Since 2025 began, the Singapore property market has shifted from rapid escalation to a more measured, steady rhythm. Industry data and expert forecasts show a deceleration in price momentum while underlying demand remains resilient—especially in key segments.
Price Growth & Supply Constraints
In Q1 2025, private residential prices rose modestly by 0.8%, tapering down from Q4 2024’s 2.3% gain and followed by a 0.5% estimate in Q2 Aesthetic Havens. Forecasts for the full year vary—
Savills predicts up to 7%, while DBS Research estimates 1–2%, aligning with inflationary expectations Aesthetic HavensDBS Bank. Meanwhile, PropNex and CBRE suggest 3–4% growth, reflecting continued demand in prime and city-fringe districts Aesthetic Havens.
Underpinning this market resilience is extreme supply tightness. Developer unsold inventory fell to a multi-year low of just 18,270 units in Q1 2025—well below the historical average of over 22,800 Aesthetic Havens. Moreover, new completions are expected to remain limited: around 5,300 in 2025 and 7,600 in 2026 versus a ten-year average of 12,000 annually Aesthetic Havenscushwake.cld.bz.
Rental Demand & Construction Costs
According to Cushman & Wakefield, rental growth is likely to stabilise with mild gains throughout 2025. Rental supported by low new supply, sustained expatriate demand, and rising international student numbers cushwake.cld.bz. However, construction costs continue to climb—up an estimated 33% cumulatively since 2019—putting upward pressure on new launch prices cushwake.cld.bz.
Market Activity & Cooling Measures
In H1 2025, approximately 4,634 new private homes (excluding ECs) were sold—a staggering 141% year-on-year increase, indicating strong buyer interest in new launches despite global uncertainty New Lauch Condo.
On the policy front, July 2025 brought heightened cooling measures. The Seller’s Stamp Duty (SSD) holding period has increased from 3 to 4 years, with higher tiered rates aimed at discouraging short-term speculation New Lauch Condo.
HDB Resale Market
HDB resale prices rose 0.9% in Q2 2025, with an overall 2.5% increase YTD through June. While growth is slower, it remains firm—driven by limited resale supply and upgrader demand. Notably, million-dollar resale flats continue to make headlines New Lauch CondoReddit.
Prime District Resurgence
On Reddit, investors note a revival in the Core Central Region (CCR), citing reduced price gaps, lower interest rates (2.5–2.6%), and attractive upcoming CCR launches such as Marina View and Holland Drive projects Reddit+1.
Summary & Outlook
Singapore’s property market in August 2025 is characterized by moderation—not decline. Price growth has slowed to a healthier pace, supported by tight supply and persistent demand across private and HDB sectors. With cooling measures in place and limited stock available, the market’s stability looks sustainable.
Outlook: Expect moderate price growth of around 3–4% for private homes, steadier rental demand, and cautious optimism as new launches slowly re-enter the pipeline.
