Singapore private home prices up 0.8% in Q1

The pace of price growth slowed across all segments.

According to a PropNex release, Singapore’s private home prices inched up by 0.8% QOQ in Q1 2025, moderating from the 2.3% QOQ growth in Q4 2024. The final print is higher than the flash estimates of a 0.6% QOQ increase published earlier this month.

“On a year-on-year basis, the URA PPI was up by 3.3% from Q1 2024. The pace of price growth eased across all segments, with the exception of landed homes, where prices rose by 0.4% QOQ, overturning the 0.1% QOQ decline in the previous quarter,” the analyst said.

Here’s more from PropNex:

For non-landed homes, prices grew by 1.0% QOQ in Q1 2025 after recording a 3.0% QOQ growth in Q4 2024. All three sub-markets witnessed slower price increase in Q1 2025, led by the Rest of Central Region (RCR) with a price growth of 1.7% QOQ, followed by the Core Central Region (CCR) and the Outside Central Region (OCR) where prices rose by 0.8% QOQ and 0.3% QOQ, respectively.

In Q1 2025, developers sold a total of 3,375 new units (ex. EC) – already more than half of the 6,469 units shifted in the entire 2024. The new private home sales tally in Q1 2025 is slightly down by 1.3% from 3,420 units transacted in the previous quarter. On a YOY basis, new home sales more than doubled from 1,164 units in Q1 2024.

The OCR drove developers’ sales in Q1 2025, with 2,238 units (ex. EC) sold, marking the highest quarterly sales in the sub-market in more than a decade, since 2,760 units were transacted in Q2 2013. In Q1 2025, OCR new home sales jumped by 57% QOQ from 1,424 units moved in Q4 2024. In particular, Parktown Residence, Lentor Central Residences, and ELTA topped OCR sales in Q1 2025, shifting a combined 1,836 new units (or 82% of the OCR total) during the quarter, based on caveats lodged.

According to the URA, there were 18,125 unsold uncompleted private homes (ex. EC) in the pipeline as at the end of Q1 2025 – down by 6.6% from 19,405 units in the previous quarter. The unsold stock in Q1 2025 is the lowest in five quarter, since Q4 2023 where there were 16,929 unsold uncompleted units (ex. EC). Developers launched 3,139 new units (ex. EC) for sale in Q1 2025, a touch lower than the 3,425 units put on the market in Q4 2024.

Over in the resale private housing market, there were 3,565 units resold in Q1 2025 – down by 3.7% from the 3,702 units sold in the previous quarter. Resale transactions made up 49.1% of the overall private home sales (including new sales and sub-sales) in Q1 2025; this is the smallest proportion in 19 quarters, since Q2 2020 where the corresponding proportion of resale against total sales was 35%. We note that the lower resale proportion in recent quarters came on the back of a slew of new launches that have boosted developers’ sales.

In the private residential leasing market, rentals inched up by 0.4% QOQ in Q1 2025, after staying unchanged in the previous quarter. On a YOY basis, the URA private residential properties rental index in Q1 2025 was also up by 0.4% from Q1 2024. There were 20,409 private home leasing transactions in Q1 2025, rising by 3.2% from the 19,782 rental contracts done in Q4 2024. Meanwhile, the median monthly rental in Q1 2025 ticked up marginally to $4.99 psf from $4.90 psf in the previous quarter, as per URA Realis data.