There are signs of further stabilisation in the housing market as both private home prices and HDB resale flat prices rose at a slower clip in Q3 2025 from the previous quarter. The moderation in price growth came amidst stronger sales during the quarter, as demand continues to be resilient.

Q3 2025 URA Private Residential Property Index

Prices of private homes rose by 0.9% in Q3 2025, compared with the 1.0% QOQ price growth in the previous quarter (see Table 1). The increase is partly due to the strong sales performance at new launches during the quarter, including at several projects in the city. The final data is slightly lower than the flash estimates of a 1.2% QOQ growth that was released on 1 October. Cumulatively, the URA PPI has risen by 2.7% in the first nine months of 2025 (9M 2025) - higher than the 1.6% increase in 9M 2024.

Table 1: URA Private Property Price Index (PPI) Q3 2025

The price increase in Q3 2025 was led by the landed homes segment where prices rose by 1.4% QOQ, followed by the non-landed private home segment with a 0.8% QOQ price growth. Among non-landed homes, the Core Central Region (CCR) achieved the steepest price increase at 1.7% QOQ in Q3 2025, building on the 3% QOQ in the previous quarter. In 9M 2025, CCR home prices have climbed by a cumulative 5.6% - outpacing that of the other sub-markets amid a recovery in the CCR in Q3 2025.

In the Rest of Central Region (RCR), private home prices booked a trim 0.3% QOQ gain in Q3 2025, reversing the 1.1% QOQ decline in the previous quarter. Meanwhile, prices in the Outside Central Region (OCR) rose by 0.8% QOQ, following the 1.1% QOQ growth in Q2 2025. Cumulatively, RCR and OCR prices increased by 0.9% and 2.2%, respectively in 9M 2025.

New home sales were up significantly to 3,288 units (ex. EC) in Q3 2025 from 1,212 units in Q2 2025 as new launches enjoyed strong buying interest. PropNex notes that the new projects that were launched in Q3 2025 witnessed a combined take-up rate of nearly 77% in the quarter (see Table 2), signaling resilient demand for new private homes among local buyers. In the 9M 2025 period, new private home sales stood at 7,875 units (ex. EC), which is already at a multi-year high. During the quarter, developers launched 4,191 units (ex. EC) for sale - more than doubled the 1,520 units launched in the previous quarter.

Table 2: Projects (ex. EC) launched and units sold in Q3 2025

In the private residential resale market, there were 3,881 transactions in Q3 2025, up by 6.4% from the 3,647 units in the previous quarter. The resale volume accounted for 52% of the total 7,404 units (ex. EC) of private homes sold in Q3 2025, inclusive of 235 units of sub-sales. Of note, this is the lowest number of sub-sale transactions in 11 quarters, since 204 such deals in Q4 2022.

Over in the private home leasing market, rentals continued to recover for the third straight quarter - posting a 1.2% QOQ increase in Q3 2025, following the 0.8% QOQ growth in the previous quarter. All in, private home rentals rebounded in 9M 2025 with a cumulative increase of 2.4%, compared with the 1.9% decline in rentals in full-year 2024, based on the URA private residential rental index. The recovery in rents was supported by stronger home leasing demand. Based on URA Realis data, there were 26,882 private home leasing contracts (ex. EC) in Q3 2025 - up by 24% from 21,638 contracts in Q2 2025. In 9M 2025, the number of rental contracts totaled 69,264 units, higher than 66,694 contracts in 9M 2024.

Mr Kelvin Fong, CEO of PropNex said:

"Despite the stronger sales, the private housing market continued to navigate a period of moderate price increase in Q3 2025 - with a sustainable price growth trajectory that is supported by market fundamentals including healthy demand, an influx of attractive new launches, easing interest rates and a growing economy.

With the robust take-up of new homes, the inventory of unsold uncompleted private homes stood at 17,029 units (ex. EC) as at the end of Q3 2025 - down by 7.9% from 18,498 units in the previous quarter. This is also the lowest unsold stock in seven quarters. We believe the present level of unsold inventory remains manageable; it represents a supply that may potentially be absorbed by the market in around two years, taking an annual average developers' sales over 10-years (2015-2024) at 8,768 units (ex. EC) each year.

In the first nine months of 2025, developers sold a combined 7,875 new homes (ex. EC), driven particularly by sales in Q1 and Q3 2025. We expect the new private home sales momentum to be sustained in Q4 2025, with three projects launched in October - Skye at Holland, Penrith, and Faber Residence - having sold a total of nearly 1,450 units on their launch weekend. Two more projects, the 706-unit Zyon Grand and 347-unit The Sen in the RCR will be launched in the coming weeks, and we expect healthy interest from buyers. PropNex expects developers' sales for the full-year 2025 may potentially exceed 10,000 units (ex. EC), up markedly from the 6,469 units shifted in 2024. Meanwhile, the overall private home prices may rise by 4% to 5% - close to the 3.9% increase in 2024.

We believe sensitive pricing and a focus on keeping price quantum affordable continues to be a driving force of demand. Based on caveats lodged, the average transacted price of new condos sized 600 to 700 sq ft - which is roughly equivalent to two-bedders - was around $1.74 million in Q3 2025, while that of units sized 800-1,000 sq ft (generally three-bedders) came in at about $2.29 million. These price points are comfortably within the housing budget of many prospective buyers. To this end, we observe that two- and three-bedroom units tend to be among the most popular unit types at project launches.

Table 3: Average transacted price of new non-landed private homes sold (ex. EC) by selected unit size range

Overall, the tailwinds for private home sales include the moderating mortgage rates, resilient underlying demand from Singaporeans and Singapore PRs, household formation, healthy public housing resale activity, competitive pricing, and ample liquidity in the market. With many new launches performing well this year, we expect developers to become more active in land acquisition, such as via the government land sales programme to build up their land inventory and development pipeline.

In the private home leasing market, we expect leasing demand to be stable and there may be potential marginal upside for rentals amid tight supply completions. There were 4,105 private homes (ex. EC) that have been completed in 9M 2025, with another 1,144 units (ex. EC) slated for completion in Q4 2025 - taking the total tally to 5,249 units for 2025 which is substantially below the 8,460 units completed in 2024."

Q3 2025 HDB Resale Price Index

Data from the Housing and Development Board (HDB) showed that resale flat prices climbed by 0.4% QOQ in Q3 2025, easing from the 0.9% QOQ increase in the previous quarter. This marks the fourth straight quarter of slower growth in the HDB resale price index. In the first nine months of 2025 (9M 2025), the HDB resale prices have risen by 2.9% - much slower than the 6.9% increase during the same period in 2024. The final print is unchanged from the flash estimates announced on 1 October.

There were 7,221 HDB flats resold in Q3 2025, representing a 1.7% QOQ increase from the 7,102 resale flats transacted in the previous quarter. When compared with Q3 2024, the resale volume was down by 11.3% from 8,142 flats a year ago. The Q3 2025's sales took the total HDB resale volume to 20,913 flats in 9M 2025

Table 4: HDB Resale Price Index

Ms Wong Siew Ying, Head of Research and Content, PropNex Realty said:

"The moderation in HDB resale price growth in Q3 2025 - a fourth consecutive quarter of weaker growth and the slowest quarterly increase in 5 years - is a healthy development for the public housing market, as it points to greater stability and affordability. In 9M 2025, the HDB resale price index rose by 2.9%, substantially slower than the 6.9% increase in 9M 2024. The more measured price increase will help to promote a more sustainable housing market that is aligned with income growth. For the whole of 2025, we project that HDB resale prices could rise by 3% to 4% - slowing significantly from the 9.7% increase in 2024. Should our forecast hold true, the HDB resale price index is on track to see the slowest yearly price growth in six years.

Looking at the resale transactions data, we note that average prices were mostly flat or saw marginal growth across various flat types in both mature and non-mature towns in Q3 2025 from the previous quarter (see Table 5). Non-mature estates continue to offer more affordable resale flats, especially the larger unit types. For instance, the average resale price gap between 5-room flats in mature towns ($931,550) and non-mature towns ($715,799) in Q3 2025 was 30%.

Table 5: Average resale HDB flat prices by flat type and town classification

Mature towns (Average HDB resale price)
2025	1 ROOM	2 ROOM	3 ROOM	4 ROOM	5 ROOM	EXECUTIVE*
Qtr1	$260,000	$336,368	$478,807	$766,195	$901,716	$1,001,528
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Register Now More Property News Press Release October 24,2025 Stabilisation In Housing Market As Private Home Prices And HDB Resale Prices Grew At Slower Pace In Q3 2025 Press Release October 15,2025 New private home sales fell to the lowest in nine months in September on lack of project launches; swift rebound expected in October Press Release October 01,2025 Private Home Prices Rose In Q3 2025, Helped By City Launches; Pace Of Hdb Resale Price Growth Continued To Ease: Flash Estimates Press Release September 15,2025 Developers' Sales Hit 9-month High In August Driven By New Launches; Recovery In CCR Demand And Healthy Sales In The OCR Press Release September 08,2025 International Property XPO Attracts Over 500 Attendees; Spotlights Johor-Singapore SEZ and Global Growth Discover New Launch Projects Appointed Marketing Agency: PropNex Realty Pte Ltd - Licence No: L3008022J Benjamin Loy | R052808D Privacy Policy Quick Links Buy Rent New Projects Overseas Financials Past Transaction News & Picks About Join Me Call Agent Whatsapp Disclaimer: While reasonable care has been taken in preparing this website, neither the developer nor its appointed agents guarantee the accuracy of the information provided. 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