Landed homes lift private residential prices in Q4: analysts

Looking ahead, consultancies broadly expect price growth to moderate but remain positive in 2026.

Private home prices in Singapore continued to edge up in the fourth quarter of 2025, supported by strong gains in landed housing, even as prices in the prime non-landed segment retreated.

URA’s flash data showed private residential prices rose 0.7% quarter on quarter in Q4, bringing full-year 2025 growth to 3.4%.

Across analysts, the consensus view was that the headline increase masked a clear divergence within the market, with landed homes driving overall growth while non-landed prices softened slightly.

Landed home prices rose 3.5% QoQ in Q4 and were up 7.7% for the full year, marking the strongest quarterly growth in about two years, according to several firms.

Knight Frank, Cushman & Wakefield, and PropNex all attributed the resilience in landed homes partly to improved affordability following lower interest rates and sustained upgrader demand. In contrast, non-landed prices dipped 0.1% QoQ in Q4, the first decline in nine quarters.

The main drag came from the Core Central Region (CCR), where non-landed prices fell 3.2% QoQ in Q4. Knight Frank said this followed strong gains earlier in the year and reflected resale-driven activity in the absence of new prime launches to anchor prices.

Cushman & Wakefield and CBRE also pointed to transaction mix effects, highlighting Skye at Holland, which accounted for a large share of CCR sales in Q4 at more “realistic” pricing levels.

Outside the prime segment, price trends were firmer. Rest of Central Region (RCR) non-landed prices rose 0.7% QoQ, while Outside Central Region (OCR) prices increased 1.0%, according to Realion and Knight Frank. Several analysts said these segments continued to benefit from mass-market demand and upgrading households.

Transaction volumes eased in the final quarter. CBRE estimated 2,876 new private homes (excluding ECs) were sold in Q4, down 12.5% QoQ from Q3.

Even so, full-year sales rebounded strongly, with estimates ranging from about 10,600 to 10,800 units in 2025, nearly double 2024 levels. PropNex noted that Singaporeans made up 82.6% of CCR non-landed new home buyers in 2025, the highest proportion on record.

Looking ahead, consultancies broadly expect price growth to moderate but remain positive in 2026.

Forecasts for private home price growth cluster around 2% to 4%, with developers’ sales projected at roughly 7,500 to 9,000 units, depending on the launch pipeline and market conditions.

Analysts said interest rate trends, supply from new launches, and buyer sentiment will be key factors shaping the next phase of the market.