Singapore’s private residential market demonstrated resilience in 2025 despite global trade tensions and policy headwinds. Stronger-than-expected economic growth, easing interest rates and rising HDB resale prices supported upgrader demand, while foreign participation remained muted amid the 60% Additional Buyer’s Stamp Duty. New home sales reached 10,815 units in 2025, the highest since 2021, and secondary transactions remained stable.
Looking ahead, fundamentals remain steady. The All-Residential Price Index is projected to rise 1–3% y-o-y in 2026, supported by firm owner-occupier demand and ongoing rightsizing. Around 18 project launches are expected, with new-home sales forecast at 8,500–9,500 units and secondary transactions at 13,000–14,000. Prudent buyer behaviour and a well-regulated housing market framework should underpin market stability.
Key Takeaways:
- Private residential demand remained resilient despite global and policy headwinds.
- New-home sales in 2025 reached highest levels since 2021.
- Secondary market transactions stayed stable, supported by domestic upgrader demand.
- All-Residential Price Index projected to rise 1–3% in 2026.
- Completions in 2026 expected to remain broadly aligned with 2025 levels.
- Elevated land costs may tighten affordability.
