An index for prices of private residences increased 3.4% in 2025 from the previous year, according to preliminary estimates released today by the city-state’s Urban Redevelopment Authority.

That marked the smallest annual rise since 2020.

Prices rose 0.7% on a quarterly basis.

Authorities in what has become one of the world’s most expensive private property markets have introduced numerous measures in recent years to stem a price surge that accelerated during the pandemic.

Prices rose as much as 10.6% in 2021 before growth slowed to a pace of nearly 4% in 2024.

Despite the curbs, local buyers and wealthy immigrants have fueled strong demand for new homes, supported by a sharp decline in interest rates.

The buying frenzy has helped the market defy bearish predictions by some analysts.

Private homes play a significant role in Singapore’s residential market, even though it is largely dominated by subsidised government-built public housing.

Price movements in both segments are closely intertwined.

Measures introduced last year included increasing stamp duty for those selling homes within a few years.

Final home price data for the last quarter will be released on Jan 23.