Singapore’s private residential property market saw a moderate increase in prices during the first quarter of 2025, according to the Urban Redevelopment Authority’s (URA) flash estimates. The All Residential Price Index rose by 0.6% quarter-on-quarter and 3.1% year-on-year, reflecting a stabilisation in several regions. Leonard Tay, Head of Research at Knight Frank Singapore, noted that this growth was more subdued compared to the previous quarter, as price benchmarks in the Rest of Central Region (RCR) and Outside Central Region (OCR) stabilised.
Homebuyer activity remained robust, particularly in areas with ample amenities or compelling growth stories like Tengah. This demand is supported by strong household balance sheets, low unemployment, and intergenerational wealth transfer. In the Core Central Region (CCR), prices increased by 0.6% quarter-on-quarter and 1.7% year-on-year, despite the 60% Additional Buyer’s Stamp Duty for foreigners. High-net-worth Singaporeans, permanent residents, and new citizens are the primary buyers in this segment.
The RCR experienced the highest price growth among the three regions, with a 1.0% quarter-on-quarter and 6.5% year-on-year increase, driven by the launch of The Orie in Toa Payoh. Meanwhile, the OCR saw a slight 0.3% quarter-on-quarter rise, with strong take-up rates at new launches like Lentor Central Residences and Parktown Residence.
Landed home prices also saw a marginal increase of 0.6% quarter-on-quarter, following previous declines. Overall, the market shows signs of stabilisation, with prices expected to grow moderately between 3% and 5% in 2025, supported by healthy household net worth and low unemployment.
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