Is Singapore Property Price Dropping?
- Whether prices are dropping depends on the segment — mass market, prime and landed diverge.
- Headline indices can mask segment-level moves.
- Focus on your specific property and timeline, not the overall number.
Are you holding back from buying, fearing a price drop? Is this the right moment, or is it wise to wait for a "Singapore property crash"? Here's an insight into the current dynamics.
Are Property Prices Dropping?
In Q3 2024, the URA reported a 1.1% decline in private home prices — the first dip in over a year, after prices rose 1.4% in Q1 2024.
| Segment | Q2 2024 | Q3 2024 | Q3 QoQ |
|---|---|---|---|
| All Residential | 206.1 | 203.8 | −1.1% |
| Landed | 243.8 | 234.5 | −3.8% |
| Non-Landed | 197.3 | 196.7 | −0.3% |
| CCR | 152.6 | 150.3 | −1.5% |
| RCR | 215.3 | 215.7 | +0.2% |
| OCR | 249.1 | 248.9 | −0.1% |
Q3 2024 is a flash estimate. Source: URA.
What's Causing the Decline?
Rising interest rates make mortgages more expensive; government cooling measures (higher ABSD, stricter loan limits) push some investors to rethink; limited land supply keeps a floor under prices; and general economic uncertainty makes buyers hesitant. But Singapore's cooling measures act as safety valves, stabilising prices rather than triggering a crash.
Historical Trends
The most notable declines came between 2014 and 2017 (prices dropped ~10% on stringent measures), after which the market rebounded nearly 50% from mid-2017 to 2023.
Will Prices Drop in 2025?
With GLS at elevated rates for prime locations and labour and materials up ~40%, developer margins are thin. For 2025, expect new-launch prices from ~$2,000 psf for most RCR, close to $3,000 for OCR, and $5,000 for prime/CCR. As most buyers are Singaporeans competing against each other, take-up may not be high, and the CCR/prime segments could stay muted — the resale market may be a more prudent option where the location is good.
Still a Smart Investment
Singapore remains an investment safe haven — long-term appreciation, a stable rental market and one of the world's highest occupancy rates. Private property offers higher yields, exclusivity and capital-appreciation potential, with cooling measures keeping the market from overheating. Before investing, evaluate your finances, understand loan eligibility, define your goals and seek expert advice.