What is the average price per sqm in Singapore?

Authored by the expert who managed and guided the team behind the Singapore Property Pack

Everything you need to know before buying real estate is included in our Singapore Property Pack

Who is the author of this content?

BAMBOOROUTES

A team specialized in real estate investing in APAC countries (Japan, Thailand, Indonesia, Australia, etc.).

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Singapore. If you'd like to learn more about us, you can check our presentation page.

What's the current average price per square meter in Singapore?

As of September 2025, Singapore's residential property market shows distinct pricing across three main segments.

Condominiums average S$21,231 per square meter (S$1,972 per square foot), representing the premium private housing segment that attracts both local upgraders and international buyers. These properties typically offer modern amenities, security, and prime locations across Singapore's various districts.

Landed houses command S$19,464 per square meter (S$1,808 per square foot) on average, though this figure can be misleading given the vast price range from S$2 million terrace houses to S$50 million Good Class Bungalows. The landed market caters primarily to affluent Singaporeans and permanent residents, as foreigners face significant restrictions.

HDB resale flats remain the most accessible option at S$6,424 per square meter (S$597 per square foot), providing subsidized public housing that forms the backbone of Singapore's homeownership strategy. These flats are restricted to citizens and permanent residents meeting specific eligibility criteria.

It's something we develop in our Singapore property pack.

How do prices differ between condos, landed houses, and HDB flats?

The pricing hierarchy in Singapore's residential market reflects both government policy and market dynamics, with significant price multipliers between segments.

HDB flats serve as the baseline with a median price of S$590,000, designed to provide affordable homeownership for the majority of Singaporeans. These government-built apartments offer 3-5 room configurations with sizes typically ranging from 60-110 square meters.

Condominiums cost approximately three times more than HDB flats, with a median price of S$1,780,000. This premium reflects private ownership, enhanced facilities like swimming pools and gyms, and often superior locations. Condo buyers also enjoy greater flexibility in rental and resale without government restrictions.

Landed houses represent the apex of the market at a median S$4,200,000, roughly seven times the cost of HDB flats. This segment includes terrace houses, semi-detached homes, and detached bungalows, offering privacy, space, and prestige that drives the substantial premium.

The price gaps reflect Singapore's structured housing policy, where subsidized HDB flats serve the masses while private properties cater to higher income brackets and foreign buyers willing to pay significant premiums for unrestricted ownership.

What are the most expensive areas right now and why?

Singapore's prime districts command exceptional prices due to scarcity, prestige, and strategic locations that attract ultra-high-net-worth individuals.

Nassim Road leads the market with the Park Nova penthouse achieving S$6,593 per square foot, setting new benchmarks for ultra-luxury living. This area's Good Class Bungalow restrictions maintain exclusivity by limiting density and preserving the neighborhood's prestigious character.

Orchard Road's commercial vibrancy and Marina Bay's business district status create sustained demand from both residents and investors seeking trophy assets. These locations offer unmatched convenience, with shopping, dining, and business facilities within walking distance.

The premium pricing reflects limited land supply, government regulations that restrict development density, and strong international demand from wealth funds, family offices, and affluent expatriates establishing Singapore as their regional base.

Which neighborhoods are more budget-friendly or upcoming?

Singapore's affordable districts offer significant value while benefiting from government-led transformation initiatives that promise future appreciation.

District 27 (Yishun, Sembawang) presents the most affordable entry point at S$1,100-1,300 per square foot, offering mature amenities and upcoming developments like the Woodlands Regional Centre that will enhance connectivity and commercial options.

District 23 (Bukit Batok, Choa Chu Kang) provides middle-income families with established infrastructure at S$1,200-1,350 per square foot, featuring good schools, shopping centers, and nature parks that maintain quality of life despite lower prices.

District 19 (Hougang, Punggol, Sengkang) combines affordability with growth potential at S$1,300-1,500 per square foot, particularly in Punggol which is developing as Singapore's digital district with new tech companies and startups establishing operations.

Tengah represents Singapore's newest town, branded as "The Forest Town" with smart city features and environmental sustainability. This greenfield development offers modern living concepts and potential appreciation as infrastructure develops.

Jurong's transformation into a second Central Business District through the Jurong Lake District project positions western Singapore for significant growth, with new commercial developments and improved transport links driving future property values.

How have prices changed compared to one year ago and five years ago?

Singapore's property market demonstrated resilience with a 6.6% overall price increase from 2024 to 2025, though performance varied significantly across property types.

Condominiums led the growth with a 4.7% annual increase, driven by strong demand from upgraders, expatriates, and foreign investors despite cooling measures. The private non-landed segment benefited from limited new supply and sustained buyer interest in established districts.

Landed properties experienced a contrasting 1.3% annual decline, reflecting affordability constraints as prices reached levels that deterred even affluent buyers. The landed market also faced reduced foreign demand due to higher Additional Buyer's Stamp Duty rates.

Over five years, Singapore's property price index reached an all-time high of 213.2 in Q2 2025, representing approximately 6% growth from the 201 level recorded in Q2 2020. This steady appreciation reflects Singapore's stable economy, controlled supply, and consistent demand from both local and international buyers.

The HDB resale market showed particular strength, with median prices rising steadily as Build-To-Order supply constraints and upgrading demand supported values across all flat types and locations.

It's something we develop in our Singapore property pack.

Don't lose money on your property in Singapore

100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.

Download Now

What are the forecasts for one year, five years, and ten years ahead?

Singapore's property market outlook reflects balanced growth expectations tempered by government intervention and supply management.

The one-year forecast anticipates mild growth of 2-4%, as new project launches and moderate demand create a stabilizing effect. Government cooling measures continue to regulate speculation while ensuring market stability for genuine buyers and long-term residents.

Five-year projections suggest the property price index will reach 231.0, representing approximately 8% growth above current levels. This modest appreciation reflects Singapore's mature market status, where dramatic price swings are unlikely given regulatory oversight and supply planning.

Ten-year forecasts indicate potential index levels of 241.0 or higher, though external factors like global economic conditions, interest rates, and regional competition could significantly influence outcomes. Singapore's fundamentals support continued growth through population increases, urban redevelopment, and its status as a regional financial center.

The outlook assumes continued government intervention to prevent overheating, steady economic growth, and sustained appeal to international talent and investment. However, factors like climate change adaptation costs, technology disruption, and geopolitical shifts could reshape long-term demand patterns.

How does Singapore compare in price per sqm to other big cities like Hong Kong, Tokyo, London, or New York?

Singapore ranks as the world's third most expensive property market, trailing only Hong Kong and London in global city center apartment prices.

Hong Kong leads at approximately US$26,300 per square meter, making Singapore's US$22,644 per square meter seem relatively affordable despite the substantial absolute cost. This gap reflects Hong Kong's extreme land scarcity and financial sector concentration.

London commands around US$24,000 per square meter, positioning Singapore as comparable to major Western capitals while offering superior infrastructure, safety, and business environment. Singapore's pricing reflects its role as Asia's premier financial and business hub.

Tokyo trades at slightly lower levels than Singapore, representing Asia's second-tier pricing after Hong Kong and Singapore. This positions Singapore favorably among investors seeking Asian exposure with international appeal.

New York's pricing varies significantly by borough, but Manhattan levels approach Singapore's costs while offering different lifestyle and investment characteristics. Singapore's advantage lies in political stability, tax efficiency, and ease of doing business.

Singapore's global ranking reflects its small size, strict development controls, and strong economic fundamentals that support sustained international demand from investors, corporations, and affluent individuals seeking Asian regional bases.

What is the typical total purchase price including fees, taxes, and stamp duties?

Singapore's property transaction costs add significant amounts to the base purchase price, varying dramatically based on buyer profile and property value.

For Singaporeans purchasing their first property, total transaction costs typically range from 4-8% of the purchase price, with Buyer's Stamp Duty representing the largest component alongside legal and financing fees.

Foreign buyers face substantially higher costs due to the 60% Additional Buyer's Stamp Duty, effectively adding S$1.2 million to a S$2 million purchase. This policy aims to prioritize housing access for Singaporeans while generating significant government revenue.

Permanent residents pay 5% ABSD for their first property and 30% for subsequent purchases, positioning them between citizens and foreigners in the government's housing policy hierarchy.

Annual property tax adds ongoing costs at 0.1-0.2% for owner-occupied properties and higher rates for investment properties, creating additional considerations for long-term ownership planning.

How much do mortgages usually cost on average and what's the affordability outlook?

Singapore's mortgage market offers competitive rates following recent monetary easing, though affordability remains challenging due to high absolute property prices.

Average home mortgage rates currently range from 2.5-2.6%, down significantly from the 4% levels seen in mid-2024. This reduction follows the Monetary Authority of Singapore's policy adjustments and improved global interest rate environment.

Banks typically require borrowers to maintain mortgage payments below 30-35% of gross monthly income, ensuring sustainable debt service levels. For a S$2 million property with 75% financing, monthly payments would approximate S$6,400 at current rates.

Affordability constraints persist despite lower rates, as Singapore maintains some of the world's highest price-to-income ratios. New home launches continue pricing "firm" due to elevated land costs, construction expenses, and sustained demand from multiple buyer segments.

Foreigners face additional financing restrictions, with maximum loan-to-value ratios of 75% for properties over S$1.5 million and higher down payment requirements that amplify the initial capital commitment beyond the already substantial ABSD burden.

The outlook suggests continued rate stability, though affordability improvements require either income growth or price moderation rather than just favorable financing terms.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Singapore versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

What would be smart choices today if you want to live there yourself?

Owner-occupiers should prioritize established neighborhoods offering strong amenities, connectivity, and long-term livability over pure investment returns.

District 15 (Katong/Joo Chiat) provides excellent value for families seeking character properties, good schools, and beach proximity. The area's Peranakan heritage, food scene, and East Coast Park access create a unique lifestyle proposition at reasonable prices compared to prime districts.

District 3 (Queenstown) offers urban convenience with ongoing transformation through the Greater Southern Waterfront development. Residents benefit from established infrastructure, MRT connectivity, and future appreciation potential as the area evolves into a major lifestyle destination.

District 19 (Hougang/Punggol) appeals to young families prioritizing space, newer facilities, and future growth prospects. Punggol's development as a digital district brings employment opportunities and modern amenities while maintaining affordability relative to central locations.

Mature HDB towns provide exceptional value for first-time buyers, offering established communities, complete amenities, and potential upgrading paths as finances improve. Areas like Toa Payoh, Bishan, and Ang Mo Kio combine central locations with reasonable prices.

Consider transformation areas like Tengah for those willing to accept initial inconvenience in exchange for modern planning, environmental features, and potential appreciation as infrastructure develops over the next decade.

What are the best options if you want to rent out, whether short term or long term?

Singapore's rental market offers consistent yields averaging 3.36% gross across condominiums, with location and property type significantly influencing performance.

Hougang, Punggol, and Sengkang deliver the highest rental yields at approximately 3.6%, attracting families and professionals seeking value accommodations. These areas benefit from new developments, improving amenities, and strong tenant demand from growing populations.

Alexandra/Commonwealth areas provide solid yields of 3.4-3.8% while offering central locations that appeal to expatriates and local professionals. The proximity to business districts ensures consistent tenant interest and rental growth potential.

Orchard/River Valley commands premium rents despite lower yields around 3.4%, attracting high-quality tenants willing to pay for convenience and prestige. These properties suit investors prioritizing capital appreciation alongside rental income.

For long-term rental strategies, Districts 15 and 19 excel due to family-oriented environments that generate stable tenancies. Properties near good schools, parks, and amenities maintain consistent demand from expatriate families and local upgraders.

Short-term rental opportunities exist in approved developments near business districts, Orchard Road, and Marina Bay, though regulations restrict Airbnb-style operations. Focus on corporate housing and serviced apartment demand from business travelers and relocating executives.

It's something we develop in our Singapore property pack.

What strategies make sense if you're buying to resell later at a higher price, and can you share some example purchase cases?

Capital appreciation strategies in Singapore focus on timing, location selection, and understanding government development plans that drive future value creation.

The "Upgrade Pathway" strategy involves starting with an HDB flat, building equity, then upgrading to private property as income increases. Young families successfully executed this by purchasing 4-room flats in mature estates, realizing 20% appreciation within 2-3 years through careful selection and market timing.

The "Sell One, Buy Two" approach maximizes capital efficiency by liquidating a single high-value property to acquire two mid-range units. Investors have successfully sold Central Region condos to buy two Outside Central Region properties, diversifying risk while maintaining total asset value and generating dual rental streams.

Transformation area investments target neighborhoods undergoing government-led development. Early buyers in Punggol benefited from the digital district announcement, while current opportunities exist in Jurong Lake District and Tengah as infrastructure develops.

Pre-launch condo purchases offer potential gains through early bird pricing and construction appreciation. Successful investors identify quality developers, prime locations, and unique selling propositions that support pricing premiums upon project completion.

En-bloc potential properties in older developments may offer redevelopment upside, though this strategy requires careful analysis of plot ratios, site constraints, and collective sale procedures that could unlock significant value for patient investors willing to hold long-term positions.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Sources

1. SmartWealth Singapore Housing Cost Statistics
2. SmartWealth Average House Price Singapore
3. BambooRoutes Expensive Areas Singapore
4. SG Luxury Homes Nassim Road
5. MKD Real Estate Affordable Districts
6. IQRate Singapore Property Market
7. HomeJourney Property Districts Guide
8. Ramesh Real Estate Upcoming Neighbourhoods
9. Global Property Guide Singapore Price History
10. Trading Economics Singapore Housing Index