Singapore’s housing market showed clear signs of stabilisation in 2025, with both private home and Housing Development Board (HDB) resale price growth easing to multi-year lows even as demand remained resilient, pointing to what analysts describe as a “Goldilocks” market.
Private residential property prices rose by 3.3 per cent in 2025, the slowest annual increase since 2020, according to Urban Redevelopment Authority (URA) data. Price growth moderated further in the fourth quarter, rising just 0.6 per cent quarter-on-quarter.
While landed home prices continued to outperform, non-landed private homes recorded their weakest yearly price growth since 2019. Despite softer price gains, developer sales rebounded strongly, supported by lower interest rates, ample new launches and disciplined pricing strategies.
In the resale market, private home transactions hit a four-year high in 2025, signalling sustained buyer confidence. Meanwhile, private home rentals recovered modestly, growing 1.9 per cent for the year after declining in 2024, amid tight rental supply and healthy leasing demand.
HDB resale prices also moderated sharply. Prices were unchanged in the fourth quarter of 2025, the first time since 2020, bringing full-year price growth to 2.9 per cent – the slowest pace in six years.
Resale volumes fell to a five-year low, reflecting a normalisation in demand following several years of strong price increases.
Despite the broader slowdown, million-dollar HDB resale flat transactions reached a new record in 2025, largely concentrated in mature estates, highlighting continued market segmentation.
Looking ahead, market conditions in 2026 are expected to remain supportive. Lower mortgage rates, relatively low unsold inventory, and moderating price growth could provide a window of opportunity for buyers, including HDB upgraders.
Overall, the data suggests a more balanced housing market, where price stability coexists with steady demand.
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15 Jan 2026 15:45
