The Singapore property market showed contrasting trends in the third quarter of 2025. While private residential property prices continued to rise steadily, Housing and Development Board (HDB) resale flat prices showed signs of moderation.
These trends reflect the market’s natural response to policy adjustments, interest rate changes, and consumer sentiment. Analysts suggest that Singapore’s property market remains resilient overall, with private homes continuing to attract investors and buyers, while the HDB market undergoes a period of price stabilization.
🏢 Private Residential Market: Sustained Growth
According to the Urban Redevelopment Authority (URA), private residential property prices increased by 1.2% quarter-on-quarter in Q3 2025, following a 1.0% rise in Q2 2025. This marks the fourth consecutive quarter of growth, signaling strong demand in Singapore’s private property segment.
- Core Central Region (CCR): Prices rose by 2.4%, supported by high-end projects such as River Green and UpperHouse at Orchard Boulevard. The CCR continues to attract premium buyers, including expatriates and wealthy locals seeking luxury condos in prime areas.
- Rest of Central Region (RCR): Prices increased by 0.4%, rebounding from a 1.1% decline in Q2. Projects like LyndenWoods and Promenade Peak contributed to this recovery, demonstrating renewed interest in centrally located mid-tier developments.
- Outside Central Region (OCR): Prices grew by 1.0%, boosted by strong sales at developments like Springleaf Residence and Canberra Crescent Residences. Buyers are increasingly looking at suburban locations offering good amenities, connectivity, and value-for-money.
Landed properties experienced a 1.4% increase in prices for Q3 2025, following a 2.2% rise in Q2. Detached homes saw the steepest growth, with some premium landed properties recording gains of up to 9% quarter-on-quarter (propnex.com).
Analysts attribute this growth to several factors:
- Limited supply of new private homes in prime areas.
- Strong buyer confidence following economic stability.
- Continued interest from foreign buyers in luxury developments.
🏠 HDB Resale Market: Price Moderation
In contrast, HDB resale flats saw slower growth, with the HDB Resale Price Index increasing by just 0.4% in Q3 2025, the lowest quarterly gain in five years. This follows a 0.9% increase in Q2 2025 and indicates a market correction after rapid price gains in previous years (99.co).
Key insights into the HDB resale market:
- Moderation across towns: While mature estates like Toa Payoh and Queenstown saw minimal gains of 0.2–0.3%, non-mature estates like Sengkang and Punggol recorded slightly higher increases around 0.5–0.6%.
- Transaction volume: HDB resale activity remains healthy, with around 6,500 resale transactions recorded in Q3, indicating steady demand despite slower price growth.
- Policy impact: Measures such as lowering the maximum loan-to-value (LTV) ratio and adjusting the HDB loan eligibility have contributed to a cooling effect.
The moderation in HDB prices is seen as a healthy development, ensuring affordability for first-time buyers while preventing overheating in the public housing segment (reuters.com).
📊 Regional Performance: Private vs Public Housing
| Segment | Q3 2025 Growth | Notes |
| Private CCR | +2.4% | Strong demand for luxury homes |
| Private RCR | +0.4% | Recovery from Q2 decline |
| Private OCR | +1.0% | Suburban demand rising |
| Landed | +1.4% | Detached homes up to +9% |
| HDB Resale | +0.4% | Slowest quarterly gain in 5 years |
The data highlights how the private residential market continues to outperform public housing, driven by investment demand and lifestyle preferences. HDB moderation is expected to provide a stabilizing effect on the broader market.
🏗️ Market Drivers and Outlook
Private Market Drivers:
- Robust new launch pipeline across CCR and OCR.
- Investor interest due to relatively stable economic conditions.
- Limited prime location supply creating upward price pressure.
HDB Market Factors:
- Government cooling measures and loan regulations.
- Slower pace of resale flat price appreciation.
- Stable demand from first-time and upgraders maintaining transaction volume.
Outlook for Q4 2025:
- Private residential market is likely to maintain positive momentum, though gains may moderate if interest rates rise further.
- HDB resale market expected to remain stable, with slight price growth possible in select non-mature towns.
- Overall, Singapore property market continues to balance growth and affordability.
💡 Tips for Buyers and Investors
- Private homes: Consider investing in OCR projects for better value and capital appreciation potential.
- HDB resale: First-time buyers may benefit from price moderation and government grants.
- Timing: Monitor interest rate trends to optimize financing costs.
- Location: Prioritize properties near MRT stations and amenities for long-term value.
🔚 Conclusion
Q3 2025 reflects a resilient Singapore property market where private homes continue to grow in value while HDB resale prices moderate. Investors and homebuyers should approach the market strategically, leveraging opportunities in both segments. With balanced market dynamics, Singapore’s property sector remains a safe and attractive investment landscape.
