Singapore home prices rise 4.7% in Q1

Prices increased by 3.8%, placing Singapore 27th out of 55 global markets tracked in the report.

Singapore’s housing market continued its upward trend in the first quarter of 2025, with home prices rising by 4.7% YoY, according to the latest Global House Price Index by Knight Frank.

In real terms — adjusted for inflation — prices increased by 3.8%, placing Singapore 27th out of 55 global markets tracked in the report.

This growth positioned Singapore ahead of many of its regional counterparts. Malaysia and Indonesia, for example, recorded nominal growth rates of just 0.9% and 1.1% respectively — with both countries posting near-zero or negative real growth.

Meanwhile, Hong Kong SAR and Mainland China were amongst the weakest global performers, with real house price declines of 7.8% and 7.3% respectively.

Quarter on quarter, Singapore’s property market also saw moderate momentum, with a 1.0% increase in nominal prices from the previous quarter.

On the other hand, global house prices rose by 2.3% on average in Q1 2025 — up from 1.7% in the previous quarter, but still below the long-term trend of 5.1% annual growth.

Whilst 87% of markets tracked reported positive nominal growth, global real price growth remained negative at –0.4%, due to persistent inflation in major economies.

Turkey led the index with a 32.2% nominal annual increase, though its real growth was negative (–4.2%) due to high inflation. Several European markets performed strongly, with North Macedonia (+22.6%), Portugal (+16.9%), and Bulgaria (+15.1%) amongst the top ten performers.