Notwithstanding uncertain times, the real estate sector continues to provide opportunities to astute investors and buyers who take a long-term view on their property purchase. A home represents a large chunk of householdsʼ net worth, and residential properties remain a tool for wealth creation and preservation. We hope this report will offer value to consumers and industry partners alike in navigating a changing market.
Ismail Gafoor
Executive Chairman and CEO, PropNex
Executive Summary
Key Highlights
Key Findings from the 2025 PropNex Buyers Sentiment Survey
Real Estate Plans
Price Expectations
With Interest rates falling, how motivated are you to buy a new residential property?
GFA HARMONISATION
What is your housing budget?
Buyers Remain Price Conscious
Preferred Housing Type
Preferred Unit Type
Market Sentiment
1.1 Price Expectations
Table 1C: Private Housing Price Expectations In 2023 Vs 2025 Among Respondents
| Price Expectations | 2023 | 2025 |
|---|---|---|
| Expect prices to fall | 16.6% | 23.4% |
| Do not expect prices to fall | 83.4% | 76.6% |
Table 1D: HDB Resale Price Expectations In 2023 Vs 2025 Among Respondents
| Price Expectations | 2023 | 2025 |
|---|---|---|
| Expect prices to fall | 43.6% | 24.8% |
| Do not expect prices to fall | 56.4% | 75.2% |
1.2 Housing plans
Chart 1E : Housing Plans of Survey Respondents
1.3 Falling Interest Rates
Chart 1F : With falling interest rates, how motivated are you to buy a new home?
1.4 Thoughts on the Harmonisation of Gross Floor Area (GFA) Definitions
Chart 1G : Survey Respondents' Thoughts on GFA Harmonisation
There is a pool of buyers asking if it is the right time to enter the market given the run-up in home prices, and if prices would drop. The deciding factor is not to try to outguess the market, but whether they could stay invested for the long term, ensuring that their portfolio is well-diversified and they did not overcommit. Those who have done so can have a greater peace of mind regardless how the market moves in the short-term. The Singapore residential property market has proven to be resilient over time and we believe it will remain so.
Kelvin Fong
Deputy CEO, PropNex
What do Buyers like?
2.1 Thoughts About Current Home
Table 2A : Top 5 Most Popular Positive Attributes Of Current Residence Amongst Respondents
| Housing Attributes | Number of Responses | Proportion of Total Respondents (%) |
|---|---|---|
| Good location | 795 | 70.9% |
| Good transport connectivity | 624 | 55.7% |
| Spacious | 461 | 41.1% |
| Good physical condition | 407 | 36.6% |
| Commercial amenities in vicinity | 385 | 34.3% |
Table 2B : Top 5 Most Quoted Negative Attributes Of Current Residence Amongst Respondents
| Housing Attributes | Number of Responses | Proportion of Total Respondents (%) |
|---|---|---|
| Too Small | 316 | 28.2% |
| Far from place of work | 189 | 16.9%% |
| Too old/rundown | 159 | 14.2% |
| Location | 156 | 13.9% |
| No onsite facilities / amenities i.e. pool, gym, tennis court | 127 | 11.3% |
2.2 What Buyers Seek When They Buy A New Home
Table 2C: Top 5 Most Important Attributes Of Future Residences Amongst Respondents
| Housing Attributes | Number of Responses | Proportion of Total Respondents (%) |
|---|---|---|
| Close to MRT Station/Bus Interchange/Transport Hub | 491 | 43.8% |
| Price is reasonable and within budget | 358 | 31.9% |
| Property has the right amount of space | 95 | 8.5% |
| Close to primary schools | 50 | 4.5% |
| Close to commercial amenities | 37 | 3.3% |
Chart 2D : Housing Budget of Respondents Who Prioritise Affordable Pricing
2.2.1. Developed Towns And Mature Estates Remain Popular Locations
Table 2E: Top 5 Most Preferred Locations Amongst Respondents
| Location (District) | Number of Responses | Proportion of Total Respondents (%) |
|---|---|---|
| D15 / Katong, Joo Chiat, Amber Road | 111 | 9.9% |
| D19 / Serangoon Garden, Hougang, Punggol | 93 | 8.3% |
| D09 / Orchard, Cairnhill, River Valley | 70 | 6.2% |
| D20 / Bishan, Ang Mo Kio | 63 | 5.6% |
| D03 / Queenstown, Tiong Bahru | 57 | 5.1% |
Table 2F: Current Place Of Residence Of Survey Respondents By Districts
| Location (District) | Number of Responses | Proportion of Total Respondents (%) |
|---|---|---|
| D19 / Serangoon Garden, Hougang, Punggol | 200 | 19.6% |
| D18 / Tampines, Pasir Ris | 93 | 8.3% |
| D23 / Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang | 84 | 7.5% |
| D27 / Yishun, Sembawang | 71 | 6.3% |
| D20 / Bishan, Ang Mo Kio | 70 | 6.2% |
| D12 / Balestier, Toa Payoh, Serangoon | 69 | 6.2% |
| D16 / Bedok, Upper East Coast, Eastwood | 63 | 5.6% |
| D22 / Jurong | 60 | 5.4% |
| D15 / Katong, Joo Chiat, Amber Road | 52 | 4.6% |
| D03 / Queenstown, Tiong Bahru | 38 | 3.4% |
| D21 / Upper Bukit Timah, Clementi Park, Ulu Pandan | 35 | 3.1% |
| D10 / Ardmore, Bukit Timah, Holland Road, Tanglin | 35 | 3.1% |
| D28 / Seletar | 33 | 2.9% |
| D05 / Pasir Panjang, Hong Leong Garden, Clementi New Town | 30 | 2.7% |
| D14 / Geylang, Eunos | 28 | 2.5% |
| D13 / Macpherson, Braddell | 23 | 2.1% |
| D17 / Loyang, Changi | 17 | 1.5% |
| D04 / Telok Blangah, Harbourfront | 17 | 1.5% |
| D25 / Kranji, Woodgrove | 16 | 1.4% |
| D26 / Upper Thomson, Springleaf | 13 | 1.2% |
| D11 / Watten Estate, Novena, Thomson | 12 | 1.1% |
| D09 / Orchard, Cairnhill, River Valley | 11 | 1.0% |
| D08 / Little India | 9 | 0.8% |
| D02 / Anson, Tanjong Pagar | 6 | 0.5% |
| D01 / Raffles Place, Cecil, Marina, People's Park | 6 | 0.5% |
| D24 / Lim Chu Kang, Tengah | 5 | 0.4% |
| D06 / High Street, Beach Road (part) | 2 | 0.2% |
| D07 / Middle Road, Golden Mile | 2 | 0.2% |
2.2.2. Aspirations Towards Upgrading Waned Slightly
Table 2G: Property Type Preference Amongst Respondents Based On Current Property Type
| Current Property Type | Preferred Property Type | |||
|---|---|---|---|---|
| Resale HDB | New Launch Condo/EC | Resale Condo/EC | Resale Landed | |
| HDB Flat | 18.3% | 46.5% | 31.5% | 3.7% |
| Private Non-landed | 7.0% | 48.5% | 35.2% | 9.3% |
| Private landed | 6.3% | 40.9% | 34.6% | 18.1% |
| Overall | 12.1% | 46.7% | 33.5% | 7.7% |
Table 2H: Property Type Preference Amongst Respondents (2023 Vs 2025)
| Preferred Property Type | 2023 Buyer Sentiment Survey | 2025 Buyer Sentiment Survey |
|---|---|---|
| Resale HDB | 7.8% | 12.1%% |
| New Launch Condo/EC | 51.0% | 46.7% |
| Resale Condo/EC | 33.8% | 33.5% |
| Resale Landed | 7.4% | 7.7% |
Table 2I: Median transacted price of non-landed private homes, EC units and resale HDB flats in 2023 vs 2025
| Median Transacted Price ($) | 2023 | 2025* | % Change |
|---|---|---|---|
| New Launch Non-landed | $1,981,000 | $1,989,000 | +0.4% |
| Resale Non-landed | $1,500,000 | $1,650,000 | +10.0% |
| New Launch EC | $1,447,000 | $1,570,000 | +8.5% |
| Resale EC | $1,320,000 | $1,482,500 | +12.3% |
| Resale HDB^ | $550,000 | $625,000 | +13.6% |
2.2.3. Spacious Homes And Larger Unit Types Still Popular
Table 2K: Living Space Preference Of Respondents Based On Housing Budget
| Housing Budget | Preferred Living Space by sq ft | |||
|---|---|---|---|---|
| 600-800 sq ft | 800-1,000 sq ft | 1,000-1,200 sq ft | 1,200-1,400 sq ft | |
| Below $1 million | 33.8% | 33.8% | 21.6% | 19.4% |
| $1 mil - $1.5 mil | 39.7% | 28.7% | 29.2% | 17.7% |
| $1.5 mil - $2 mil | 21.9% | 29.8% | 29.9% | 33.7% |
| $2 mil - $3 mil | 4.6% | 7.4% | 17.2% | 23.4% |
| $3 mil - $5 mil | 0.0% | 0.4% | 2.1% | 5.7% |
| TOTAL | 100% | 100% | 100% | 100% |
Chart 2L: Unit type preference of respondents who preferred condo/EC (new and resale)
Table 2M: Housing Budgets Vs Unit Type Preferences Of Respondents Who Preferred Condo/EC
| Housing Budget | Small Unit Types (Studio and 1-Bedroom) |
Medium Unit Types (2-, 3-bedroom) |
Large Unit Types (4-, 5-bedroom, penthouse) |
|---|---|---|---|
| Below $1million | 67.3% | 18.8% | 15.1% |
| $1 mil - $1.5 mil | 25.5% | 33.8% | 15.1% |
| $1.5 mil - $2 mil | 7.3% | 32.5% | 34.6% |
| $2 mil - $3 mil | - | 12.9% | 27.9% |
| $3 mil - $5 mil | - | - | 7.3% |
| TOTAL | 100% | 100% | 100% |
Budget and Housing Type
Table 3A: Housing Budget of Survey Respondents
| Housing Budget Range (S$) | Proportion of Survey Respondents | Current Place of Residence of Respondents | ||
|---|---|---|---|---|
| HDB | Private Non-landed | Private Landed | ||
| Below $1 million | 27.9% | 72.2% | 21.7% | 6.1% |
| $1 million to <$1.5 million | 25.2% | 53.9% | 37.2% | 8.9% |
| $1.5 million to < $2 million | 26.9% | 34.9% | 52.5% | 12.6% |
| $2 million to <$3 million | 13.6% | 15.1% | 67.8% | 17.1% |
| $3 million to <$5 million | 5.3% | 18.6% | 59.3% | 22.0% |
| $5 million to <$10 million | 1.0% | 27.3% | 36.4% | 36.4% |
| Over $10 million | 0.3% | 0.0% | 33.3% | 66.7% |
| TOTAL | 100% | - | - | - |
Table 3B: Price Range Of New Sale And Resale Private Non-Landed Units
And Executive Condominiums In 2024 And 5M 2025
| Price Range (S$) | New Sale | Resale | ||
|---|---|---|---|---|
| Non-Landed (incl. Apartments & Condos) | Executive Condominiums | Non-Landed (incl. Apartments & Condos) | Executive Condominiums | |
| Below $1 million | 0.4% | 0.0% | 14.4% | 4.7% |
| $1 million to <$1.5 million | 15.3% | 40.0% | 28.5% | 55.9% |
| $1.5 million to <$2 million | 31.6% | 48.2% | 24.7% | 35.3% |
| $2 million to <$3 million | 38.3% | 11.9% | 21.5% | 3.9% |
| $3 million to <$5 million | 12.9% | 0.0% | 8.6% | 0.1% |
| $5 million to <$10 million | 1.2% | 0.0% | 2.0% | 0.0% |
| Over $10 million | 0.2% | 0.0% | 0.2% | 0.0% |
Table 3B: Price Range Of New Sale And Resale Private Non-Landed Units
And Executive Condominiums In 2024 And 5M 2025
| Price Range (S$) | CCR | RCR | OCR | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 21 Anderson | Aurea | The Orie | Bloomsbury Residences | One Marina Gardens | Bagnall Haus | Parktown Residences | ELTA | Lentor Central Residences | Aurelle of Tampines (EC) | |
| Below $1 million | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.5% | 0.0% |
| $1 million to <$1.5 million | 0.0% | 0.0% | 6.5% | 27.0% | 48.7% | 8.9% | 21.4% | 15.2% | 16.4% | 20.1% |
| $1.5 million to <$2 million | 0.0% | 40.0% | 37.9% | 50.4% | 12.2% | 43.3% | 40.1% | 40.5% | 44.8% | 60.4% |
| $2 million to <$3 million | 0.0% | 20.0% | 32.4% | 20.4% | 29.9% | 31.1% | 32.6% | 37.2% | 33.0% | 19.5% |
| $3 million to <$5 million | 0.0% | 20.0% | 23.2% | 1.5% | 9.2% | 16.7% | 5.9% | 7.0% | 4.3% | 0.0% |
| $5 million to <$10 million | 20.0% | 20.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Over $10 million | 80.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| TOTAL | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
We expect private home prices to remain supported through 2025, and likely into 2026, as the elevated construction costs and land prices will dictate selling prices. In recent government land sales tenders, a couple of mass market private residential sites in Bayshore Road and Lakeside Drive have fetched relatively high land prices, which will certainly push up the average transacted prices in the OCR when they are launched for sale. This, in turn may potentially influence prices in the RCR and CCR.
Kelvin Fong
Deputy CEO, PropNex
3.1 Housing Budget and Preferred Property Type
Table 3D: Housing Budgets Vs Property Type Preferences of Respondents
| Housing Budget | Preferred Property Type | |||
|---|---|---|---|---|
| Resale HDB | New Launch Condo/EC | Resale Condo/EC | Resale Landed | |
| Below $1 million | 86.0% | 24.6% | 16.0% | 8.1% |
| $1 mil - $1.5 mil | 7.4% | 25.8% | 34.9% | 7.0% |
| $1.5 mil - $2 mil | 6.6% | 31.3% | 31.5% | 11.6% |
| $2 mil - $3 mil | 0.0% | 15.6% | 14.4% | 18.6% |
| $3 mil - $5 mil | 0.0% | 2.7% | 3.2% | 38.4% |
| Over $5 million | 0.0% | 0.0% | 0.0% | 16.3% |
| TOTAL | 100% | 100% | 100% | 100% |
3.2 Which Property Would You Buy With a $1.5 Million Budget?
Table 3E: Survey Respondentsʼ Choice Of Property Given a $1.5 Million Budge
| Property Choices | Number of Respondents | Proportion of Respondents |
|---|---|---|
| $1.5 million OCR resale private condo, 3-bedroom unit, approx. 1,200 sq ft | 386 | 34.4% |
| $1.5 million new executive condo (EC) 3-bedroom unit, approx. 900 sq ft | 275 | 24.5% |
| $800,000 HDB Prime BTO 4-room Flat, with 10-year MOP, approx. 900 sq ft | 208 | 18.6% |
| $1.5 million OCR new private condo, 2-bedroom unit, approx. 700 sq ft | 133 | 11.9% |
| $1.4 million HDB Resale 5-room Flat, mature estate, with 5-year MOP, approx. 1,200 sq ft | 119 | 10.6% |
| TOTAL | 1,121 | 100.0% |
3.3 How much Premium for a Unit on a Higher Floor?
Table 3F: Price premium that respondents are willing to pay per floor for a unit on higher levels
| Floor Premium Range (S$) | 11th to 20th floor | Above 20th floor | ||
|---|---|---|---|---|
| Number of respondents | Proportion of respondents | Number of respondents | Proportion of respondents | |
| Less than $5,000 | 163 | 14.5% | 154 | 13.7% |
| $5,000 to <$10,000 | 595 | 53.1% | 219 | 19.5% |
| $10,000 to <$25,000 | 150 | 13.4% | 418 | 37.3% |
| $25,000 to <$50,000 | 104 | 9.3% | 163 | 14.5% |
| Above $50,000 | 97 | 8.7% | 157 | 14.0% |
| Others (e.g Unsure) | 12 | 1.1% | 10 | 0.9% |
| TOTAL | 1,121 | 100.0% | 1,121 | 100.0% |
3.4 Home Financing Options
Table 3G: Source of Financing for Respondents
| Source of Financing | Number of Responses* | Proportion of Respondents* |
|---|---|---|
| Personal savings and CPF monies | 744 | 66.4% |
| Home loan from a bank | 694 | 61.9% |
| Profit from sale of an existing home | 414 | 36.9% |
| Income from investments | 219 | 19.5% |
| Home loan from HDB (for HDB flats) | 117 | 10.4% |
| Financial help from family members (e.g. parents) | 79 | 7.0% |
| TOTAL | 2,267* | - |
3.4.1 Affordability
Table 3H: Simulation on Private Housing Affordability based on Monthly Household Income
| Gross Monthly Household Income | Monthly loan payment ceiling (Based on TDSR 55%) | Max. Loan Amount (Based on TDSR interest rate floor 4%, and loan tenure of 30 years) | Max. Property Amount (Based on LTV 75%) |
|---|---|---|---|
| $8,000 | $4,400 | $921,629 | $1,228,839 |
| $10,000 | $5,500 | $1,152,037 | $1,536,049 |
| $12,000 | $6,600 | $1,382,444 | $1,843,259 |
| $14,000 | $7,700 | $1,612,852 | $2,150,469 |
| $16,000 | $8,800 | $1,843,259 | $2,457,679 |
| $18,000 | $9,900 | $2,073,666 | $2,764,888 |
3.5 Property Ownership
Chart 3I: Property ownership status of survey respondents
Chart 3J: Number of properties owned by survey respondents
Outlook and Recommendations
4.1 Market Outlook
Many prospective buyers have to navigate a tangle of uncertainties and challenges, including concerns about affordability and perhaps a case of “choice paralysis”, as they decide between the various housing options before them, such as a new launch condo, a new EC for those who are eligible to buy it, a resale private home, an HDB resale flat or even a new Build-to-Order HDB flat. Each segment offers different value propositions. PropNex salespersons are equipped with powerful tech tools and market data to help buyers assess the opportunities and deliver results that matter to their clients.
Ismail Gafoor
Executive Chairman and CEO, PropNex
4.2 Recommendations for Buyers and Sellers
Table 3H: Simulation on Private Housing Affordability based on Monthly Household Income
| Buyers / Investors | Sellers |
|---|---|
| Do not overcommit on a property purchase. Always take a long-term view and buy within one’s means; have at least six months of reserve funds to cover mortgage payments and expenses in the event of emergencies or job loss. | Lay out next steps before selling the property, whether it is purchasing a replacement home, or leasing an apartment in the interim. Make sure plans are lined up and finances thought through before selling. |
| Instead of saving up for the ultimate dream home, consider buying what one can reasonably afford first and gradually work towards the dream property. Get a foothold in the market first, or risk being priced out in the future due to inflation and price growth. | Do not underestimate the benefits of appointing an agent to sell the property. They tend to have a wider network of potential buyers, are able to market the unit on various platforms, help to vet and filter interested parties, and are familiar with the transaction process. |
| Have an honest review of one’s housing needs, and evaluate key priorities and life goals. Having a plan already drawn up may enable prospective buyers to better take advantage of opportunities when they arise. Consider speaking with a real estate salesperson about your plans. | Understand the prevailing market trends and transacted prices, and set a realistic asking price. If a property is overpriced, it may be on the market for a long time (overexposed) which may lead to a loss of buyer interest. If it is underpriced, then the seller will lose out. |
| Resist being caught up with FOMO, or be swayed by news headlines. Do proper due diligence, assessing recent transacted prices in the locale, demand and supply dynamics, and any upcoming development plans for the area. | Some owners could be chasing a “sell-high-buy-low” scenario. It will rarely work in their favour as the price of the property that they are eyeing may also climb in a rising market, where sentiment is strong. |
| Have an exit plan in mind, be it an intention to sell after a certain holding period, or when capital appreciation hits a certain threshold. The property could also be for own use over the long-term, or kept as an income-generating asset, and eventually handed to future generations. | In cases where owners of multiple residential properties wish to divest an investment property to reap capital gains, they should be mindful that they will have to pay the ABSD in the future if they want to purchase another residential unit for investment. |
Annex
Profile of Survey Respondents
Annex 1: Age Group of Survey Respondents
| Age Group | Number of Respondents | Proportion of Respondents |
|---|---|---|
| Below 21 years old | 11 | 1.0% |
| 21–30 years old | 104 | 9.3% |
| 31–40 years old | 306 | 27.3% |
| 41–50 years old | 346 | 30.9% |
| 51–60 years old | 226 | 20.2% |
| Above 60 years old | 128 | 11.4% |
| TOTAL | 1,121 | 100.0% |
Annex 2: Household Income Range of Survey Respondents
| Household Income Range (S$) | Number of Respondents | Proportion of Respondents |
|---|---|---|
| Below $10,000 | 448 | 40.0% |
| $10,000 – $16,000 | 300 | 26.8% |
| $16,000 – $20,000 | 143 | 12.8% |
| Above $20,000 | 230 | 20.5% |
| TOTAL | 1,121 | 100.0% |
Annex 3: Nationality of Survey Respondents
| Nationality by Residential Status | Number of Respondents | Proportion of Respondents |
|---|---|---|
| Singapore Citizens | 1,005 | 89.7% |
| Singapore Permanent Resident (SPR) | 99 | 8.8% |
| Non-Resident / Foreigner | 17 | 1.5% |
| TOTAL | 1,121 | 100.0% |
Annex 4: Occupation of Survey Respondents
| Occupation Category | Number of Respondents | Proportion of Respondents |
|---|---|---|
| PMET (Professional, Managerial, Executive, Technical) | 645 | 57.5% |
| Self-employed | 280 | 25.0% |
| Unemployed / Retired | 126 | 11.2% |
| Clerical / Services / Retail | 50 | 4.5% |
| Freelancer | 20 | 1.8% |
| TOTAL | 1,121 | 100.0% |
Annex 5: Household Size of Survey Respondents
| Household Size | Number of Respondents | Proportion of Respondents |
|---|---|---|
| 1 person | 79 | 7.0% |
| 2 persons | 238 | 21.2% |
| 3 persons | 208 | 18.6% |
| 4 persons | 304 | 27.1% |
| 5 persons | 162 | 14.5% |
| 6 persons | 84 | 7.5% |
| Above 6 persons | 46 | 4.1% |
| TOTAL | 1,121 | 100.0% |
Annex 6: Summary Of Cooling Measures From December 2021
| Date | Measures |
|---|---|
| 16 December 2021 |
|
| 30 September 2022 |
|
| 27 April 2023 |
|
| 20 August 2024 |
|
| 4 July 2025 |
|
Research
Wong Siew Ying
Head of Research and Content
Jean Choo
Senior Research Analyst
Leeann Chan
Research Analyst
Corporate Communications & Business Development
Fazilla Nordin
Assistant Director
Clarissa Yeo
Manager
Victoria Koh
Executive
PropNex Realty (A subsidiary of PropNex Limited)
480 Lorong 6 Toa Payoh #10-01 HDB Hub East Wing Singapore 310480
Main : (65) 6820 8000
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