25 July 2025, Singapore - Private home prices saw measured growth in Q2 2025 amid fewer project launches, while HDB resale flat prices saw the slowest quarterly increase since Q2 2020, according to latest statistics from the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB).

Q2 2025 URA Private Residential Property Index

Prices of private residential property climbed by 1.0% QOQ in Q2 2025, creeping up from the 0.8% QOQ growth in Q1 2025 (see Table 1). The final print is slightly higher than the flash estimates of a 0.5% QOQ growth published earlier this month. On a year-on-year basis, the overall private home prices were up by 3.4% from Q2 2024. Taken together, the URA PPI has increased by a cumulative 1.8% in the first half of 2025 (1H 2025) compared with the 2.3% growth recorded in 1H 2024.

Prices rose across all segments with the exception of non-landed private homes in the Rest of Central Region (RCR) which saw a 1.1% QOQ decline in Q2 2025 (see Table 1), reversing the 1.7% QOQ growth in the previous quarter. In other sub-markets, prices of non-landed private homes in the Core Central Region (CCR) and Outside Central Region (OCR) rose by 3.0% QOQ and 1.1% QOQ, respectively in Q2 2025. Meanwhile, landed homes posted a second straight quarter of price growth at 2.2% QOQ in the period.

Table 1: URA Private Property Price Index (PPI) Q2 2025

During the quarter, developers sold 1,212 new units (ex. EC), down by 64% from the 3,375 units transacted in Q1 2025. When compared with Q2 2024, new home sales were up by 67% from 725 units shifted a year ago. The latest sales figures take the tally for developers' sales to 4,587 units (ex. EC) in 1H 2025, more than two times the 1,889 units sold in 1H 2024.

The RCR which saw the bulk of new launches in Q2 2025 drove developers' sales, with 902 new units being transacted - slightly lower than the 945 new units sold in the RCR in the previous quarter. The top four best-selling projects in Q2 are all in the RCR: One Marina Gardens which sold 479 units; Bloomsbury Residences which moved 158 units; The Hill @ one-north which transacted 47 units; and Grand Dunman which sold 41 units, according to caveats lodged.

Meanwhile, developers' sales in the CCR came in at 44 units in Q2 2025, down by 77% QOQ and it is the lowest quarterly tally since records began in 2004. New private home sales in the OCR also fell substantially in the absence of new launches; developers sold 266 OCR units (ex. EC) compared with 2,238 units in Q1 2025.

Over in the resale private housing market, there were 3,647 units resold in Q2 2025, marking a 2.3% QOQ increase from the 3,565 units transacted in the previous quarter. Owing to the limited new launches and weaker developers' sales, the private resale transactions made up 71.1% of the total private homes sold in Q2 2025, the highest proportion in three quarters. Meanwhile, there were 269 sub-sales units transacted in the quarter, marking the lowest sub-sales in nine quarters since 243 such units were sold in Q1 2023. Still, due to the low transaction volume, sub-sales made up 5.2% of the quarter's total sales - the highest proportion in three quarters.

In the private residential leasing segment, rentals rose by 0.8% QOQ in Q2 2025, following the 0.4% QOQ increase in the previous quarter. In 1H 2025, private home rentals climbed by 1.2% cumulatively, compared with a 2.7% decline in 1H 2024. Leasing demand improved, with 21,330 private home leasing transactions in Q2 2025, rising by 2.8% from the 20,744 rental contracts done in Q1 2025, according to URA Realis data.

Mr Kelvin Fong, CEO of PropNex said:

"We continue to see price stabilisation in the private housing market in Q2 2025, which will benefit prospective buyers and investors looking to acquire a private home. By and large, buyers remain price conscious, and attractive pricing - particularly an affordable price quantum - will be the key to driving sales momentum at project launches. Indeed, we note that the starting prices at some recent and upcoming launches are competitive, with several unit options for housing budgets of $2.5 million or below, which is roughly the pricing sweet-spot for many homebuyers today. In Q2 2025, about 66% of the new non-landed private homes (ex. EC) sold were priced at under $2.5 million, while 67% of the units sold in the first two weeks of July were transacted at that price range, as per caveats lodged.

Overall private residential sales transactions in Q2 2025 were down sharply from Q1 2025 (Q2: 5,128 units vs Q1: 7,261 units ex. EC), mainly due to fewer launches during the quarter. According to URA, developers launched 1,520 new units (ex. EC) in Q2 2025, compared with 3,139 units in the previous quarter.

Table 2: Estimated new launch pipeline (ex. EC) in Q3 2025

Estimated supply pipeline for Q3 2025	Region	Total units	Sales at launch*
LyndenWoods	RCR	343	324
The Robertson Opus	CCR	348	160
UpperHouse @ Orchard Boulevard	CCR	301	143
Canberra Crescent Residences	OCR	376	Yet to launch
Promenade Peak	RCR	596	Yet to launch
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