Did Prices Really Rise Or Are They Flattening Out?

Singapore’s private home prices edged up 0.9 percent in Q3 2025, according to the Urban Redevelopment Authority’s latest data. That marks a gentle moderation from the earlier flash estimate of 1.2 percent, and slightly below the 1.0 percent gain recorded in Q2.

Still, the market saw healthy activity. About 7,404 private homes (excluding ECs) changed hands, a striking 44 percent increase from the previous quarter’s 5,128 transactions. Developers also launched around 4,191 new units, almost three times more than Q2’s 1,520, as several high-profile projects entered the market.

👉 Rozi’s Field Notes
A 0.9 percent uptick might sound modest, but it tells a story of resilience without overheating. The market is neither running away nor collapsing. It’s finding its equilibrium. Buyers remain active, yet selective, while developers are pacing their launches strategically.

Which Segments Are Driving (or Dragging) the Market?

The overall moderation hides an interesting divergence across segments.
Landed homes continued to outperform, rising 1.4 percent quarter-on-quarter, supported by limited supply and enduring demand from wealthier households.
Non-landed properties saw gentler growth of 0.8 percent, though strength in the Core Central Region (CCR) where prices climbed around 1.7 percent helped offset softer gains elsewhere.

In contrast, both the Rest of Central Region (RCR) and Outside Central Region (OCR) registered marginal increases, suggesting that mass-market demand has steadied after a busy launch pipeline earlier this year.

👉 Rozi’s Field Notes
When CCR leads, it’s often a sign that confidence among higher-net-worth buyers is returning. These segments tend to move first. They’re the “sentiment barometers” of the private market. Meanwhile, OCR’s stabilisation signals that most upgraders are becoming more price-conscious, especially with interest rates still higher than pre-pandemic norms.

What Does This Mean for Buyers and Sellers?

For homebuyers, the slower growth may bring a slight breathing space. Prices are still inching up, but at a more sustainable rhythm, easing the pressure of “buy before it’s too late.”

For sellers, it’s a market that rewards differentiation. Homes with unique attributes, freehold tenure, good layout, convenient transport links, or landed appeal continue to draw solid demand. Generic units in saturated areas, however, may face tougher negotiations.

For investors, the data suggests Singapore’s housing remains a safe but selective play. Returns are steady, not speculative.

👉 Rozi’s Field Notes
This is where clarity of strategy matters. If you’re upgrading, recalibrating, or eyeing an exit before your next move, timing is not just about prices, it’s about structure and long-term positioning. A flat quarter could be a window to reposition before the next wave of launches reshapes sentiment again.

Are Policy and Interest Rates Finally Working?

The government’s cooling measures, combined with higher borrowing costs, seem to be doing what they were meant to do, steady the ship without capsizing it.
Developers are still confident enough to launch, but buyers are no longer rushing in blindly. The pace feels measured, healthy, and in Singapore fashion, sustainably controlled.

👉 Rozi’s Field Notes
Sometimes, stability is success. We’ve entered a stage where “slow and steady” could actually benefit both homeowners and policymakers. It keeps affordability within reach and ensures the market doesn’t outpace wage growth or risk future shocks.

The Takeaway

Singapore’s private home market remains firm yet balanced.
A 0.9 percent rise isn’t sensational, but it’s solid, especially considering macro-headwinds and cautious global sentiment. Momentum is still there, but it’s shifting from exuberance to discernment.