidentialTimeseries for time series statistics on private residential properties and https://eservice.ura.gov.sg/property-market-information/pmiCommercialTimeseries for time series statistics on commercial properties.
28 Detailed information on the price and rental indices, supply in the pipeline, stock and vacancy rates of the various property sectors can be found in the Real Estate Information System (REALIS) at https://eservice.ura.gov.sg/reis. A subscription is required to access REALIS. 29 The figures in this release are accurate as of 25 April 2025. Please visit the URA website or REALIS for the most updated figures.
1 The prices of private residential properties are not uniform and vary from project to project. Home-buyers can view more detailed information on transactions of private residential properties at https://eservice.ura.gov.sg/property-market-information/pmiResidentialTransactionSearch. Similar information can also be accessed by users on the go via URA’s iphone/ipad application. The application can be downloaded directly from https://itunes.apple.com/app/property-market-information/id573494340?mt=8.
SUMMARY OF KEY INFORMATION FOR 1ST QUARTER 2025
Stock & Vacancy and Supply in the Pipeline as at End of 1st Quarter 2025