[SINGAPORE] Prices of private residential property prices rose 0.8 per cent in the first quarter of 2025, figures released by the Urban Redevelopment Authority (URA) showed on Friday (Apr 25).
This was a tad higher than the 0.6 per cent flash estimate by the agency earlier this month, and eases from a 2.3 per cent increase in the previous quarter.
Private home price growth was led by non-landed properties, which grew 1 per cent in Q1. This is compared with a 3 per cent in the previous corresponding quarter.
By region, prices in the city fringe or Rest of Central Region saw the biggest increase of 1.7 per cent. This was followed by the prime Core Central Region with a 0.8 per cent growth, and the suburbs or Outside Central Region with 0.3 per cent.
Meanwhile, prices of landed properties rose 0.4 per cent in the first quarter, reversing from a 0.1 per cent decline in the quarter before.
In the primary market, developers launched 3,139 private homes, excluding executive condos (ECs), for sale in Q1, some 8 per cent less than Q4’s 3,425 units. Sales volume consequently fell to 3,375 units in Q1, from 3,420 units in Q4.
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There were 3,565 resale transactions in the first quarter, compared with 3,702 units transacted in the prior quarter. These deals accounted for 49.1 per cent of all sales transactions in Q1, marginally lower than the 49.8 per cent in Q4.
On the rental front, URA’s overall index was up 0.4 per cent in the first quarter, after holding firm in the prior quarter. The vacancy rate inched down to 6.5 per cent as at end-Q1, from 6.6 per cent in Q4.
The slight growth in the rental index follows the completion of 1,988 private housing units, with no ECs completed, in the first quarter.
In the remaining three quarters of 2025, 5,187 private homes, including ECs, are set to be ready. These include units with and without planning approval. Another 7,968 units are expected to be completed in 2026, and 11,170 in 2027.
Based on the expected completion dates reported by developers, 55,600 private homes are expected to be complete in the coming few years, URA added.
