Singapore Home Price Growth Slowed in 2025 as Project Launches, Sales Jumped

Price increases for new private homes in Singapore moderated to 3.4 percent in 2025 from 3.9 percent a year earlier, as government efforts to increase the supply of new housing appear to be cooling homebuyer competition in the land-scarce city-state, according to flash estimates released by Singapore’s Urban Redevelopment Authority on Friday.

The slower price growth for new private homes, excluding the hybrid public-private executive condo segment, came as buyers aided by lower interest rates absorbed units being developed from a surge of land sales over the past two years, including the 11,110 home pipeline picked up by developers in 2024 in the largest supply of new homes since 2013. Developers sold up to 11,000 private homes in 2025, according to Huttons’ estimates, the highest quantity since 2021 and up 66 percent from 2024.

“The property market closed off the year on a firm footing with prices up by 3.4 percent,” Mark Yip, CEO of property consultancy Huttons Asia said in a statement. “Price pressures in the property market have been alleviated from the high of 10.6 percent in 2021 to 3.4 percent in 2025, clear signs that the market has stabilised after several rounds of calibration from the government.”

Any sense of urgency among potential homebuyers may also have been cooled by a URA plan to launch sales of land during the first six months of 2026 which would yield the largest quantity of new homes for the half year period since 2017.

42% Increase in New Homes

The 11,000 homes sold last year comes after developers launched 11,500 units onto the market in 2025, up more than 42 percent from the 6,647 rolled out a year earlier, according to URA figures. In 2023, builders had launched 6,421 units.

The growing availability of new condos results from Singapore authorities having enlarged the supply of land for private homes after average prices jumped 13.3 percent in 2021 and another 8.6 percent in 2022, according to URA figures, causing widespread concerns regarding affordability. 

2025’s 3.4 percent increase in private home prices marks the slowest rise since the pandemic year of 2020, with growth having stood at 6.8 percent in 2023 before cooling to 3.9 percent last year. 

During the fourth quarter, average prices for new private homes rose 0.7 percent from the preceding three months, compared to an increase of 2.3 percent during the same period a year earlier, when signs of lower interest rates seemed to have triggered a jump in buyer enthusiasm. 

Singapore’s largest quarterly increase in average home prices of 2025 came during the July through September period, when the URA’s index jumped 0.9 percent from the preceding three months. 

Cooler Times in 2026

For this year analysts expect further moderation in home prices as developers are set to launch 11,317 new units onto the market, per Huttons’ estimates, putting new supply on par with 2025.

Some 59 percent of condo launches in the pipeline for this year are in Singapore’s suburban areas, referred to as Outside Central Region or OCR by the URA, compared to just 4,040 units in these outlying locations in 2025, which promises to weight home sales toward the more affordable range of the spectrum.

“Barring unforeseen circumstances, developers’ sales are estimated to be between 8,000 and 10,000 units while prices in the property market are estimated to grow between 2 percent and 5 percent in 2026,” Huttons’ Yip said. 

The URA’s land sales programme for the first half of 2026 includes confirmed tenders for sites which would yield up to 3,940 private homes, excluding executive condos, compared to 4,659 in the first half of 2025 and 3,735 in the final six months of last year.