Private home sales in Singapore saw a significant drop in Q2 2025, with transaction volumes reaching only 4,340, down from 7,261 in the previous quarter. This decline is attributed to a slowdown in new project launches and heightened global tensions, according to Knight Frank Singapore’s analysis of the Urban Redevelopment Authority’s (URA) flash estimates.
The cautious market sentiment was influenced by geopolitical events, including the Trump Administration’s tariffs announcement in April and the US bombing of Iran’s nuclear facilities in June. These developments have led to a “watch-and-wait” approach among developers and buyers, as noted by Leonard Tay, Head of Research at Knight Frank Singapore.
Despite the slowdown in transactions, private home prices showed marginal growth. The URA All Residential Price Index rose by 0.5% quarter-on-quarter (q-o-q) and 3.0% year-on-year (y-o-y) in Q2 2025. However, this was a slower increase compared to the 0.8% q-o-q growth in Q1 2025. The Core Central Region (CCR) saw the highest price growth at 2.3% q-o-q, driven by the launch of 21 Anderson.
In contrast, the Rest of Central Region (RCR) experienced a 1.1% q-o-q price decrease, despite active sales from new projects like One Marina Gardens. The Outside Central Region (OCR) had no new launches but saw a 0.9% q-o-q price increase, supported by existing projects and the resale market.
Landed home prices increased by 0.7% q-o-q, with selective activity expected to continue. As global uncertainties persist, Knight Frank anticipates private home price growth in 2025 to remain at the lower end of the projected 3% to 5% range.
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