On 23 January 2026, the Urban Redevelopment Authority (URA) released its real estate statistics for the 4th quarter of 2025. The data paints a picture of a private residential market that is no longer accelerating, but instead settling into a more measured and segmented phase.
Price growth moderated further, rental momentum finally turned negative after several quarters of increases, and the supply pipeline continued to build meaningfully. At the same time, transaction activity remained resilient, vacancy rates tightened, and landed homes once again stood out as a clear outperformer.
Rather than signalling distress, the 4Q 2025 data suggests a market transitioning into balance — one shaped less by exuberant demand and more by affordability thresholds, region-specific dynamics, and a steadily expanding housing supply.
A Moderating Price Index Caps a Cautious 2025
Private residential prices rose by 0.6% quarter-on-quarter in 4Q2025, easing from the 0.9% increase in 3Q 2025. On an annual basis, prices increased by 3.3% in 2025, marking the smallest full-year price increase since 2020 and moderating from the 3.9% rise recorded in 2024.
This moderation is notable not because prices are falling, but because growth has become increasingly selective. The broad-based uptrend that characterised earlier post-pandemic years has given way to a market where performance varies sharply by property type and location.
The data suggests that price resistance is emerging in certain segments, particularly where affordability pressures are more pronounced or where new supply is more visible.
Landed Homes Reassert Their Strength
One of the clearest takeaways from the 4Q 2025 statistics is the renewed divergence between landed and non-landed homes.
In 4Q 2025, prices of landed properties increased by 3.4%, accelerating from a 1.4% increase in the previous quarter. For the full year, landed home prices rose by 7.6%, far outpacing the broader private residential market.
In contrast, non-landed property prices declined by 0.2% in 4Q 2025, reversing the 0.8% increase seen in 3Q 2025. Over the whole of 2025, non-landed prices rose by a more modest 2.3%.
This widening gap reinforces a longer-running structural trend. Landed homes, with their inherent scarcity and limited redevelopment supply, continue to attract sustained demand even as the broader market cools. Non-landed homes, meanwhile, are more exposed to supply dynamics, financing constraints, and buyer price sensitivity.
Regional Divergence Within the Non-Landed Segment
Looking more closely at the non-landed market reveals a clear regional split.
In 4Q 2025:
For the whole of 2025, non-landed prices increased by:
The decline in CCR prices in the final quarter stands out. This suggests that high-quantum properties in prime locations are encountering stronger buyer resistance, particularly in a climate of cautious sentiment. In contrast, OCR homes — typically offering lower entry prices — continue to show steadier growth, reflecting demand from owner-occupiers prioritising affordability.
Rental Market Sees Its First Pullback Since Mid-2024
On the rental front, 4Q 2025 marked a turning point.
The overall private residential rental index declined by 0.5% quarter-on-quarter, ending a run of increases that began after 2Q 2024. Despite this quarterly dip, rentals still rose by 1.9% for the whole of 2025, reversing the 1.9% decline recorded in 2024.
The quarterly decline reflects easing rental pressures as new completions enter the market and tenant demand stabilises after a period of rapid post-pandemic rent escalation.
Diverging Rental Performance by Property Type
The rental adjustment in 4Q 2025 was not uniform across property types.
For the full year:
The sharper quarterly decline in landed rentals may reflect the smaller tenant pool for high-quantum landed homes, where affordability constraints can quickly affect leasing demand. Non-landed homes, by contrast, continue to benefit from a broader tenant base.
Rental Trends Also Vary by Region
Within the non-landed rental market, regional differences remain evident.
In 4Q 2025:
For the full year:
The pullback in OCR rents may be linked to greater supply additions in suburban areas, offering tenants more choice and bargaining power.
Developers Scale Back Launches, but Sales Stay Resilient
Developer activity in 4Q 2025 reflected a more cautious stance.
Developers launched 2,632 uncompleted private residential units (excluding ECs) for sale in the quarter, significantly fewer than the 4,191 units launched in 3Q 2025. However, for the whole of 2025, total launches reached 11,482 units, substantially higher than the 6,647 units launched in 2024.
Despite fewer launches in the final quarter, sales remained relatively resilient. Developers sold 2,940 private residential units in 4Q 2025, compared with 3,288 units in the previous quarter. For the full year, 10,815 units were sold, a sharp increase from 6,469 units in 2024.
This suggests that while developers are moderating supply introductions in the short term, underlying demand remains present — albeit more selective and price-sensitive.
Executive Condominium Activity Slows Temporarily
No new EC units were launched in 4Q 2025, and only 80 EC units were sold during the quarter, down sharply from the 600 units launched and 571 units sold in 3Q 2025.
For the full year, however:
Both figures exceeded 2024 levels, indicating sustained longer-term demand for EC housing despite short-term fluctuations in launch timing.
Resale Market Remains the Backbone of Transactions
The resale market continued to anchor overall transaction activity.
In 4Q 2025, there were 3,529 resale transactions, slightly lower than the 3,881 transactions in 3Q 2025. Resales accounted for 52.7% of all private residential transactions, broadly unchanged from the previous quarter.
For the whole of 2025, resale transactions totalled 14,622 units, up from 14,053 units in 2024.
Sub-sale activity remained muted, with 230 sub-sales in 4Q 2025 and 1,055 for the full year, down from 1,428 in 2024. This indicates limited speculative flipping and reinforces the view of a market dominated by owner-occupiers and longer-term holders.
Supply Completions Accelerate, Pipeline Remains Substantial
On the supply front, 2,018 private residential units (including ECs) were completed in 4Q 2025, bringing total completions for the year to 7,996 units.
Looking ahead, the supply pipeline is significant:
This includes about 4,600 units on the Confirmed List of the GLS Programme in 1H2026, with Confirmed List supply 50% above the past decade’s average.
Based on expected completion timelines, about 56,700 private housing units are projected to be completed in the coming years, with 27,700 units by 2028 and 29,000 units from 2029 onwards.
The Government has also reiterated its readiness to release more land under the GLS programme if necessary, taking into account market and economic conditions.
Vacancy Rates Tighten Despite Rising Supply
Interestingly, vacancy rates declined even as completions rose.
As at end-4Q2025:
The reduction in vacancy rates suggests that new supply is being absorbed steadily, and that housing demand — whether from owner-occupiers or tenants — remains sufficient to prevent oversupply in the near term.
A Market in Transition, Not Retreat
Taken together, the 4Q2025 URA data points to a private residential market that is cooling in pace, but not weakening structurally.
Price growth has moderated, rents have softened, and developers are adjusting launch strategies. At the same time, transaction volumes remain healthy, vacancy rates are falling, and landed homes continue to show strong performance.
Against an uncertain macroeconomic backdrop, URA’s reminder for households to exercise prudence in property purchases and mortgage commitments is timely. The next phase of the market is likely to reward careful selection, realistic pricing expectations, and a clear understanding of supply dynamics — rather than broad-based optimism.
In short, 2025 did not mark the end of Singapore’s private residential upcycle, but it did signal a shift toward a more disciplined, supply-aware and segmented market environment.
For a clearer view on how these 4Q 2025 market shifts may affect your next property decision, speak with our sales consultants.
