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Singapore's residential property market in September 2025 continues to show steady price growth across most segments, with condominiums leading gains while HDB flats moderate and landed properties recover from recent softness.
The market demonstrates resilience despite global economic uncertainties, with strong local demand from upgraders and steady government oversight maintaining market stability through cooling measures.
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Singapore's property market outlook for September 2025 shows continued price growth of 3-4% annually, with mortgage rates declining from previous highs and over 30 new residential projects launching across all regions.
Vacancy rates have edged higher to around 7% but rental yields remain attractive at 3-4%, while government cooling measures including 60% ABSD for foreigners continue to moderate speculative demand effectively.
| Market Segment | Current Price Trend (YoY) | Key Outlook Factors |
|---|---|---|
| Private Condos | +3.3% to +5.3% | Strong upgrader demand, limited supply |
| HDB Resale | +6.6% to +8.6% | MOP constraints, BTO completions moderating |
| Landed Homes | +0.4% recovery | Luxury demand weakness, gradual recovery |
| Rental Market | +3.1% stabilizing | Supply-demand rebalancing |
| New Launches | 30+ projects pipeline | CCR focus, strong booking momentum |
| Interest Rates | 2.5-2.9% declining | Fed cuts supporting affordability |
| Vacancy Rates | 7.1% trending up | New completions increasing supply |
What are current property prices across different districts in Singapore right now?
As of September 2025, Singapore property prices show clear geographic stratification with Core Central Region commanding premium rates.
The Core Central Region maintains the highest prices, with Districts 1, 9, and 10 seeing luxury condos priced between S$2,500 to S$3,500 per square foot. District 1 properties in the Downtown Core consistently exceed S$3,000 PSF, while District 10's premium freehold developments regularly surpass S$2,000 PSF.
Rest of Central Region districts like District 15 (Katong/East Coast) show newer condos transacting at S$2,066 to S$2,751 PSF. City-fringe locations in the RCR generally command S$1,800 to S$2,200 PSF depending on proximity to MRT stations and amenities.
Outside Central Region districts including District 19 (Hougang/Punggol) offer more affordable entry points with condos priced around S$1,300 to S$1,800 PSF. These suburban locations attract upgraders and families seeking value for larger living spaces.
HDB resale flats across all districts maintain significantly lower costs at approximately S$600 PSF average, making them accessible options for first-time buyers and those seeking government-subsidized housing.
How have prices for condos, HDBs, and landed homes changed over the past 12 months?
Condominium prices have risen 5.3% year-on-year as of September 2025, with month-on-month growth of 0.7% showing sustained momentum across most districts.
Private non-landed properties led price appreciation with gains of 4.74% year-on-year and 0.95% quarter-on-quarter in Q1 2025. The Core Central Region showed more modest growth at 2.8% annually, while Rest of Central Region gained 4.4% and Outside Central Region posted the strongest growth at 5.3% year-on-year.
HDB resale prices surged 6.6% to 8.6% in the past 12 months, significantly outpacing private condos due to limited supply from MOP constraints and strong upgrader demand. All HDB flat types recorded price increases with 3-room flats up 8.2%, 4-room flats gaining 6.2%, 5-room units rising 5.6%, and Executive flats increasing 4.2% year-on-year.
Landed properties showed recovery momentum with modest 0.38% quarter-on-quarter growth after previous softness. Annual performance remains subdued at -1.3% due to weaker luxury segment demand, but recent quarters indicate stabilization in this high-end market segment.
Overall private home prices climbed 3.33% year-on-year in Q1 2025, reflecting underlying demand strength despite economic uncertainties and government cooling measures remaining in effect.
What's the latest data on rental yields, and how do they compare across neighborhoods?
Singapore rental yields as of September 2025 range from 3.1% to 3.6% gross across different districts, with suburban locations offering higher returns than prime central areas.
| District | Location | Gross Rental Yield |
|---|---|---|
| District 1 | CBD/Marina Bay | 3.1% |
| District 9 | Orchard Road | 3.1% |
| District 10 | Tanglin/Holland | 3.2% |
| District 15 | Katong/East Coast | 3.3% |
| District 19 | Hougang/Punggol | 3.6% |
| District 20 | Ang Mo Kio/Bishan | 3.5% |
| Suburban OCR | Various | 3.4-3.6% |
Rental prices have increased 3.1% year-on-year for private condominiums, with all regions showing positive growth. The Core Central Region recorded 3.0% rental growth, Rest of Central Region gained 2.5%, and Outside Central Region posted 2.7% increases compared to September 2024.
HDB rental prices surged 3.2% annually with mature estates up 3.5% and non-mature estates gaining 2.8%. District 20 achieved the highest median unlevered returns at 46%, while District 1 recorded negative returns of -3.8% due to high entry costs.
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How many new property launches are expected in the next year, and where are they located?
Over 30 new residential projects are scheduled to launch through September 2026, bringing approximately 14,000 new units to Singapore's property market across all regions.
The Core Central Region will see significant activity with major launches including W Residences Marina View (680 units), The Collective at One Sophia (367 units), Aurea at Beach Road (188 units), and developments at Orchard Boulevard (280 units) and Robertson Quay (348 units). These premium projects target high-net-worth buyers and investors seeking prime locations.
Rest of Central Region launches include The Orie at Toa Payoh (777 units), Promenade Peak at Zion Road (610 units), and Skye at Holland Village. These developments cater to families and upgraders seeking balanced accessibility to city amenities and residential comfort.
Outside Central Region will welcome projects like Parktown Residences at Tampines (multiple phases), Elta at Clementi (501 units), Lentor Central Residences (477 units), and Canberra Crescent Residences (375 units). These suburban developments attract first-time buyers and families seeking value-oriented options.
Three Executive Condominiums are launching including Aurelle of Tampines, Otto Place at Tengah (560 units), and developments at Senja Close and Woodlands Drive 17. ECs provide affordable private housing options for citizens and permanent residents meeting income criteria.
What's the current vacancy rate for residential properties, and is it trending up or down?
Singapore's private residential vacancy rate increased to 7.1% in Q2 2025, up from 6.8% in Q1 and 6.1% in Q2 2024, indicating rising supply pressure.
Vacancy rates vary significantly by region with Core Central Region posting the highest rate at 10.7%, Rest of Central Region at 7.2%, and Outside Central Region maintaining the lowest at 5.6%. The upward trend reflects substantial new completions adding to available housing stock.
The increase stems from 19,968 unit completions in 2023 and continued strong supply additions in 2024-2025. While vacancy rates are rising, they remain within historical normal ranges and haven't reached concerning levels for market stability.
Rental market absorption has been slower than anticipated due to moderated expatriate inflow and some tenants relocating to newly completed projects. However, underlying rental demand remains supported by upgraders, young professionals, and selective foreign talent intake.
The vacancy trend is expected to moderate as the market digests current supply levels, with rental conditions stabilizing by late 2025 as new completions slow compared to recent years.
How are mortgage interest rates moving, and what's the outlook from local banks?
Mortgage interest rates in Singapore have declined significantly from 2022 highs, with current rates ranging from 2.5% to 2.75% as of September 2025 compared to over 4% in late 2022.
The 3-month SORA benchmark decreased from 3.3% at end-2024 to approximately 2.9% currently, with projections indicating further decline to 2.5% by year-end 2025. Fixed home loan rates are available from as low as 1.63%, while floating rates start around 1.8% with competitive bank spreads.
Local banks expect continued rate reductions aligned with US Federal Reserve monetary policy, though the pace will be gradual rather than dramatic. Major banks including DBS, OCBC, UOB, and international players offer increasingly competitive packages as rate competition intensifies.
Fixed-rate mortgages are projected to fall below 2% within the next 18 months, providing significant savings opportunities for both new buyers and existing homeowners considering refinancing. Two-year fixed rates currently range from 2.50% to 2.65%, while three-year packages hover around 2.40% to 2.70%.
The declining rate environment supports improved affordability and is expected to boost transaction volumes as financing costs become more manageable for potential property buyers across all segments.
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What government cooling measures are still in place, and are there any changes planned?
Singapore maintains comprehensive cooling measures implemented since April 2023, with Additional Buyer's Stamp Duty rates remaining at elevated levels to moderate speculative demand.
Current ABSD rates stand at 20% for Singapore citizens buying second properties, 30% for third and subsequent properties, while permanent residents face 30% for second homes and 35% for additional properties. Foreign buyers continue paying the highest rate at 60%, doubled from the previous 30% in April 2023.
Other active measures include Loan-to-Value ratio caps at 75% for most buyers, Total Debt Servicing Ratio requirements limiting monthly debt obligations to 60% of gross income, and Seller's Stamp Duty on properties sold within three years of purchase to prevent short-term speculation.
The government has indicated no immediate plans for additional cooling measures, preferring to monitor current policy effectiveness as price growth has moderated. Officials maintain readiness to adjust policies if market conditions warrant intervention to ensure housing affordability and sustainability.
Supply-side measures complement demand controls with increased Government Land Sales allocations and accelerated BTO flat launches, targeting up to 100,000 new public housing units from 2021 to 2025 to address underlying housing demand pressures.
What is the projected population growth and foreign talent inflow over the next five years?
Singapore's population is projected to remain "well below" 6.9 million by 2030, with current figures slightly above 6.0 million and planning scenarios targeting 6.5 to 6.9 million as guideline parameters.
Foreign talent policies in 2025 emphasize local workforce development while maintaining selective openness for high-skilled professionals in critical sectors including artificial intelligence, financial technology, and green technology where talent shortages exist.
The Employment Pass framework may see adjustments to facilitate hiring of specialized expatriate professionals, but overall foreign worker growth will be managed to balance economic needs with social cohesion considerations.
Population growth drivers include selective immigration, natural increase from resident families, and returning Singaporeans as global economic conditions evolve. Annual household formation averages 20,000 units, supporting continued housing demand from new family units.
The measured population growth approach ensures property demand remains sustainable while avoiding excessive pressure on housing infrastructure and maintaining market stability for existing residents and property owners.
How does Singapore's economic growth outlook affect property demand in the short term?
Singapore's GDP is projected to grow 1% to 3% in 2025, slower than 2024's 4% expansion but sufficient to support property market fundamentals and buyer confidence.
The economic outlook underpins housing demand through stable employment conditions, steady household income growth, and continued business expansion requiring accommodation for employees. Manufacturing sector recovery momentum is expected to sustain into early 2025 supporting related housing demand.
However, challenges include potential protectionist trade policies under global political changes, anticipated slower growth among key trading partners, and possible escalation in geopolitical tensions affecting business sentiment and investment decisions.
Strong household balance sheets and low unemployment rates provide resilience against economic headwinds, enabling continued property purchases by owner-occupiers and upgraders. The diversified economy reduces dependence on single sectors for housing demand sustainability.
Economic stability supports developer confidence in new project launches and buyer willingness to commit to property purchases, though transaction timing may be influenced by interest rate movements and global economic developments throughout 2025.
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What's the sentiment among property developers and major real estate agencies right now?
Developer sentiment in September 2025 remains cautiously optimistic with improved confidence compared to 2024, driven by stabilizing interest rates and steady local buyer demand.
Major developers are proceeding with planned launches after delays caused by previous cooling measures, with over 30 projects scheduled across all market segments. Companies like UOL Group, Far East Organization, and Wing Tai Holdings are actively bringing premium developments to market.
Real estate agencies report strong booking momentum for well-located and competitively priced projects, though buyers remain selective and price-sensitive. PropNex, ERA, and other major agencies note healthy interest from HDB upgraders and families seeking immediate occupancy options.
Developer margins face pressure from high land costs and construction expenses, but firms are maintaining pricing discipline rather than offering significant discounts. Limited unsold inventory across most completed projects supports pricing confidence.
The consensus among industry players is that 2025 represents a transitional year with improving fundamentals, though external economic factors and government policy changes could influence market dynamics in the latter half of the year.
Where are the hotspots for infrastructure development that could boost property values?
Key infrastructure hotspots in Singapore include the Greater Southern Waterfront precinct, Jurong Lake District development, and new MRT line corridors expected to drive significant property value appreciation.
The Thomson-East Coast MRT Line enhances connectivity across multiple districts, with stations at Havelock, Great World, Stevens, and Napier boosting accessibility for surrounding developments. Properties near these new stations have already shown premium pricing and strong buyer interest.
Cross Island Line construction will provide additional connectivity benefits when completed, particularly benefiting developments in Hougang, Serangoon, and western regions. Early infrastructure announcements often correlate with property price appreciation in surrounding areas.
Jurong Lake District is developing as Singapore's largest mixed-use business district outside the city center, creating employment hub demand that benefits nearby residential projects. The area's transformation includes commercial, recreational, and transport infrastructure investments.
Tanjong Rhu and Kallang River precincts are undergoing urban renewal as part of the Kallang Alive master plan, converting industrial areas into sports and lifestyle destinations that enhance residential appeal and property values in the eastern corridors.
How do Singapore's property returns compare with other regional markets like Hong Kong or Kuala Lumpur?
Singapore delivers annual property price growth of 3-6% with rental yields of 3-4%, positioning competitively against regional alternatives while offering superior market stability and transparency.
| Market | Annual Price Growth | Rental Yields | Foreign Buyer Costs |
|---|---|---|---|
| Singapore | 3-6% | 3-4% | 60% ABSD |
| Hong Kong | Up to 10% (recovery) | 2-3% | 15% SSD |
| Kuala Lumpur | 2-4% | 4-6% | Lower barriers |
| Bangkok | 1-3% | 5-7% | Minimal restrictions |
| Manila | 3-5% | 6-8% | Foreign ownership limits |
Hong Kong's recovering market projects stronger price growth up to 10% in 2025 but offers lower rental yields at 2-3% and higher volatility. Singapore's 60% ABSD for foreigners significantly exceeds Hong Kong's 15% Stamp Duty rate, making Hong Kong more accessible for international buyers.
Kuala Lumpur provides higher rental yields at 4-6% and lower entry costs, but lacks Singapore's political stability, regulatory transparency, and infrastructure quality. Currency fluctuation risks and weaker legal framework present additional considerations for investors.
Singapore's competitive advantage lies in its stable regulatory environment, transparent property laws, excellent infrastructure, and strong currency backed by robust economic fundamentals, justifying premium pricing compared to regional alternatives.
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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 in September 2025 demonstrates continued resilience with moderate price growth, improving affordability through declining interest rates, and healthy pipeline of new developments across all regions.
While vacancy rates have edged higher and government cooling measures remain in effect, strong local demand from upgraders and limited land supply support stable market fundamentals for both owner-occupiers and investors.
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Sources
- Global Property Guide - Singapore Property Analysis 2025
- IQrate - Singapore Residential Property Market Regional Analysis
- SRX Property Price Index - Singapore Market Data
- 99.co HDB Resale Price Statistics
- PropNex New Launch Pipeline 2025
- DollarBack Mortgage - Singapore Interest Rate Outlook
- DBS Research Property Outlook 2025
- MAS Property Cooling Measures Statement
- StackedHomes Singapore Property Price Predictions
- CBRE Singapore Real Estate Market Outlook 2025