Singapore property market 2025: Calm, stable, and finally rational again
- Ben Tan
- 7 days ago
- 4 min read
If I had to describe Singapore’s property market in 2025 in one word, it wouldn’t be “hot.”
It wouldn’t be “weak.”
It would be calm.
After years of fast price growth, emotional buying, and post-pandemic momentum, the market has finally slowed into something much healthier. Prices are still rising, but gently. Transactions are happening, but without frenzy. Buyers are active, but more thoughtful. Sellers are realistic. And across both private homes and HDB resale, the data is telling the same story:
The market is stabilising, not stalling.
This is the kind of environment that doesn’t make dramatic headlines but quietly and sustainably builds long-term wealth.
Private residential market in 2025: Slower growth, stronger foundations
Private home prices rose just 3.3% in 2025, the slowest pace in five years. Q4 saw a modest 0.6% increase. This isn’t weakness — it’s the market taking a breath after several strong years of growth. Appreciation hasn’t stopped, but it’s no longer running on hype and momentum.
What’s interesting is how different segments behaved.
Landed homes continued to rise strongly, supported by scarcity, wealth preservation behaviour, and long-term demand.
Non-landed private homes, however, saw much slower growth. Within that, OCR and RCR remained resilient because demand there is driven mainly by Singaporean families and owner-occupiers, not speculative capital. CCR showed greater volatility, reflecting its sensitivity to global capital flows and foreign buyer sentiment.
In simple terms, areas driven by real housing demand stayed stable, while areas influenced by capital flows were more uneven.
Transactions tell the real story
The clearest signal of market health isn’t price growth — it’s transaction activity.
Developer sales rebounded strongly in 2025, with new home transactions rising sharply compared to 2024. This wasn’t panic buying. It was driven by moderating interest rates, better affordability math, more supply of new launches, and more realistic pricing.
When transactions rise while price growth slows, it usually means the market is becoming more efficient, not overheated. Buyers are acting because the numbers make sense, not because they’re afraid of missing out.
The Executive Condominium market reflects the same structural story.
Demand remained strong, driven by genuine upgrader flow from HDB households. This is not speculative demand — it’s family progression demand. ECs continue to function exactly as they’re meant to: as a bridge between public and private housing, absorbing upgrader pressure and stabilising both segments.
Rental and resale in 2025: Stability, not stress
The private resale market remained liquid in 2025, indicating that buyers and sellers remain active and confident. The rental market also recovered modestly after a decline in 2024, supported by stable leasing demand and controlled supply.
There’s no bubble behaviour here. What we’re seeing is a tight but functional rental market — one that’s supported by real demand rather than speculation.
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HDB resale market in 2025: Normalisation phase
The HDB resale market shows the clearest signs of stabilisation.
Prices rose just 2.9% in 2025, the slowest growth in six years. Q4 prices were flat. Transaction volumes dropped to a five-year low. This doesn’t signal weakness — it signals normalisation.
From 2019 to 2025, HDB resale prices still rose nearly 55% cumulatively. The current slowdown is simply the market digesting years of strong growth. Cooling measures, increased BTO supply, financing rules, and policy calibration are doing exactly what they were designed to do: slow momentum without breaking the system.
The million-dollar flat narrative (with context)
Yes, million-dollar resale flat transactions hit another record in 2025. But context matters.
These sales are highly concentrated in mature estates like Toa Payoh, Bukit Merah, and Queenstown. Central locations. Scarce large-format units. Strong infrastructure. Long-term liveability.
This is a premium micro-market — not the average HDB buyer experience.
It’s segmentation, not inflation.
Most buyers are still operating in very different price ranges, with plenty of affordable options across non-mature estates and mass-market towns. Headline numbers make noise, but they don’t define the whole market.
A market that feels rational again
Zooming out, 2025 feels like a transition year.
The market has shifted from fast growth to steady growth.
From emotional buying to rational buying.
From momentum-driven decisions to fundamentals-driven decisions.
For buyers, this is actually a healthy environment. There’s more choice, less pressure, better negotiating power, and better decision-making.
For investors, this is a disciplined market. Easy flips disappear. Blind appreciation plays disappear. Asset quality, location quality, yield structure, and holding power start to matter again.
For homeowners, this is stability. Not volatility. Not fear. Not policy shock. Just steady wealth preservation.
Check out our article here if you are interested in knowing more about the Singapore residential outlook for 2026.
CapStacked perspective
2025 didn’t give us a boom.
It didn’t give us a crash.
It gave us something better.
A market that feels rational again.
And in property, that’s usually where the best long-term decisions are made — quietly, calmly, and with discipline. Not through hype cycles. Not through panic buying. But through steady capital allocation into structurally strong assets, in a stable system, over time.
That’s how wealth is built in real estate — not fast, but durable.
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