Despite market uncertainties and a temporary slowdown during Singapore’s general elections, private home sales in the city-state have demonstrated remarkable resilience, reaching approximately 4,350 units in the first five months of 2025—more than doubling the 1,688 units sold during the comparable period in 2024.
Singapore’s private home market shows impressive resilience, with sales more than doubling year-on-year despite election-period slowdown.
This substantial growth trajectory positions the market to achieve projected full-year sales of 9,000 units, representing a nearly 40% increase from the 6,469 units recorded in 2024, according to industry analysts tracking the property sector.
The robust performance comes despite fluctuating monthly figures, with May 2025 registering the year’s lowest sales volume at 312 units, down from April’s 663 units, primarily due to an absence of major project launches and electoral activities.
Nevertheless, May’s figures still represented a 39.9% improvement compared to the same month in 2024, underscoring the market’s underlying strength. The first quarter of 2025 contributed notably to these results, with 3,375 new private homes changing hands, reflecting a marginal 1.32% quarter-on-quarter decline but substantial year-on-year growth.
Price indicators have moved in tandem with sales volume, as the Property Price Index for private residential properties increased by 0.81% quarter-on-quarter and 3.33% year-on-year in Q1 2025.
Non-landed private residences exhibited particularly strong performance, with prices climbing 4.74% year-on-year, while the Core Central Region saw median transaction prices rise by 3.8% month-on-month in May alone.
Market dynamics reveal shifting consumer preferences toward suburban and fringe locations, which typically offer more competitive price points. The limited supply of only 5,300 new units projected for 2025 has created significant upward price pressure in these areas. Developers are preparing to meet this demand with notable upcoming projects including W Residences Singapore, Artisan 8, and UpperHouse.
This trend, coupled with the strategic timing of project launches around key calendar events, has played a vital role in sustaining momentum.
Additionally, the persistent demand in prime locations, evidenced by a higher proportion of units in the Core Central Region selling above $3,000 per square foot, indicates that appetite remains robust across market segments despite broader economic considerations and supply constraints in certain regions. Economic experts forecast approximately 16 new projects with over 7,800 homes to be launched in the second half of 2025, potentially reinvigorating sales figures.
