In the first quarter of 2025, Singapore’s private residential property price index saw a modest increase of 0.8%, building on a 2.3% rise from the previous quarter. This uptick in property prices reflects a gradual recovery in the real estate market, particularly driven by growth in specific regions and the performance of non-landed properties. The data indicates a continuous adjustment in market sentiment and buyer activity.
The Rest of Central Region (RCR) emerged as a significant contributor to this growth, witnessing a quarterly price increase of 1.7% and a remarkable 7.3% rise year-on-year. This surge in the RCR’s property prices marks it as a focal point of interest for both investors and homeowners. The growth in this area has further narrowed the price gap between the Core Central Region (CCR) and RCR, which now stands at just 1.0%. This is the smallest disparity recorded since the first quarter of 2013, suggesting a notable shift in market dynamics and buyer preferences.
The increase in prices for non-landed properties, which rose by 1% quarter-on-quarter, also played a key role in the overall rise in residential prices. This category includes various types of housing such as condominiums and apartments, which have become increasingly desirable among buyers. The sustained interest in non-landed properties is indicative of ongoing demand in the market, despite the fluctuations occurring in other segments.
Furthermore, resale prices contributed to the positive trend, demonstrating a 2.2% increase in the same quarter. However, it is noteworthy that the proportion of resale transactions in the overall private home sales decreased to 49.1%, the lowest level observed in 19 quarters. This decline in resale activity may suggest a shift in buyer behavior, with potential buyers leaning more towards new launches rather than purchasing existing properties.
The dynamics of demand seem to be evolving, reflecting broader changes in consumer preferences in the residential market. The interplay between rising prices in specific regions and the changing landscape of buyer transactions signals a potential transformation in the real estate market.
The growth in the RCR, combined with the narrowing price gap with the CCR, indicates that buyers are increasingly considering options outside traditional high-demand areas. This could lead to a more balanced market, where various regions attract interest based on affordability and lifestyle preferences.
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With a growing interest from HDB upgraders, River Green is poised to attract buyers looking for modern living spaces, particularly as the price gap between the Core Central Region and RCR narrows.
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News Source: Edgeprop
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