The private residential market demonstrated resilience in the third quarter of this year, as prices continue to rise and more sales being closed. According to the Urban Redevelopment Authority (URA), the property price index (PPI) rose by 0.9 per cent in Q3 2025 – slightly slower when compared to the 1 per cent growth in Q2 but faster than the 0.8 per cent increase in Q1.
Year-to-date, prices grew by 2.7 per cent, a faster pace than the 1.6 per cent increase registered over the same timeframe in 2024, but still slower than the 3.9 per cent growth in the corresponding period in 2023.
Private home sales (non-landed and landed, excluding EC) rebounded strongly by 44.4 per cent, rising from 5,128 units in Q2 2025 to 7,404 units in Q3 2025. This marks the highest third-quarter performance in four years, surpassing 5,372 units in 2024, 5,201 units in 2023 and 6,148 units in 2022.
For the first three quarters of 2025, 19,793 units were transacted, which exceeded the 14,517 units sold in the corresponding period last year. The sales resurgence indicates strong demand for private homes despite the ongoing macroeconomic uncertainties.
The recovery was driven mainly by the new home sales segment. New home sales volume soared by more than 171.3 per cent q-o-q in Q3, from 1,212 units in Q2 2025 to 3,288 units in Q3 2025, due to an increase in new project launches that offered home buyers many housing options. The number of uncompleted launched units, excluding EC, surged by 175.7 per cent from 1,520 units to 4,191 units (excluding EC), which is the highest quarterly figure since Q2 2013 when 4,395 units were launched.
There were ten new project launches, including The Robertson Opus, Springleaf Residence, River Green, Promenade Peak, Canberra Crescent Residences, Otto Place, LyndenWoods, UpperHouse at Orchard Boulevard, W Residences Marina View Singapore and Artisan 8.
Despite the slew of new home launches, demand for resale homes remains robust with a notable increase across the CCR, RCR and OCR. The trend indicates that the strong buying sentiment was broad-based across the entire market, covering all sale types and market segments.
Resale volume increased by 6.4 per cent from 3,647 units in Q2 to 3,881 units in Q3. There were more resale transactions in the third quarter of this year in the prime and suburban areas. 710 private homes (excluding EC) were sold in the CCR last quarter, up from 640 units in the preceding quarter. Similarly, 1,165 units were transacted in RCR in Q3 2025, more than the 1,086 units sold in Q2 2025. Resale transactions in the suburbs or OCR had also increased from 1,921 units in Q2 2025 to 2,006 units in Q3 2025.
Rental
Rent prices rose modestly, while rental demand stayed robust in the third quarter. According to the Urban Redevelopment Authority (URA) rental index, private rents increased by 1.2 per cent last quarter, at a slightly faster pace when compared to the 0.8 per cent in Q2 2025. This is the first time in nine quarters that the rental prices rose beyond 1 per cent. The previous high was in Q2 2023 when rents rose by 2.8 per cent. Year-to-date, rents increased by 2.4 per cent, which is a strong reversal from the 1.9 per cent decline over the corresponding period in 2024.
By market segment, rents for non-landed homes in OCR rose the fastest at 2.5 per cent in the third quarter of this year, followed by RCR at 1.8 per cent, while rents dipped 0.5 per cent in CCR.
The private rental market may continue to face headwinds as companies maintain prudent business expansion plans and cautious hiring outlook amid the ongoing global economic uncertainty. Although unemployment rate remains low in Singapore, hiring trends are uneven across sectors, with the health and social services experiencing growth, while job cuts occurring in specific professional services and information & communications.
With many businesses maintaining a cautious approach, rental growth is expected to climb modestly, with overall rental prices likely to rise by up to 3 per cent for the whole of this year.