Private housing vacancy rate increases to 7.1% in Q2 2025

Private residential prices edged up by 1%.

The vacancy rate of completed private residential units, excluding executive condominiums (ECs), rose to 7.1% in the second quarter of 2025, according to the Urban Redevelopment Authority (URA).

This was up from the recorded vacancy rate of 6.5% in Q1.

By region, vacancy rates stood at 10.7% in the Core Central Region (CCR), 7.2% in the Rest of Central Region (RCR), and 5.6% in the Outside Central Region (OCR).

Private residential property prices edged up by 1% in the second quarter of 2025 (Q2 2025).

Prices of landed properties climbed by 2.2%, whilst non-landed properties increased by 0.7%.

Amongst non-landed properties, homes in the CCR rose by 3%, whilst those in the RCR saw a 1.1% drop. Prices in the OCR increased by 1.1%.

Rentals of private residential properties rose by 0.8%, doubling the 0.4% increase in the previous quarter.

Rentals of non-landed properties increased by 0.8%, whilst landed properties increased by 0.7%.

Within the non-landed segment, CCR rentals were up 1.8%, whilst rents in the RCR held steady. OCR rents rose marginally by 0.1%.
 
Developers launched 1,520 uncompleted private residential units (excluding ECs) for sale in Q2 2025, but only sold 1,212 private residential units.

Moreover, there were 3,647 resale transactions. Resale transactions accounted for 71.1% of all sales transactions in Q2 2025.

Sub-sale activity remained modest, with 269 units sold, accounting for 5.2% of total sales.

A total of 980 private residential units (including ECs) were completed in Q2 2025, bringing the total supply completed in the first half of 2025 to 2,968 units.

Looking ahead, the government plans to release 9,755 private homes for sale in 2025 through the Government Land Sales (GLS) Confirmed List

As of end-June 2025, there were 36,663 uncompleted private homes (excluding ECs) with planning approval in the pipeline, with 18,498 still unsold. Including ECs, the total pipeline stands at 41,953 units, of which 20,435 are unsold.

Taking into account units that already have planning approval and those that do not yet, about 35,500 homes (including ECs) could be made available for sale over the next one to two years. Around 10,000 (including about 2,000 EC units) of these units are on the GLS Confirmed List for 2025.

According to developers, about 57,000 private housing units are expected to be completed over the coming years. Around 22,700 of these are due between 2025 and 2027, with the remaining 34,300 scheduled from 2028 onwards.

The number of completed private homes (excluding ECs) grew by just 273 units in Q2, a sharp drop from the 2,136 completed in the previous quarter.

Meanwhile, the number of occupied homes fell by 2,585, reversing a gain of 2,498 units in Q1.