Press Releases
Release of 4th Quarter 2025 real estate statistics
23 January 2026
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- The overall private residential price index increased at a more modest pace of 0.6% in 4Q2025, compared to an increase of 0.9% in 3Q2025. For 2025 as a whole, the price index rose moderately by 3.3%, the smallest increase in a year since 2020.
- Overall private residential rental index decreased by 0.5% in 4Q2025, the first decline since 2Q2024. For 2025 as a whole, the private residential rental index registered a modest increase of 1.9%.
- About 2,000 private residential units (including ECs) were completed in 4Q2025, bringing the total completions for 2025 to about 8,000 units. With the ramp-up in the supply of private housing via the Government Land Sales (GLS) programme in recent years, a significant supply pipeline of about 57,000 private residential units (including ECs) is expected to be completed in the next few years. This includes the sustained high Confirmed List supply to be released in 1H2026, which is 50% above the average Confirmed List supply for the GLS programmes over the past decade. The Government is prepared to release more land under the GLS programme as necessary, taking into account market and economic conditions.
- Given the 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 4th Quarter 2025.
PRIVATE RESIDENTIAL PROPERTIES
Overview:
* Figures exclude Executive Condominium (ECs)
Prices and Rentals
2 Prices of private residential properties increased by 0.6% in 4th Quarter 2025, compared with the 0.9% increase in the previous quarter. For the whole of 2025, prices of private residential properties increased by 3.3%, moderating from the 3.9% increase in 2024.
Property Price Index of private residential properties
3 Prices of landed properties increased by 3.4% in 4th Quarter 2025, compared with the 1.4% increase in the previous quarter. Prices of non-landed properties decreased by 0.2% in 4th Quarter 2025, compared with the 0.8% increase in the previous quarter. For the whole of 2025, prices of landed properties rose by 7.6% while those of non-landed properties rose by 2.3%.
4 Prices of non-landed properties in Core Central Region (CCR) decreased by 3.5% in 4th Quarter 2025, compared with the 1.7% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 0.7% in 4th Quarter 2025, compared with the 0.3% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 1.0% in 4th Quarter 2025, compared with the 0.8% increase in the previous quarter. For the whole of 2025, prices of non-landed properties in CCR, RCR and OCR increased by 1.9%, 1.6% and 3.2% respectively (see Annexes
&
).
5 Rentals of private residential properties decreased by 0.5% in 4th Quarter 2025, compared with the 1.2% increase in the previous quarter. For the whole of 2025, rentals of private residential properties increased by 1.9%, compared with the 1.9% decrease in 2024.
Rental Index of private residential properties
6 Rentals of non-landed properties decreased by 0.1% in 4th Quarter 2025, compared with the 1.1% increase in the previous quarter. Rentals of landed properties decreased by 3.0% in 4th Quarter 2025, compared with the 2.4% increase in the previous quarter. For the whole of 2025, rentals of landed properties increased by 0.4%, while rentals of non-landed properties increased by 2.3%.
7 Rentals of non-landed properties in CCR properties increased by 0.7% in 4th Quarter 2025, compared with the 0.5% decrease in the previous quarter. Rentals of non-landed properties in RCR inceased by 0.6% in 4th Quarter 2025, compared with the 1.8% increase in the previous quarter. Rentals of non-landed properties in OCR decreased by 2.0% in 4th Quarter 2025, compared with the 2.5% increase in the previous quarter. For the whole of 2025, rentals of non-landed properties in CCR, RCR and OCR increased by 2.5%, 2.8% and 1.3% respectively (see Annexes
&
).
Launches and Take-up
8 Developers launched 2,632 uncompleted private residential units (excluding ECs) for sale in 4th Quarter 2025, compared with the 4,191 units in the previous quarter. For the whole of 2025, developers launched 11,482 uncompleted private residential properties (excluding ECs) for sale, compared with the 6,647 units in the previous year (see
).
9 Developers sold 2,940 private residential units (excluding ECs) in 4th Quarter 2025, compared with the 3,288 units sold in the previous quarter. For the whole of 2025, developers sold 10,815 private residential units (excluding ECs), compared with the 6,469 units in the previous year (see
).
Number of private housing units launched and sold by developers (excluding ECs)
10 Developers did not launch any EC units for sale in 4th Quarter 2025 and sold 80 EC units in the quarter (see
). In comparison, developers launched 600 EC units for sale and sold 571 EC units in the previous quarter. For the whole of 2025, developers launched 1,360 EC units for sale and sold 1,630 EC units, compared with the 1,016 EC units launched and 1,227 EC units sold in 2024.
Resales and Sub-sales
11 There were 3,529 resale transactions in 4th Quarter 2025, compared with the 3,881 units transacted in the previous quarter. Resale transactions accounted for 52.7% of all sale transactions in 4th Quarter 2025, compared with 52.4% in the previous quarter (see
). For the whole of 2025, there were 14,622 resale transactions, compared with the 14,053 resale transactions in 2024.
12 There were 230 sub-sale transactions in 4th Quarter 2025, compared with the 235 units transacted in the previous quarter. Sub-sales accounted for 3.4% of all sale transactions in 4th Quarter 2025, compared with 3.2% in the previous quarter (see
). For the whole of 2025, there were 1,055 sub-sale transactions, compared with the 1,428 sub-sale transactions in 2024.
Number of resale and sub-sale transactions for private residential units (excluding ECs)
Supply Completions
13 A total of 2,018 private residential units (including ECs) were completed in 4th Quarter 2025. This brought the total completions in 2025 to 7,996 units (see
).
Supply in the Pipeline
14 As at the end of 4th Quarter 2025, there were 39,746 units (including ECs) with planning approval, of which 16,193 units remained unsold (see Annexes
&
). Adding 16,940 unsold units (including ECs) that have not been granted planning approval yet, approximately 33,100 units could be available for sale over the next one to two years. These include the supply of about 4,600 units (including 635 EC units) on the Confirmed List of the GLS Programme in 1H2026 (see
).
Total number of unsold private residential units with planning approval in the pipeline
15 Based on the expected completion dates reported by developers, about 56,700 private housing units are expected to be completed in the coming years. These comprise about 27,700 units (including ECs) expected to be completed by 2028, and about 29,000 units expected to be completed from 2029 onwards (see
).
Pipeline supply of private residential units and ECs by expected year of completion
Stock and Vacancy
16 The stock of completed private residential units (excluding ECs) increased by 1,696 units in 4th Quarter 2025, compared with the increase of 1,514 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 5,027 units in 4th Quarter 2025, compared with the increase of 2,640 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 6.0% as at the end of 4th Quarter 2025, from 6.9% in the previous quarter (see
).
Stock and vacancy of private residential units (excluding ECs)
17 Vacancy rates of completed private residential properties as at the end of 4th Quarter 2025 in CCR, RCR and OCR were 8.8%, 6.0% and 4.9% respectively, compared with the 9.9%, 6.7% and 5.6% in the previous quarter.
OFFICE SPACE
Overview:
Prices and Rentals
18 Prices of office space decreased by 0.7% in 4th Quarter 2025, compared with the 0.2% decrease in the previous quarter (see
). Rentals of office space increased by 0.4% in 4th Quarter 2025, compared with the 0.1% decrease in the previous quarter (see
). For the whole of 2025, prices of office space decreased by 2.1%, compared with the increase of 1.8% in 2024, while rentals of office space increased by 0.3%, after remaining unchanged in 2024 (see Annexes
&
).
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
19 As at the end of 4th Quarter 2025, there was a total supply of about 867,000 sq m GFA of office space in the pipeline, compared with the 870,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes
&
).
Pipeline supply of office space
Stock and Vacancy
20 The amount of occupied office space remained unchanged in 4th Quarter 2025, compared with the increase of 1,000 sq m (nett) in the previous quarter. The stock of office space decreased by 7,000 sq m (nett) in 4th Quarter 2025, compared with the decrease of 24,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space decreased to 11.1% as at the end of 4th Quarter 2025, from 11.2% as at the end of the previous quarter (see
).
Stock and vacancy of office space
Note: Vacancy rate statistics for office spaces, including breakdown by building class, are updated quarterly and can be accessed at
https://eservice.ura.gov.sg/property-market-information/pmiCommercialTimeseries
RETAIL SPACE
Overview:
Prices and Rentals
21 Prices of retail space increased by 1.7% in 4th Quarter 2025, compared with the 0.7% decrease in the previous quarter (see
). Rentals of retail space increased by 0.6% in 4th Quarter 2025, compared with the 0.9% increase in the previous quarter (see
). For the whole of 2025, prices of retail space increased by 3.0%, compared with the increase of 1.0% in 2024, while rentals of retail space increased by 1.9%, compared with the increase of 0.5% in 2024 (see Annexes
&
).
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
22 As at the end of 4th Quarter 2025, there was a total supply of about 560,000 sq m GFA of retail space in the pipeline, compared with the 530,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes
&
).
Pipeline supply of retail space
Stock and Vacancy
23 The amount of occupied retail space increased by 34,000 sq m (nett) in 4th Quarter 2025, compared with the increase of 22,000 sq m (nett) in the previous quarter. The stock of retail space decreased by 4,000 sq m (nett) in 4th Quarter 2025, compared with the increase of 6,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space decreased to 6.3% as at the end of 4th Quarter 2025, from 6.9% as at the end of the previous quarter (see
).
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
24 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.
25 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.
26 The figures in this release are accurate as of 23 January 2026. Please visit the URA website or REALIS for the most updated figures.
SUMMARY OF KEY INFORMATION FOR 4TH QUARTER 2025
Table caption
Annex | Title |
|---|---|
| Comparison of Property Price Index for 3rd Quarter 2025 and 4th Quarter 2025 |
| Comparison of Property Price Index for 2024 and 2025 |
| Comparison of Rental Index for 3rd Quarter 2025 and 4th Quarter 2025 |
| Comparison of Rental Index for 2024 and 2025 |
| Number of Unsold Private Residential Units from Projects with Planning Approvals |
| Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment |
| Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment |
| Stock & Vacancy and Supply in the Pipeline as at End of 4th Quarter 2025 |
| Supply in the Pipeline and Expected Year of Completion as at End of 4th Quarter 2025 |
| Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 4th Quarter 2025 |
| Number of Private Residential Units and Executive Condominiums Completed in the Quarter |
| Number of Executive Condominium Units Launched and Sold in the Quarter |