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Singapore's property market remains one of the world's most expensive but offers diverse options from HDB flats to luxury condominiums.
As of September 2025, property prices continue their upward trajectory with private home prices increasing 4.7% year-on-year and HDB resale prices jumping 9.6%. The city-state ranks among the top three most expensive real estate markets globally, with prime districts commanding SGD 3,000-6,600 per square foot while emerging areas offer more affordable entry points at SGD 1,100-1,500 per square foot.
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Singapore property prices range from SGD 597 per square foot for HDB resale flats to over SGD 6,600 per square foot in prime districts like Orchard and Sentosa Cove.
The market shows consistent growth with private properties averaging SGD 1,972 per square foot and total buying costs including 6% stamp duty for high-value properties.
| Property Type | Average Price (SGD) | Price per sq ft (SGD) | Best for |
|---|---|---|---|
| HDB Resale | 612,497 | 597 | First-time buyers, citizens |
| Executive Condo | 800,000-1,200,000 | 800-1,000 | Upgraders, long-term living |
| Private Condo | 1,989,082 | 1,972 | Expats, investment, lifestyle |
| Landed Property | 5,336,871 | 1,808 | High-net-worth, families |
| Prime District Luxury | 8,000,000+ | 3,000-6,600 | Ultra-luxury, investment |
What types of properties are available to buy in Singapore right now?
Singapore offers four main categories of residential properties with specific eligibility requirements for different buyer types.
HDB flats represent the most affordable option, restricted to Singapore citizens and permanent residents under government housing schemes. These public housing units typically cost around SGD 597 per square foot with median prices of SGD 590,000 as of September 2025.
Executive Condominiums (ECs) serve as hybrid public-private housing options, initially available only to citizens and PRs but opening to foreign buyers after a 10-year waiting period. These properties bridge the gap between HDB flats and private condominiums in both price and amenities.
Private condominiums and apartments are available to all buyer categories including foreigners, located island-wide with prices averaging SGD 1,972 per square foot. These properties offer the most flexibility for international buyers and come with full condo facilities and amenities.
Landed houses including bungalows, terrace houses, and Good Class Bungalows (GCBs) primarily remain available for citizens, with some options for PRs and foreigners subject to government approval and significantly higher price points averaging SGD 5.3 million.
Which neighborhoods are considered the most expensive, the most upcoming, and the most budget-friendly?
Singapore's property market shows clear geographical price segmentation with prime central districts commanding premium prices while emerging and outer areas offer more accessible entry points.
The most expensive neighborhoods cluster in Districts 9, 10, and 11, encompassing Orchard Road, Nassim Road, Ardmore Park, Tanglin, Bukit Timah, and Sentosa Cove. Properties in these areas command SGD 3,000-6,600 per square foot, with luxury penthouses exceeding SGD 38 million in prime developments.
Upcoming neighborhoods showing strong growth potential include Tengah, Singapore's first smart eco-town with advanced urban planning, Woodlands as the northern gateway with improved transport connections, and the Mandai/Upper Thomson corridor benefiting from new infrastructure developments. Bukit Canberra and areas around Canberra Plaza also present emerging opportunities for property appreciation.
Budget-friendly districts offer more accessible pricing for first-time buyers and investors. District 27 covering Yishun and Sembawang averages SGD 1,100-1,300 per square foot, while District 23 including Bukit Batok and Choa Chu Kang ranges SGD 1,200-1,350 per square foot. District 19 encompassing Hougang, Sengkang, and Punggol sits at SGD 1,300-1,500 per square foot, with District 17 (Loyang, Changi) offering the most affordable options at SGD 1,000-1,200 per square foot.
How have property prices changed compared to one year ago, and compared to five years ago?
| Time Period | Private Properties | HDB Resale | Overall Market Trend |
|---|---|---|---|
| 1 Year (2024-2025) | +4.7% increase | +9.6% increase | Strong growth momentum |
| 5 Years (2020-2025) | +35-40% increase | +40-45% increase | Significant appreciation |
| 10 Years (2015-2025) | +44.4% increase | +44.5% increase | Consistent long-term growth |
| Average Annual Growth | 4-5% historically | 4-5% historically | Stable appreciation pattern |
| Peak Growth Period | 2021-2023 | 2021-2024 | Post-pandemic recovery |
| Current Momentum | Moderate but steady | Strong demand continues | Supply constraints drive prices |
| Recent Quarterly | 3.9-4.7% YoY | 9.6% in 2024 | HDB outpacing private growth |
What are the price forecasts for the next one year, five years, and ten years?
Singapore property market forecasts indicate continued moderate growth with prices expected to rise 4-7% in 2025 based on current market conditions and government policy frameworks.
Short-term projections for 2025-2026 suggest the property price index will reach 231 in 2026 and 241 in 2027, representing steady annual increases of 4-5%. This growth pattern aligns with Singapore's historical long-term average appreciation rates and reflects ongoing demand-supply dynamics in the mature property market.
Five-year forecasts through 2030 anticipate cumulative price growth of 20-30%, assuming continued economic stability and controlled supply releases by the government. The Housing Development Board's measured land release program and private developers' launch schedules will significantly influence this trajectory.
Ten-year projections through 2035 estimate total appreciation of 50-70% from current levels, factoring in Singapore's position as a regional financial hub, continued population growth through immigration, and infrastructure development including new MRT lines and business districts.
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How does Singapore property pricing compare to other major global cities?
Singapore consistently ranks as the world's second or third most expensive real estate market, trailing only New York and occasionally London for luxury property pricing.
USD 1 million in Singapore's prime districts buys approximately 32 square meters of space, significantly less than cities like Tokyo where the same amount provides 45-50 square meters, or Dubai where buyers can secure 60-70 square meters of prime real estate.
Compared to other Asian financial centers, Singapore property prices exceed Hong Kong by 15-20% in equivalent prime locations, and cost 40-50% more than similar properties in Tokyo's premium districts like Ginza or Roppongi. Sydney and Melbourne properties typically cost 20-30% less than Singapore equivalents in comparable central business district locations.
European comparisons show Singapore properties priced similarly to central London but 30-40% higher than Paris, Zurich, or Frankfurt prime real estate. American cities except New York generally offer 25-35% better value for money in terms of space per dollar invested.
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What is the typical price range by property type and size?
Singapore property pricing varies significantly by type, size, and location, with clear market segments serving different buyer demographics and investment strategies.
HDB resale flats average SGD 612,497 with median prices at SGD 590,000, translating to SGD 597 per square foot. Three-room flats typically cost SGD 400,000-500,000, four-room units range SGD 500,000-700,000, and five-room flats command SGD 650,000-900,000 depending on location and remaining lease period.
Private condominiums show the widest price variation, averaging SGD 1,989,082 overall with SGD 1,972 per square foot. Studio units start from SGD 800,000-1,200,000, one-bedroom apartments range SGD 1,200,000-2,000,000, two-bedroom units cost SGD 1,800,000-3,500,000, and three-bedroom properties span SGD 2,500,000-5,000,000 in non-prime locations.
Landed properties command premium pricing with average prices of SGD 5,336,871 and median costs at SGD 4,200,000, equivalent to SGD 1,808 per square foot. Terrace houses start from SGD 2,500,000-4,000,000, semi-detached houses range SGD 4,000,000-8,000,000, and detached bungalows begin at SGD 6,000,000 with Good Class Bungalows exceeding SGD 15,000,000.
Can you give concrete examples of recent purchase prices in different areas?
Recent transaction data from September 2025 provides specific examples of property prices across Singapore's diverse neighborhoods and property types.
In District 10's Nassim Road area, a luxury condominium penthouse recently sold for SGD 38 million, while standard units in the same development traded between SGD 3,000-6,600 per square foot. A 2,000 square foot unit in this prime location cost approximately SGD 6-13 million depending on floor level and view.
Budget-friendly District 27 shows more accessible pricing with recent transactions in Yishun and Sembawang ranging SGD 1,100-1,300 per square foot. A typical 1,200 square foot condominium unit sold for SGD 1.32-1.56 million, while HDB resale flats in the same area traded between SGD 450,000-650,000.
Mid-range areas like Bukit Batok and Choa Chu Kang in District 23 saw condominium sales at SGD 1,200-1,350 per square foot, with a 1,000 square foot two-bedroom unit selling for SGD 1.2-1.35 million. Executive Condominiums in these areas commanded SGD 800-1,000 per square foot.
HDB resale market activity shows over 1,000 units selling for at least SGD 1 million in 2024, with prime location flats in Toa Payoh, Bishan, and Queenstown leading this million-dollar HDB segment.
What are the average total costs including taxes, legal fees, and other charges?
Property purchase costs in Singapore extend well beyond the property price, with buyers facing multiple fees and taxes that can add 10-15% to the total acquisition cost.
Buyer's Stamp Duty (BSD) follows progressive rates starting at 1% for the first SGD 180,000, 2% for the next SGD 180,000, 3% for amounts up to SGD 1 million, 4% up to SGD 1.5 million, 5% up to SGD 3 million, and 6% for amounts exceeding SGD 3 million. A SGD 2 million property incurs SGD 64,600 in BSD.
Additional Buyer's Stamp Duty (ABSD) significantly increases costs for permanent residents and foreigners, with PRs paying 5% ABSD on their first property and 30% on subsequent purchases. Foreigners face 60% ABSD on all residential property purchases, making a SGD 2 million property cost an additional SGD 1.2 million in ABSD alone.
Legal and conveyancing fees typically range SGD 1,800-5,000 depending on property type and complexity, while valuation fees cost SGD 120-700. Property agents charge 1-4% commission for private properties and 1-2% for HDB transactions, though buyers don't directly pay agent fees in most cases.
Ongoing costs include property tax varying by owner-occupier status, fire insurance, maintenance fees for condominiums, and potential renovation expenses that can range from SGD 50,000-200,000 for full renovations.
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What financing and mortgage options are available, and what does that mean for affordability?
Singapore's mortgage market offers competitive financing options with strict regulatory frameworks ensuring borrower affordability and market stability.
Loan-to-Value (LTV) ratios cap at 75% for most property purchases, meaning buyers must provide at least 25% down payment. The Total Debt Servicing Ratio (TDSR) limits total monthly debt obligations to 55% of gross income, with stress testing at a minimum 4% interest rate regardless of actual mortgage rates.
Current mortgage rates range from 1.63-2.70% for fixed-rate periods typically lasting 1-5 years, after which loans convert to floating rates pegged to SORA (Singapore Overnight Rate Average). Banks offer various packages including refinancing options and hybrid fixed-floating structures with lock-in periods and clawback conditions.
CPF (Central Provident Fund) contributions can fund down payments and monthly mortgage servicing for eligible properties, significantly improving affordability for citizens and permanent residents. This allows buyers to leverage retirement savings for property purchases while maintaining cash flow flexibility.
Affordability calculations show that a household earning SGD 150,000 annually can typically afford a SGD 1.2-1.5 million property with optimal financing structures. Higher-earning households above SGD 300,000 annually can comfortably purchase SGD 2.5-3 million properties while maintaining the TDSR requirements.
Which properties make the most sense if you plan to live in them yourself?
Owner-occupier strategies should prioritize long-term liveability, government grants, and lifestyle preferences while considering future resale potential and ongoing costs.
HDB flats offer the most compelling value for citizens and permanent residents planning to live in their properties, with access to housing grants, subsidies, and the most affordable price points. The ethnic integration policy and income ceilings ensure diverse, stable communities ideal for families starting their homeownership journey.
Executive Condominiums provide an excellent middle-ground option for upgraders seeking condominium facilities at more accessible prices. The 10-year restriction period aligns well with long-term living plans, and the eventual privatization often leads to price appreciation benefiting long-term owners.
Private condominiums in city fringe areas like Districts 12, 13, 20, and emerging neighborhoods offer better space and value compared to prime districts while maintaining good connectivity and amenities. Areas like Novena, Toa Payoh, and newer developments in Tengah provide excellent owner-occupier propositions.
Landed properties make sense for high-net-worth families prioritizing space, privacy, and long-term generational wealth building. Despite higher acquisition costs, the land scarcity in Singapore typically ensures strong long-term value retention and appreciation potential.
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Which are the smartest choices for renting out, whether short-term or long-term?
Rental investment strategies should focus on tenant demographics, yield potential, and regulatory compliance while considering both short-term vacation rentals and long-term residential letting.
Prime district condominiums in Central Core Region (CCR) areas like Orchard, Marina Bay, and Sentosa Cove attract high-paying expatriate tenants and business travelers. These properties command premium rents of SGD 4-8 per square foot monthly but require significant capital investment and face the highest ABSD rates for investors.
City fringe developments in Rest of Central Region (RCR) areas offer optimal risk-reward balance for rental investors. Districts like Novena, Balestier, and Geylang provide good rental yields of 3-4% annually while attracting stable tenant mix of professionals and expatriate families seeking value and convenience.
Suburban new launches in Outside Central Region (OCR) areas cater to families and long-term tenants seeking larger spaces and family-friendly amenities. Areas like Punggol, Sengkang, and Jurong East offer rental yields of 3.5-4.5% with lower entry costs and strong tenant demand from young families.
Short-term rental regulations limit Airbnb operations to private non-landed properties with minimum 3-month rental periods, making traditional long-term letting more viable for most investors. Properties near business districts, international schools, and MRT stations consistently achieve higher occupancy rates and rental premiums.
Which types of properties are best suited for buying to resell later at a higher price?
Capital appreciation strategies should target properties in growth corridors, undervalued locations, and developments benefiting from future infrastructure improvements or rezoning potential.
New launch condominiums in emerging districts like Tengah, Woodlands, and Jurong Innovation District offer significant appreciation potential as these areas undergo transformation with new MRT lines, business parks, and urban development projects. Early buyers can capitalize on pre-completion pricing and benefit from area gentrification.
Undervalued landed properties in transitional neighborhoods present opportunities for patient investors with longer investment horizons. Areas like Upper Thomson, Mandai, and parts of the East Coast may benefit from future development and infrastructure improvements driving land value appreciation.
Executive Condominiums approaching their 10-year privatization milestone offer unique appreciation catalysts as they transition from subsidized housing to private property status. This regulatory change typically leads to price premiums and expanded buyer pool including foreign investors.
Properties near planned infrastructure developments such as new MRT stations, integrated developments, and government urban renewal projects historically show strong price appreciation. Monitoring URA master plans and transport development blueprints helps identify future growth areas before price discovery occurs.
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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.
Singapore's property market offers diverse opportunities from affordable HDB flats to ultra-luxury developments, with prices reflecting the city-state's position as a global financial center.
Success in Singapore real estate requires understanding the complex regulatory framework, financing options, and market dynamics that vary significantly by property type and buyer profile.
Sources
- 99.co Property Portal
- Complete Guide to Buy Property in Singapore
- PropertyForSale.com.sg
- Expensive Areas in Singapore
- Top 5 Upcoming Neighbourhoods Singapore 2025
- SRX Property Price Index
- Housing Cost Singapore Statistics
- Trading Economics Singapore Housing Index
- DBS How Much to Earn for Condo
- URA Media Releases