Private Residential Property Prices Climb 12 Q O Q 3q2025 Ura Flash Estimate
According to the latest URA flash estimates released on 1 October, private residential property prices in Singapore saw a 1.2% quarter-on-quarter increase in the third quarter of 2025. This growth rate was slightly higher than the 1% gain seen in the previous quarter and the 0.8% increase in the first quarter of the same year. The rise in prices was driven by non-landed properties, which saw a 1.1% increase from the previous quarter, compared to the 0.7% increase seen in the same period. Meanwhile, landed property prices rose by 1.4% quarter-on-quarter, a slight decrease from the previous quarter’s 2.2% growth. This marks the fourth consecutive quarter of price increases for private residential properties and a year-to-date growth of 3.1%, surpassing the 1.6% increase seen in the same period last year.
In addition to price growth, private home transaction volume also saw an increase in the third quarter, with 6,594 transactions recorded up to mid-September, a 28.6% increase from the 5,128 transactions in the second quarter. Despite the quieter month of September due to the Chinese Seventh Month, this increase in volume and sustained price growth can be attributed to new launches that took place in July and August, according to Leonard Tay, head of research at Knight Frank Singapore. He also noted that the uncertain economic climate and concerns in the labor market did not hinder activity in the market, thanks to new launches.
One notable trend in the market is the increase in new launches, with eight major projects launching in the third quarter with at least 100 units each, according to Wong Xian Yang, head of research for Singapore and Southeast Asia at Cushman & Wakefield (C&W). He also pointed out that most of these launches saw strong performance, continuing the momentum from previous quarters. Out of the 18 major private residential launches in 2025 so far, C&W reported that 11 have achieved a take-up rate of more than 50% during their launch month.
The Core Central Region (CCR) saw the steepest price increase of 2.4%, led by new launches such as The Robertson Opus, UpperHouse at Orchard Boulevard, and River Green. This contributed to the highest quarterly sales in the CCR since 4Q2010, with around 900 units sold last quarter, according to Kelvin Fong, CEO of PropNex. Prices of non-landed properties in the Rest of Central Region (RCR) also saw an increase of 0.4% in 3Q2025, reversing the 1.1% decline seen in the previous quarter. Meanwhile, prices in the Outside Central Region (OCR) remained stable with a 1% growth, similar to the 1.1% increase seen in the previous quarter.
C&W’s Wong highlighted the CCR’s significant growth of 6.3% year-to-date, compared to the 1% and 2.4% growth rates seen in the RCR and OCR, respectively. He also mentioned that the CCR typically sees a lag in price growth compared to the other regions but has seen increasing interest from buyers due to the value proposition of properties in this area.
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Going into the fourth quarter of 2025, PropNex’s Fong maintains an optimistic outlook for the private residential market, thanks to lower interest rates, a pipeline of attractive launches, and stable demand from first-time buyers and HDB upgraders. He also expects the CCR to continue its upward trend, especially with the upcoming launch of the 666-unit Skye at Holland. Other launches to look out for this quarter include Penrith and Zyon Grand in the RCR, as well as Faber Residence in the OCR. Fong estimates that new home sales, excluding executive condos, could reach 9,000 to 10,000 units by the end of the year, with private home prices expected to rise by 4% to 5%, surpassing last year’s growth of 3.9%.
C&W’s Wong also revised his earlier forecast of 2% to 3% growth in private residential property prices to 3% to 4% for the entire 2025. He attributes this to strong demand for private housing, along with declining interest rates and a robust wealth effect from global equity markets. Overall, the private residential market in Singapore continues to show resilience and growth despite the uncertain economic climate.