Singapore Property Market Insight

Vincent Ow
Dec 21, 2025
6 min read

Singapore’s condominium market has demonstrated exceptional resilience and steady price appreciation over the years, even during periods of global uncertainty. Supported by strong economic fundamentals and prudent government policies.

Singapore’s private housing sector remains one of the most stable real estate markets in the world. Consistent demand, combined with the government’s careful control of land supply through the Government Land Sales (GLS) programme, helps maintain a healthy balance between supply and demand—ensuring stable and sustainable property prices. ( Chart Data for reference only )

📌 The information and data provided are for reference only and do not constitute any investment advice.

5-Year Condominium Performance in Singapore (Dec 2020 – Nov 2025)

Over the past five years, Singapore’s private condominium market has delivered strong and consistent price growth, reflecting the market’s resilience and long-term investment appeal.

From December 2020 to November 2025, the average private condominium price increased by 33.99%, rising from approximately SGD 1,421 psf to SGD 1,904 psf. This growth occurred despite multiple rounds of property cooling measures, global interest rate hikes, and periods of economic uncertainty—highlighting the underlying strength of Singapore’s housing fundamentals.

Rather than sharp, speculative spikes, price appreciation during this period was largely driven by structural factors, including limited land supply, controlled housing launches, sustained local and foreign demand, and Singapore’s stable regulatory environment. Cooling measures played a key role in moderating excessive speculation, resulting in a more sustainable and orderly price trajectory.

For long-term investors, this 5-year performance demonstrates that Singapore private condominiums function less as a short-term trading asset and more as a capital preservation and steady growth investment, particularly when well-located projects are selected.

5-Year Condominium Performance by Type of Sale (Dec 2020 – Nov 2025)

Singapore’s private condominium market has shown broad-based price growth across all sale types over the past five years, underscoring the depth and resilience of the market. From December 2020 to November 2025, prices increased significantly in the resale, new sale (new launch), and sub-sale segments—each reflecting different investor behaviours and demand dynamics.

Key Market Observations :

New launch condominiums remain the most preferred choice among buyers, driven by modern layouts, progressive payment schemes, and strong confidence in future value.
Resale properties benefited from limited completed stock and strong occupier demand, resulting in steady and consistent price appreciation.

Sub-sale transactions, while smaller in volume, recorded the highest percentage growth—largely due to price uplift during the construction phase of well-selected new launch projects.

Despite market cooling measures and changing interest rate environments, all three segments delivered solid gains, reinforcing Singapore’s reputation as a long-term, fundamentals-driven property market rather than a speculative one.

Type of Sale	Avg Price Dec 2020 (SGD psf)	Avg Price Nov 2025 (SGD psf)	5-Year Price Change
Resale	1,268	1,774	+39.91%
New Launch Sale	1,793	2,421	+35.03%
Sub-Sale	1,602	2,429	+51.62%

What This Means for Investors

New launch condominiums continue to dominate buyer preference, not only because of lifestyle appeal but also due to their structured entry pricing and long-term growth potential.
The strong performance of sub-sales highlights the value of early entry into quality new launch projects, where capital appreciation can occur even before project completion.
Resale condominiums remain a stable and defensive option, particularly for investors seeking immediate rental income or completed properties in mature locations.

Overall, the data confirms that strategic project selection matters more than timing. Investors who focus on location quality, reputable developers, and long-term holding strategies are best positioned to benefit from Singapore’s condominium market.

5-Year Condominium Performance by Region (Dec 2020 – Nov 2025)

Over the past five years, Singapore’s private condominium market has demonstrated clear regional performance differentiation, driven by shifting buyer demand, affordability considerations, and changing lifestyle preferences. From December 2020 to November 2025, price growth was led decisively by the Rest of Central Region (RCR), which overtook the Core Central Region (CCR) in both demand momentum and price appreciation.

Key Regional Market Insights

RCR emerged as the strongest-performing region, recording the highest price growth among all regions. Its appeal lies in city-fringe locations, improved transport connectivity, and a balanced mix of affordability and investment potential.
CCR prices remained resilient but recorded more moderate growth, reflecting its mature, high-base pricing and focus on luxury and prime developments.
OCR continued to show steady and sustainable growth, supported by strong owner-occupier demand and a growing number of mass-market buyers upgrading from HDB flats.

The data highlights a structural shift in buyer preference, where investors increasingly prioritise value, growth potential, and liveability over pure prestige. As a result, RCR has become the highest-demand region, attracting both local and foreign buyers seeking stronger capital appreciation without paying premium CCR pricing.

Region	Avg Price Dec 2020 (SGD psf)	Avg Price Nov 2025 (SGD psf)	5-Year Price Change
CCR (Core Central Region)	2,015	2,310	+14.64%
RCR (Rest of Central Region)	1,560	2,155	+38.14%
OCR (Outside Central Region)	1,259	1,579	+25.42%

What This Means for Investors

RCR has clearly overtaken CCR as the growth leader, offering a compelling blend of centrality, affordability, and upside potential.
CCR remains a defensive, prestige-driven market, suitable for wealth preservation rather than aggressive capital growth.
OCR continues to provide stable appreciation, making it attractive for long-term owner-occupiers and investors focused on affordability and rental demand.

This regional performance underscores an important takeaway: the next phase of Singapore’s condominium growth is increasingly driven by well-located city-fringe developments rather than traditional prime districts. Investors who align with this trend stand to benefit most over the coming decade.

Singapore Real Estate Outlook: Growth and Trends Towards 2040

Singapore’s real estate market is expected to experience steady and sustainable growth over the next two decades, driven by structural, economic, and demographic factors. Scarce land, rising population, and increasing construction costs will continue to shape the market, while government planning and infrastructure developments enhance long-term property value.

Key factors influencing growth include:

Limited Land Availability – Scarce land remains a key constraint, driving demand and supporting long-term property price growth.
Population Growth – Increasing population and household formation will continue to create strong demand for residential housing.
Rising Construction Costs – Labor and material costs are expected to increase over the next 15 years, impacting overall property development expenses.
Higher Land Prices – Land for new housing projects is projected to rise in line with economic growth, ensuring new launches remain premium.
Urban Redevelopment & Infrastructure Expansion – Ongoing government initiatives and improved connectivity enhance property desirability in key locations.

Despite all these factors—rising construction costs, increasing land prices, and changing market dynamics—new launch condominiums in Singapore are expected to see further price increases over the next 15 years. Strong population growth, limited land supply, and sustained demand from both local and foreign buyers will continue to support this upward trend. Well-located, quality projects are likely to deliver long-term capital appreciation, making Singapore a resilient and attractive market for investors.

Singapore 2040 - The next 15 years of Quality and inclusive Growth - written by DBS Bank Singapore

Key highlights include:

Housing Supply Requirement – Singapore will need to build approximately 200,000 to 300,000 new residential units by 2040 to meet growing demand.
Rejuvenation of the City Center – Urban redevelopment projects and modernisation of core areas will enhance the appeal of central districts and prime locations.
Decentralisation & Regional Growth – Expansion of infrastructure and amenities in suburban areas will boost demand in city-fringe and regional districts.
Property Price Outlook – Residential property prices are expected to grow at a 2–3% CAGR until 2040, reflecting moderate, sustainable growth aligned with economic fundamentals.

About Me: Singapore Property Investment Services for Foreign Buyers

I am a ERA Singapore licensed real estate professional in Singapore, specializing in helping foreign investors and US citizens navigate the Singapore property market. With extensive experience in residential property investments, I provide clear guidance on tax planning, ABSD exemptions, financing, and new launch or resale condominium purchases.

My services include: