Key information about House Prices Growth

• Singapore house prices grew 3.9% YoY in Dec 2024, following an increase of 4.4% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 1976 to Dec 2024, with an average growth rate of 4.9%.
• House price data reached an all-time high of 102.0% in Mar 1981 and a record low of -34.0% in Dec 1998.

As of 1st January 2025, the average resale price of a Housing Development Board (HDB) 4-room flat was at 636,259 Singapore dollars. The resale price of such flats had increased by about 200,000 Singapore dollars since 2017. HDB is responsible for managing Singapore's government housing, and cater to all income levels in Singapore. HDB flats range from 1-room apartments to large, multi-generational apartments. Around 75 percent of the Singapore population live in HDB flats. Citizens who wish to purchase a new flat would need to apply for a built-to-order (BTO) apartment.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2023. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 117.5 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

The commercial statistics were compiled from information in caveats lodged at the option stage with the Singapore Land Registry. A caveat is normally lodged by a purchaser to protect his/her interest of a property shortly after the option to purchase is exercised. The prices in 1998-Q4 are used as the base reference price of the index (i.e. the index for 1998-Q4 assumes a value of 100).The indices are compiled based on a Moving Average weight method, whereby the value of properties transacted in the past 12 quarters are used as weights.

In 2020, the price to income ratio for new sales of private non-landed residential units in Singapore was 15.4. This ratio, also known as the housing affordability ratio, meant that a median-income household in Singapore would need to save for at least 15.4 years to purchase a private non-landed home.

Singapore Median Price: Office Space: Central Area data was reported at 13,212.000 SGD/sq m in Dec 2018. This records an increase from the previous number of 12,904.000 SGD/sq m for Sep 2018. Singapore Median Price: Office Space: Central Area data is updated quarterly, averaging 10,309.000 SGD/sq m from Mar 1990 (Median) to Dec 2018, with 116 observations. The data reached an all-time high of 14,702.000 SGD/sq m in Sep 1996 and a record low of 6,773.000 SGD/sq m in Mar 2004. Singapore Median Price: Office Space: Central Area data remains active status in CEIC and is reported by Urban Redevelopment Authority. The data is categorized under Global Database’s Singapore – Table SG.EB003: Property Median Price.

Singapore Residential Property Transaction: Avg Price: Condominium: Central data was reported at 1,333.000 SGD/Unit th in Jul 2018. This records a decrease from the previous number of 1,936.440 SGD/Unit th for Jun 2018. Singapore Residential Property Transaction: Avg Price: Condominium: Central data is updated monthly, averaging 1,260.000 SGD/Unit th from Jan 1995 (Median) to Jul 2018, with 283 observations. The data reached an all-time high of 2,510.000 SGD/Unit th in Jul 1996 and a record low of 649.459 SGD/Unit th in Dec 1998. Singapore Residential Property Transaction: Avg Price: Condominium: Central data remains active status in CEIC and is reported by Urban Redevelopment Authority. The data is categorized under Global Database’s Singapore – Table SG.EB016: Private Residential Property Transaction.

• The Annual Value of the property is the estimated annual rent of the property if it were to be let, excluding the rent for furniture, fittings and service charge.
• Property Tax Collection excludes Contribution in-lieu of Property Tax, Compounding Fee and Fees & Licences.

The price per unit, at home is forecast to experience significant growth in all segments in 2027. This reflects the overall trend throughout the entire forecast period from 2020 to 2027. It is estimated that the price per unit, at home is continuously rising in all segments. In this regard, the Hard Seltzer, out of home segment achieves the highest value of 29.34 U.S. dollars in 2027. The Statista Market Insights cover a broad range of additional markets.

Singapore Median Rental: per Month: Retail Space: Fringe Area data was reported at 67.810 SGD/sq m in Sep 2018. This records a decrease from the previous number of 68.400 SGD/sq m for Jun 2018. Singapore Median Rental: per Month: Retail Space: Fringe Area data is updated quarterly, averaging 79.590 SGD/sq m from Mar 2011 (Median) to Sep 2018, with 31 observations. The data reached an all-time high of 81.780 SGD/sq m in Dec 2014 and a record low of 67.810 SGD/sq m in Sep 2018. Singapore Median Rental: per Month: Retail Space: Fringe Area data remains active status in CEIC and is reported by Urban Redevelopment Authority. The data is categorized under Global Database’s Singapore – Table SG.EB005: Property Median Rental. Median Rental is based on nominal price.

Singapore Median Rental: per Month: Private Residential: Non Landed data was reported at 36.520 SGD/sq m in Sep 2018. This records an increase from the previous number of 36.410 SGD/sq m for Jun 2018. Singapore Median Rental: per Month: Private Residential: Non Landed data is updated quarterly, averaging 35.325 SGD/sq m from Dec 1998 (Median) to Sep 2018, with 80 observations. The data reached an all-time high of 41.210 SGD/sq m in Sep 2013 and a record low of 22.180 SGD/sq m in Mar 2004. Singapore Median Rental: per Month: Private Residential: Non Landed data remains active status in CEIC and is reported by Urban Redevelopment Authority. The data is categorized under Global Database’s Singapore – Table SG.EB005: Property Median Rental. Median Rental is based on nominal price.

In the fourth quarter of 2024, the rental index for industrial property in Singapore was at 110.1. This was the highest value since the third quarter of 2018.

价格中位数：零售空间：电视接收边缘区在09-01-2018达11,730.000新加坡元/平方米，相较于06-01-2018的11,721.000新加坡元/平方米有所增长。价格中位数：零售空间：电视接收边缘区数据按季更新，03-01-2011至09-01-2018期间平均值为12,407.000新加坡元/平方米，共31份观测结果。该数据的历史最高值出现于06-01-2014，达13,041.000新加坡元/平方米，而历史最低值则出现于12-01-2017，为11,664.000新加坡元/平方米。CEIC提供的价格中位数：零售空间：电视接收边缘区数据处于定期更新的状态，数据来源于Urban Redevelopment Authority，数据归类于Global Database的新加坡 – 表 SG.E006：房产的中间价。

According to a survey by Rakuten Insight on dining out habits, 51 percent of Singaporean respondents stated that they usually spent between five to ten Singapore dollars on lunch. 23 percent of respondents stated that they spent between 11 to 15 Singapore dollars on lunch.