House price index
Over the past five years Singapore's property market has passed through a phase of accelerated growth followed by a controlled slowdown: in 2020 the market saw almost no correction despite Covid; in 2021–2022 prices rose sharply amid global liquidity, constrained supply and rising inflation; in 2023 growth began to decelerate under the pressure of higher interest rates and tighter ABSD measures; and in 2024–2025 the market moved into a plateau phase with a moderate upward bias — still rising, but within a mature, low-volatility cycle geared towards capital preservation rather than speculative returns.
Price dynamics
Prices in every segment continue to rise — though with a clear slowdown, signalling that the current growth cycle is approaching its end. Historical patterns indicate that growth cycles in Singapore tend to be relatively short. The previous cycle ran from 2009 to 2013.
Number of transactions
In 2025 transaction volumes continue to grow across all segments, yet the structure of the market remains unchanged: the HDB segment still dominates by volume, reflecting strong domestic demand; the condominium segment is growing more moderately against a backdrop of tight macroprudential policy; while the landed housing market remains a niche and is the most sensitive to regulatory restrictions and the cost of capital.
Landed housing transactions
In 2025 the number of transactions in the landed housing segment is estimated at around 2,150, pointing to continued steady but decelerating growth. The segment remains structurally supply-constrained and less sensitive to short-term swings in demand; tight macroprudential policy and the high cost of capital, however, limit any further acceleration in activity.
Condominium transactions
In 2025 the number of condominium transactions is estimated at around 22,500, indicating continued growth alongside a clear moderation in pace. The segment remains the most sensitive to changes in macroprudential policy and ABSD rates; strong domestic demand and limited supply, however, continue to sustain a high level of activity even during this phase of controlled market cooling.
Average price per square metre
In 2025 price differentiation between segments remains extremely pronounced. Landed housing continues to trade at a substantial premium owing to structural supply constraints and ownership restrictions, showing the greatest resilience to the cyclical cooling of the market. Condominiums are maintaining moderate price growth despite the tight regulatory environment, while the HDB segment remains the most affordable and the most heavily regulated by the state, serving primarily a social rather than an investment function.
In 2025 the price hierarchy between Singapore's regions remains structurally unchanged. The CCR continues to trade at a marked premium thanks to its concentration of prime residential assets and limited supply. The RCR remains a balanced segment with stable demand from local buyers and upgraders, while the OCR shows more moderate growth and serves as the mass-market segment, being the most sensitive to macroprudential policy and interest rate levels.
Foreign demand
In 2025 total transaction volume continued to grow, exceeding 53,000 deals, yet the structure of demand remains fundamentally unchanged. Local buyers account for the overwhelming majority of transactions, while the share of foreign buyers remains limited and is growing only very moderately despite the recovery in global mobility. This confirms the effectiveness of the ABSD framework and underlines that in 2025 Singapore's market remains domestically driven, tightly regulated and structurally shielded from speculative capital.
Transactions by foreign buyers
In 2025 the number of transactions involving foreign buyers is estimated at around 2,650, reflecting moderate growth without any structural change in the trend. Despite the gradual recovery of global demand, the share of foreign buyers remains constrained by the strict ABSD framework, confirming that Singapore's market continues to operate primarily as a domestically driven, tightly regulated system insulated from speculative overheating.
Breakdown of foreign buyers
The most active property buyers in Singapore are nationals of China, Malaysia, Indonesia and India.
Construction activity
In 2025 housing completions are estimated at approximately 10.4 thousand units, indicating that supply remains constrained. Despite a partial recovery from the 2022 downturn, construction remains below the market's long-term requirements, continuing to exert upward pressure on prices and deepening the shortage in the most sought-after segments — above all in the CCR and RCR.
Rental yield
In 2025 a clear inverse relationship between entry prices and rental yields persists. The CCR is characterised by the highest prices and the lowest yields, reflecting its status as a defensive, capital-intensive segment. The RCR remains the most balanced market in terms of the price-to-yield ratio, while the OCR offers the highest gross yield thanks to more affordable entry prices — but is also the most sensitive to changes in interest rates and macroprudential policy.
Inflation and credit affordability
In 2025 inflation in Singapore slowed to approximately 2.2%, confirming the effectiveness of the MAS's tight monetary policy following the inflation peak of 2022–2023. Mortgage rates remain structurally elevated (around 3.3%), continuing to restrain speculative demand and increasing the importance of buyers' own equity. This macroeconomic backdrop reinforces the scenario of a controlled cooling of the market without systemic risks to prices or financial stability.
By the close of 2025 Singapore's property market had firmly entered a phase of controlled cooling without passing through a structural correction. Prices continued to rise, but noticeably more slowly than in 2021–2023, reflecting the effectiveness of tight macroprudential policy and the market's high sensitivity to the cost of capital. The URA index posted moderate growth, confirming the shift from a phase of accelerated expansion to one of price stabilisation.
Demand in 2025 remained predominantly local, which underlines the market's internal resilience and its relative independence from swings in international investment capital. The share of foreign buyers remains limited and is growing only marginally despite the recovery in global mobility — largely because of high ABSD rates and regulatory barriers. The condominium segment continues to show the highest level of activity, while the landed housing segment remains structurally supply-constrained and displays the greatest resilience to cyclical swings.
Supply in 2025 remained structurally constrained: housing completions have not returned to pre-Covid levels and continue to exert upward pressure on prices — especially in the CCR and RCR segments. Against a backdrop of decelerating inflation and still relatively high mortgage rates, the market has become more sensitive to the quality of location and to the purchasing power of end buyers. The rental segment has stabilised: yields remain low in absolute terms but are fully consistent with Singapore's profile as a defensive, capital-intensive market.
In 2026, under the base case, Singapore's property market is expected to continue along a low-volatility trajectory — moving sideways with a moderate upward bias. A significant acceleration in prices is unlikely: forecast growth lies in the 2–4% per year range and is driven primarily by structural supply constraints and the high resilience of domestic demand. The market is fully exiting the post-pandemic cycle and consolidating in a phase of mature stabilisation.
Transaction volumes in 2026 are likely to remain at 2025 levels or post slight growth, while the structure of demand is expected to stay unchanged: dominance of local buyers and minimal influence of foreign capital. The CCR will continue to serve as a defensive asset and store of value, the RCR will retain its status as the most balanced market, and the OCR will remain the most sensitive to interest rate movements.
The rental market in 2026 is expected to remain stable, without sharp swings in rents. A possible gradual easing of monetary conditions could reduce pressure on mortgage demand; regulators, however, are likely to maintain tight control over speculative risks. No substantial changes to ABSD policy are expected under the base case.
Singapore will remain one of the most predictable, tightly regulated and resilient property markets in the world. This is a market not for aggressive yield growth but for capital preservation, protection against inflation risk and long-term investment strategies characterised by low volatility and high institutional reliability.
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