Private Home Prices Soar in Q4 2024: Key Trends & 2025 Forecast

Authored by Raymond Tiah

The private property market saw strong price growth and record-breaking demand in 2024, setting the stage for an exciting 2025. With new launches attracting thousands of buyers and price trends exceeding expectations, the outlook remains positive for both homebuyers and investors.

Q4 2024 Private Property Market Performance

• Private home prices rose 2.3% quarter-on-quarter (q-o-q), the fastest pace in a year.

• Full-year price growth reached 3.9%, surpassing market expectations.

• Seven major launches, including Chuan Park and Union Square Residences, drew over 8,500 expressions of interest.

• Developers sold 3,420 units in Q4, a 194.8% q-o-q surge, reflecting strong buyer confidence.

With more launches and growing demand, this momentum is expected to carry forward into 2025.

2024 Price Growth by Region

• Rest of Central Region (RCR): 5.8% growth, led by projects like Meyer Blue.

• Core Central Region (CCR): 4.5% growth, fueled by luxury developments like Cuscaden Reserve.

• Outside Central Region (OCR): 3.7% growth, supported by sustained buyer interest.

Resale Market Highlights

• 14,053 resale transactions in 2024—the highest in three years.

• Resale transactions made up 49.8% of all sales in Q4 2024.

Whether buyers sought luxury properties in the CCR or affordable homes in the OCR, 2024 was a strong year across all segments.

Landed Property Market Insights

• Landed property prices rose 0.9%, marking the slowest growth in seven years.

• Transaction volumes increased 29.9% year-on-year, with 1,671 units sold.

• Higher interest rates and cooling measures kept price growth stable.

• Bukit Timah and Serangoon Gardens remained popular with multi-generational families.

While demand for landed homes remained steady, price growth was more controlled, making it a stable long-term investment choice.

What to Expect in 2025

• Private home prices are projected to increase by 3–4%.

• Key upcoming launches include Parktown Residences and Lentor Central.

• Expected price ranges:

  • OCR: $2,200–$2,500 psf

  • RCR: $2,600–$2,800 psf

  • CCR: $3,000+ psf

Market Forecast

• 24 new project launches expected.

• Estimated 7,000–8,000 unit sales.

With more launches and steady price growth, 2025 presents exciting opportunities for buyers and investors alike.

Final Thoughts

2024 was a milestone year for the private property market, and 2025 is shaping up to be just as dynamic. With strong buyer demand and attractive new projects on the horizon, those looking to enter the market should stay informed and act strategically.

Take Action

Want to stay ahead in Singapore’s thriving property market? Follow us for regular updates, expert tips, and actionable strategies to maximise growing demand.