Singapore’s real estate market continues to evolve, reflecting shifts in demand, supply, and policy measures. Understanding these trends is crucial for prospective buyers, renters, and investors.
Private Residential Market: Steady Growth
In recent years, private home prices have experienced moderate growth. For instance, in Q4 2025, the Urban Redevelopment Authority (URA) reported a 0.6% quarter-on-quarter increase in private home prices, culminating in a 3.4% rise for the entire year. This steady appreciation indicates a resilient market, supported by sustained demand and a robust pipeline of new project launches.
HDB Resale Market: Rising Demand
The Housing Development Board (HDB) resale market has also seen significant activity. In 2025, approximately 28,500 resale transactions were recorded, marking the highest volume since 2022. This surge is driven by first-time buyers and upgraders seeking larger living spaces. Notably, the prevalence of million-dollar HDB transactions has expanded beyond mature estates to include areas like Tampines and Queenstown, reflecting sustained confidence in public housing value.
Rental Market: Stabilization Amid Supply Increases
After peaking in late 2022, private residential rents have moderated. By Q4 2025, the URA rental index for private non-landed properties was approximately 8–10% below the 2022 peak but still about 35% above pre-pandemic levels. This stabilization is attributed to increased housing supply and a cautious hiring outlook, which are expected to cap rental growth in the near future.
Future Outlook: Balanced Growth
Looking ahead, the real estate market is poised for balanced growth. The government’s plan to launch around 55,000 Build-To-Order (BTO) flats between 2025 and 2027, along with approximately 13,500 flats reaching their Minimum Occupation Period (MOP) in 2026, will significantly increase resale supply. This influx is expected to moderate price growth, with forecasts predicting a 3% to 4% increase in HDB resale prices in 2026.
In the private sector, the completion of new units is anticipated to keep rental growth in check. For instance, 6,123 units were completed in 2025, with a similar number expected in 2026. This steady supply, coupled with stable demand, suggests a more tenant-friendly market in the coming years.
Overall, Singapore’s real estate market demonstrates resilience and adaptability. Stakeholders are encouraged to stay informed and consider these evolving trends when making housing decisions.