Singapore private home prices record weakest annual increase since 2020

Private residential prices grew 3.3% in 2025.

Singapore’s private residential property market extended its growth streak into the end of 2025, although price momentum slowed in the final quarter, according to analysis by Savills.

Data from the Urban Redevelopment Authority (URA), cited by property consultancy Savills, showed the price index for all private residential properties rose 0.6% quarter-on-quarter in Q4 2025, marking the fifth consecutive quarter of increases. However, Savills noted this was the slowest pace of growth since the 0.7% decline recorded in Q3 2024, signalling some cooling in the market.

For the full year, private home prices climbed 3.3% in 2025, making it the weakest annual increase since 2020, when prices rose 2.2%. This came despite transaction volumes reaching a four-year high, according to Savills’ analysis of URA data.

Savills said the softer quarterly growth reflected a modest pullback in non-landed home prices, which slipped 0.2% quarter-on-quarter after nine consecutive quarters of gains.

By contrast, the landed residential segment continued to outperform. Landed home prices surged 3.4% quarter-on-quarter in Q4, marking the fourth straight quarterly increase and the strongest rise since Q4 2023’s 4.6% jump, Savills noted.

Over the whole of 2025, non-landed home prices increased 2.3%, the slowest annual growth since 2019’s 1.9%. Landed homes, meanwhile, saw prices climb 7.6% for the year, a sharp acceleration from 0.9% growth in 2024, though still slightly below the 8.0% increase recorded in 2023.

According to Savills, the continued strength in the landed housing segment likely reflects limited supply and the exclusivity of landed properties, alongside the rising cost of new non-landed developments, which may be supporting overall price levels.

Mixed performance across non-landed regions

Within the non-landed private residential market, performance varied by region.

Savills noted that the Core Central Region (CCR) was the only segment to register a quarterly price decline, with prices falling 3.5% in Q4 2025 following four consecutive quarters of increases. Despite the decline, Savills said prices in the prime district segment remain elevated after earlier gains.

The Rest of Central Region (RCR) and Outside Central Region (OCR) both continued to post price growth.

Savills said RCR prices rose 0.7% quarter-on-quarter, marking the second consecutive quarter of growth and accelerating from the 0.3% increase in the previous quarter. Meanwhile, OCR prices increased 1.0% quarter-on-quarter, extending a five-quarter uptrend.

On an annual basis, however, Savills highlighted that price growth slowed across all non-landed segments in 2025. The RCR recorded a 1.6% increase, down from 5.8% in 2024, although it still marked the ninth straight year of growth. Prices in the CCR rose 1.9%, easing from 4.5% the year before, while the OCR posted a 3.2% gain, slightly slower than 2024’s 3.7% increase.

Luxury segment continues gradual climb

Savills also tracked performance within the high-end market through its basket of luxury non-landed private residential projects.

According to Savills, prices in this segment rose 0.5% quarter-on-quarter in Q4 2025 to S$2,640 per sq ft, extending a five-quarter upward trend.

On a yearly basis, Savills said luxury non-landed home prices increased 1.7% in 2025, representing the strongest annual growth since 2022, when the segment recorded a 3.8% increase.

Savills noted that while price growth in Singapore’s private residential market has moderated, the continued rise in both overall and luxury segments suggests underlying resilience supported by strong demand and limited supply in key segments.