Release of 2nd Quarter 2025 real estate statistics

• The overall private residential price index increased by 1.0% in 2nd quarter 2025, similar to the 0.8% increase in 1st quarter 2025 but lower than the 2.3% increase in 4th quarter 2024.  The overall private residential rental index increased by 0.8%, following the 0.4% increase in 1st quarter 2025 and flat growth in 4th quarter 2024.

• About 3,000 private residential units (including ECs) were completed in the first half of 2025. More supply totalling about 57,000 units is coming onstream over the next few years to cater to housing needs. The Government is sustaining a high level of private housing supply in the Government Land Sales (GLS) programme, with the release of a total Confirmed List supply of close to 10,000 units in 2025, or around 50% higher than the average annual GLS supply in the Confirmed List from 2021 to 2023. The Government will continue to monitor economic and property market conditions closely and ensure adequacy of private housing and commercial space supply to cater to the needs of the population and the economy.

• Singapore’s GDP growth for 2025 is expected to moderate from last year. Against this backdrop of slowing economic growth and continuing headwinds arising from global trade conflicts, there are also early signs of moderating labour demand. Given the highly uncertain macroeconomic outlook, households should continue to exercise prudence when purchasing properties and taking on mortgage loans.

1 The Urban Redevelopment Authority (URA) released today the real estate statistics for 2nd Quarter 2025.

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:

* Figures exclude Executive Condominium (ECs)

Prices and Rentals

2 Prices of private residential properties increased by 1.0% in 2nd Quarter 2025, compared with the 0.8% increase in the previous quarter.

Property Price Index of private residential properties

3 Prices of landed properties increased by 2.2% in 2nd Quarter 2025, compared with the 0.4% increase in the previous quarter. Prices of non-landed properties increased by 0.7% in 2nd Quarter 2025, compared with the 1.0% increase in the previous quarter.

4 Prices of non-landed properties in Core Central Region (CCR) increased by 3.0% in 2nd Quarter 2025, compared with the 0.8% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) decreased by 1.1% in 2nd Quarter 2025, compared with the 1.7% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 1.1% in 2nd Quarter 2025, compared with the 0.3% increase in the previous quarter (see Annex A-1 [PDF, 26 KB]¹).

5 Rentals of private residential properties increased by 0.8% in 2nd Quarter 2025, compared with the 0.4% increase in the previous quarter.

Rental Index of private residential properties

6 Rentals of non-landed properties increased by 0.8% in 2nd Quarter 2025, compared with the 0.5% increase in the previous quarter. Rentals of landed properties increased by 0.7% in 2nd Quarter 2025, compared with the 0.3% increase in the previous quarter.

7 Rentals of non-landed properties in CCR properties increased by 1.8% in 2nd Quarter 2025, compared with the 0.4% increase in the previous quarter. Rentals of non-landed properties in RCR remained unchanged in 2nd Quarter 2025, compared with the 0.4% increase in the previous quarter. Rentals of non-landed properties in OCR increased by 0.1% in 2nd Quarter 2025, compared with the 0.7% increase in the previous quarter (See Annex A-2 [PDF, 26 KB]).

Launches and Take-up

8 Developers launched 1,520 uncompleted private residential units (excluding ECs) for sale in 2nd Quarter 2025, compared with the 3,139 units in the previous quarter (see Annex C [PDF, 30 KB]).

9 Developers sold 1,212 private residential units (excluding ECs) in 2nd Quarter 2025, compared with the 3,375 units sold in the previous quarter (see Annex D [PDF, 89 KB]).

Number of private housing units launched and sold by developers (excluding ECs)

10 Developers did not launch any EC units for sale in 2nd Quarter 2025 and sold 149 units in the quarter (see Annex F [PDF, 85 KB]). In comparison, developers launched 760 EC units for sale and sold 830 EC units in the previous quarter.

Resales and Sub-sales

11 There were 3,647 resale transactions in 2nd Quarter 2025, compared with the 3,565 units transacted in the previous quarter. Resale transactions accounted for 71.1% of all sale transactions in 2nd Quarter 2025, compared with 49.1% in the previous quarter (see Annex D [PDF, 89 KB]).

12 There were 269 sub-sale transactions in 2nd Quarter 2025, compared with the 321 units transacted in the previous quarter. Sub-sales accounted for 5.2% of all sale transactions in 2nd Quarter 2025, compared with 4.4% in 1st Quarter 2025 and 4.2% in 4th Quarter 2024 (see Annex D [PDF, 89 KB]). 

Number of resale and sub-sale transactions for private residential units (excluding ECs)

 
Supply Completions

13 A total of 980 private residential units (including ECs) were completed in 2nd Quarter 2025, bringing the total supply completed in 1st Half 2025 to 2,968 units (See Annex E-4 [PDF, 28 KB]).

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  the whole of 2025, the Government will be releasing a total of 9,755 private housing units via the GLS Confirmed List, or around 50% higher than the annual average Confirmed List supply from 2021 to 2023.
 
15 As at the end of 2nd Quarter 2025, there was a total supply of 36,663 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals, of which 18,498 units remained unsold (see Annexes E-1 [PDF, 77 KB], E-2 [PDF, 85 KB], B-1 [PDF, 26 KB] & B-2 [PDF, 28 KB]). After adding the supply of 5,290 EC units in the pipeline, there were 41,953 units (including ECs) in the pipeline with planning approvals, of which 20,435 units remained unsold, compared to 19,604 units as at the end of 1st Quarter 2025 (see Annex E-3 [PDF, 47 KB]).

Total number of unsold private residential units in the pipeline

16 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 35,500 units (including ECs) could be made available for sale over the next one to two years. These include the supply of about 10,000 units (including about 2,000 EC units) on the Confirmed List of the GLS Programme in 2025.

17 Based on the expected completion dates reported by developers, there are a total of about 57,000 private housing units expected to be completed in the coming few years. These comprise about 22,700 units (including ECs) expected to be completed between 2025 and 2027. More supply amounting to about 34,300 units is expected to be completed in 2028 and beyond.

Pipeline supply of private residential units and ECs by expected year of completion

 
Stock and Vacancy

18 The stock of completed private residential units (excluding ECs) increased by 273 units in 2nd Quarter 2025, compared with the increase of 2,136 units in the previous quarter. The stock of occupied private residential units (excluding ECs) decreased by 2,585 units in 2nd Quarter 2025, compared with the increase of 2,498 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) increased to 7.1% as at the end of 2nd Quarter 2025, from 6.5% in the previous quarter (see Annex E-1 [PDF, 77 KB]).

Stock and vacancy of private residential units (excluding ECs)

19 Vacancy rates of completed private residential properties as at the end of 2nd Quarter 2025 in CCR, RCR and OCR were 10.7%, 7.2% and 5.6% respectively, compared with the 10.3%, 6.6% and 4.7% in the previous quarter.

OFFICE SPACE

Office market at a glance:

Prices and Rentals

20 Prices of office space decreased by 1.1% in 2nd Quarter 2025, compared with the 0.2% decrease in the previous quarter (See Annex A-1 [PDF, 26 KB]). Rentals of office space decreased by 0.3% in 2nd Quarter 2025, compared with the 0.3% increase in the previous quarter (See Annex A-2 [PDF, 26 KB] & A-3 [PDF, 92 KB]).

Property Price Index of office space in Central Region

Rental Index of office space in Central Region

 
Note: Office rental statistics, including breakdown by location, floor area and building class, as well as street-level rental data, are updated quarterly and can be accessed at https://eservice.ura.gov.sg/property-market-information/pmiCommercialRentalOfficeAnalysis and https://eservice.ura.gov.sg/property-market-information/pmiCommercialRentalStatsByStreet

Supply in the Pipeline

21 As at the end of 2nd Quarter 2025, there was a total supply of about 868,000 sq m GFA of office space in the pipeline, compared with the 856,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 [PDF, 77 KB] & E-2 [PDF, 85 KB]).

Pipeline supply of office space

Stock and Vacancy

22 The amount of occupied office space increased by 9,000 sq m (nett) in 2nd Quarter 2025, compared with the decrease of 1,000 sq m (nett) in the previous quarter. The stock of office space decreased by 18,000 sq m (nett) in 2nd Quarter 2025, compared with the increase of 98,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space decreased to 11.4% as at the end of 2nd Quarter 2025, from 11.7% as at the end of the previous quarter (see Annexes A-3 [PDF, 92 KB] & E-1 [PDF, 77 KB]).

Stock and vacancy of office space

Note: Vacancy rate statistics for office spaces, including breakdown by building class, are updated quarterly and can be assessed at https://eservice.ura.gov.sg/property-market-information/pmiCommercialTimeseries

RETAIL SPACE

Retail market at a glance:

Prices and Rentals

23 Prices of retail space increased by 0.1% in 2nd Quarter 2025, compared with the 1.9% increase in the previous quarter (See Annex A-1 [PDF, 26 KB]). Rentals of retail space increased by 0.9% in 2nd Quarter 2025, compared with the 0.5% decrease in the previous quarter (See Annex A-2 [PDF, 26 KB]).

Property Price Index of retail space in Central Region

Rental Index of retail space in Central Region

Note: Retail rental statistics, including breakdown by postal district, floor level and floor area, as well as street-level rental data, are updated quarterly and can be accessed at https://eservice.ura.gov.sg/property-market-information/pmiCommercialRentalRetailAnalysis and https://eservice.ura.gov.sg/property-market-information/pmiCommercialRentalStatsByStreet

Supply in the Pipeline

24 As at the end of 2nd Quarter 2025, there was a total supply of about 527,000 sq m GFA of retail space in the pipeline, compared with the 524,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes E-1 [PDF, 77 KB] & E-2 [PDF, 85 KB]).

Pipeline supply of retail space

Stock and Vacancy

25 The amount of occupied retail space decreased by 16,000 sq m (nett) in 2nd Quarter 2025, compared with the decrease of 12,000 sq m (nett) in the previous quarter. The stock of retail space increased by 6,000 sq m (nett) in 2nd Quarter 2025, compared with the increase of 30,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space increased to 7.1% as at the end of 2nd Quarter 2025, from 6.8% as at the end of the previous quarter (see Annexes A-3 [PDF, 92 KB] & E-1 [PDF, 77 KB]).

Stock and vacancy of retail space

Note: Vacancy rate statistics for retail spaces, including the breakdown by location, are updated quarterly and can be accessed at https://eservice.ura.gov.sg/property-market-information/pmiCommercialTimeseries

URA’S REAL ESTATE INFORMATION SERVICE

26 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.

27 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.

28 The figures in this release are accurate as of 25 July 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 2ND QUARTER 2025