REA Estimates for 1st Quarter 2025: Singapore Residential Property Market

Singapore’s residential property market showed signs of stabilisation in Q1 2025, following a strong performance in 2024. Cooling measures, macroeconomic uncertainties, and buyer sentiment have contributed to a more moderate pace of growth across both public and private housing segments. Nonetheless, demand remains resilient, particularly in the HDB resale and landed property markets, while private condominiums experienced a mixed performance across regions. 

Public Residential Property Estimates 

The REA HDB Resale Price Index rose by 1.7% in Q1 2025, a moderation from the 2.6% increase in Q4 2024. Despite the slower growth, this continued upward trend reflects sustained demand for resale flats, particularly among upgraders and first-time buyers priced out of the private market. The data suggests that the public housing sector remains stable, supported by fundamentals such as limited supply and attractive grants. 

Private Residential Property Estimates 

Condominiums 

The REA Condo Sale Price Index declined by 0.4% in Q1 2025, reversing the 3.0% growth recorded in the previous quarter. This moderation signals a cooling sentiment in the private condo market, with regional performance showing subtle but important differences: 

• Core Central Region (CCR): Prices remained relatively stable, dipping slightly by 0.03%, compared to a 2.6% increase in Q4 2024. This points to greater price resistance in the high-end segment. 
• Rest of Central Region (RCR): Prices saw marginal growth of 0.03%, slowing down significantly from the 3.0% rise in the previous quarter, suggesting a pause in upward momentum. 
• Outside Central Region (OCR): Prices fell by 0.03%, a reversal from the 3.3% surge in Q4 2024. 

On the rental front, the REA Condo Rent Price Index posted a 0.4% increase in Q1 2025, recovering slightly from a 0.2% rise in Q4 2024. This suggests rental demand remains stable, with slight variations across regions: 

• CCR: Rental prices grew by 0.7%, slightly lower than the 0.9% increase in Q4, indicating sustained but moderating demand in the luxury rental segment. 
• RCR: Prices increased by 0.3%, matching the growth in the previous quarter, reflecting stable leasing activity. 
• OCR: Rentals rose by 0.4%, a rebound from the 0.8% decline in Q4 2024. 

Landed Property 

The REA Landed Sale Price Index rose by 0.6% in Q1 2025, rebounding from the 0.1% dip in the previous quarter. This upward movement suggests renewed interest and confidence in the landed segment. 

About REA Quarterly Market Estimates 

The REA Quarterly Market Estimates Reports are compiled based on REA Property Price Index (REA PPI), utilising data from a real-time database to track property value changes across key regions. This index provides essential early insights for buyers, sellers, and investors into the property market performance. Read more about our index here. 

Data presented in this report is accurate as of 30 September 2024. 

*Condo Price Index excludes Executive Condominiums that have less than 10 years MOP. 

Disclaimer: Our real-time database is updated every time a transaction is submitted by an agency. While we strive to maintain the accuracy and completeness of the data, please note that transactions may not always be completed, and information provided may be subject to change or error. Readers are advised to interpret the estimates with caution.