Singapore 4th quarter 2025 residential property market update

When headlines talk about “slowing price growth,” many buyers instinctively worry about a downturn. But when you look closely at the latest 4Q 2025 flash estimates from URA and HDB, the story is not about weakness. It is about stability, policy control, and a market that is deliberately cooling to remain sustainable.

Let’s break this down, starting with private residential properties, before moving on to the HDB resale market.

Private residential property: Growth slows, stability strengthens

Private residential prices in Singapore continued to rise in 4Q 2025, but at a slower pace of 0.7% quarter-on-quarter, compared to 0.9% in the previous quarter.

For the whole of 2025, prices increased by 3.4%, marking the lowest annual growth rate since 2020.

This is not accidental.

Singapore’s property market is designed to avoid boom-and-bust cycles. As prices climb too quickly, the government steps in—primarily through supply. In the first half of 2026 alone, close to 9,200 private residential units will be released through the Government Land Sales (GLS) programme, with the Confirmed List supply sitting 50% above the 10-year average. 

From a buyer’s perspective, this does two things. First, it prevents runaway prices. Second, it creates more options, especially for those who are patient and selective.

Looking deeper, performance across regions has started to diverge. Non-landed private homes saw a slight 0.1% dip overall, with notable weakness in the Core Central Region (CCR), where prices fell 3.2% quarter-on-quarter. In contrast, the Rest of Central Region (RCR) and Outside Central Region (OCR) still posted modest gains. Landed homes stood out, rising 3.5%, suggesting that scarcity and long-term holding power still matter.

The takeaway? The private market is not overheating. It is normalising—and that is healthy for long-term buyers and investors.

HDB resale market: A clear sign of price resistance

If the private market is cooling, the HDB resale market is showing something even more interesting: price resistance.

In 4Q 2025, the HDB Resale Price Index came in at 203.6, essentially unchanged from the previous quarter. This marks the first flat quarter since 1Q 2020 

To put this into context, resale prices grew almost 10% in 2024, but slowed sharply to 2.9% for the whole of 2025, the weakest growth since 2019. This is after four consecutive quarters of decelerating price increases.

Transaction volumes are also falling. Resale volumes in 4Q 2025 dropped nearly 19% year-on-year, and full-year volumes declined by 9.8%, the steepest annual fall since 2023.

This tells us something important: affordability limits are being tested. Buyers are more cautious, sellers are less aggressive, and the market is naturally rebalancing.

At the same time, the upcoming BTO and Sale of Balance Flats launches in February 2026, totalling about 7,600 units, will further ease demand pressure.

What this means for buyers and homeowners

Across both private and public housing, the signal is clear. Singapore is prioritising market stability over speculation. Prices are still supported, but expectations are being reset.

For homeowners, this reinforces why Singapore property has long been viewed as a store of value rather than a vehicle for rapid gains. For buyers, especially families planning their next move, this is a period where selection, strategy, and timing matter far more than hype.

If you want to understand how these trends shape opportunities in the year ahead, you can dive deeper into our 2026 Singapore Residential Property Outlook, where we break down what this stability really means for buyers, upgraders, and long-term investors.