Private Residential Property Prices Climb 12 Q O Q 3q2025 Ura Flash Estimate
According to URA flash estimates published on October 1, the overall private residential property price index rose by 1.2% quarter-on-quarter (q-o-q) in 3Q2025. This is a slight increase from the 1% growth recorded in the second quarter and the 0.8% gain in 1Q2025.
The prices of non-landed properties showed a stronger increase of 1.1% q-o-q in 3Q2025, compared to the 0.7% rise in the previous quarter. In the landed property segment, prices grew by 1.4% q-o-q in 3Q2025, slightly lower than the 2.2% increase in the previous quarter.
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This marks the fourth consecutive quarter of price increases for private residential properties. As of now, prices have grown by 3.1% year-to-date, which is higher than the 1.6% growth during the same period last year.
Despite the quiet month of September due to the Chinese Seventh Month, private home transaction volume picked up in 3Q2025, with 6,594 transactions recorded up to mid-September. This is a 28.6% increase from the 5,128 transactions in 2Q2025. Leonard Tay, head of research at Knight Frank Singapore, notes that this increase in volume and sustained price growth is attributed to new launches in July and August.
There were eight major launches with at least 100 units in 3Q2025, which contributed to the surge in new launches. Wong Xian Yang, head of research for Singapore and Southeast Asia at Cushman & Wakefield (C&W), adds that the majority of these launches saw strong performance, continuing the growth momentum from previous quarters. According to C&W, 11 out of the 18 major private residential launches in 2025 achieved take-up rates of more than 50% during their launch month.
The Core Central Region (CCR) led the growth in private non-landed property prices, with a 2.4% increase in 3Q2025 compared to 3% in 2Q2025. New launches such as The Robertson Opus, UpperHouse at Orchard Boulevard, and River Green contributed to the CCR recording sales of around 900 units in the last quarter. This is the highest quarterly sales volume in the CCR since 4Q2010, according to Kelvin Fong, CEO of PropNex.
In the Rest of Central Region (RCR), non-landed property prices reversed from a 1.1% decline in the previous quarter to a 0.4% growth in 3Q2025. Meanwhile, the Outside Central Region (OCR) saw a 1% price increase in the last quarter, the same as the previous quarter. C&W’s Wong points out that condo prices in the CCR have experienced a 6.3% increase year-to-date, significantly higher than the 1% and 2.4% growth rates in the RCR and OCR respectively. He adds that the CCR typically experiences a multi-year lag in price growth compared to the RCR and OCR, and buyers are now showing more interest in CCR properties.
Despite the prevailing uncertainty in the economy and concerns in the labour market, PropNex’s Fong remains optimistic about the private residential market going into 4Q2025. He cites lower interest rates, a pipeline of attractive launches, and stable buying interest from first-time buyers and HDB upgraders as reasons for his positive outlook.
Fong predicts that the CCR condo market will continue its growth trajectory, with the final CCR launch of 2025- Skye at Holland, a joint development by UOL Group, Singapore Land Group, Kheng Leong Co and CapitaLand Development- slated for launch this quarter. Other upcoming launches in 4Q2025 include Penrith and Zyon Grand in the RCR, as well as Faber Residence in the OCR. Fong estimates that the total new home sales volume, excluding executive condos, for the whole of 2025 could reach 9,000 to 10,000 units, while private home prices are expected to increase by 4% to 5%, higher than the 3.9% growth in 2024.
C&W’s Wong also expects private residential prices to grow by around 3% to 4% for the entire 2025, higher than his earlier forecast of 2% to 3% growth. He explains that this growth is driven by upgrading demand for private housing and strong buying interest due to declining interest rates and a bullish global equity market.
