Singapore’s private residential property market ended 2024 on a stronger note, with home prices rising by 2.3% quarter-on-quarter (q-o-q) in Q4 2024. This marked a sharp rebound from the 0.7% dip seen in the previous quarter, bringing full-year growth to 3.9%. Although slower than in earlier years, the performance highlights the continued resilience of the private housing sector amid economic headwinds.

The price increase was driven mainly by the non-landed segment, where values rose 3.0% q-o-q. The city fringe (Rest of Central Region, RCR) and suburban (Outside Central Region, OCR) areas led the uptrend, bolstered by strong new project launches and sustained buyer demand.

Robust Sales Driven by New Launches

Developers launched a record seven projects in the last quarter of 2024, including notable developments such as Chuan Park and Meyer Blue. These launches contributed to a surge in sales, with developers moving 3,420 new units—the highest quarterly sales since Q3 2021. The strong market response underscores the continued appeal of well-located projects and competitive pricing strategies adopted by developers.

Landed Home Prices Ease Despite Higher Volume

While the non-landed market performed well, landed home prices moderated for the second straight quarter, dipping 0.1% q-o-q in Q4 2024 after a 3.4% decline in Q3. For the full year, landed property prices recorded a slight 0.9% increase—the slowest annual growth in seven years.

Despite softer price movements, the landed segment saw healthy buying activity in 2024. Transaction volume climbed 29.9% year-on-year to 1,671 units, up from 1,286 units in 2023. This indicates sustained buyer interest in freehold and legacy properties as prices normalize after years of strong growth.

Market watchers added that rising non-landed property prices have nudged some buyers to explore the landed segment. However, muted sales momentum, limited new supply, and elevated interest rates have weighed on price growth. Recent launches such as Vila Natura and Vila Naga may help rejuvenate interest, offering rare freehold landed homes with premium features in sought-after locations.

Outlook for Singapore Property Market in 2025

Looking ahead, property analysts expect private home prices to maintain steady growth in 2025. PropNex projects overall price gains of 3% to 4%, supported by a healthy launch pipeline and resilient demand from both local and foreign buyers. ERA forecasts a similar trend, with home values rising 3% to 5% year-on-year and new home sales expected to reach 7,000 to 8,000 units for the year.

With sentiment improving and a diverse range of launches planned, the Singapore property market is set for a stable, sustainable year ahead—driven by quality developments and renewed buyer confidence.