Three point four percent.

Private residential prices in Singapore rose 3.4 percent in 2025, the slowest full-year increase in five years, down from 3.9 percent in 2024. The final quarter added 0.7 percent. Read no further and the story is a market losing momentum.

Read one layer down and the story reverses. In that same fourth quarter, landed property rose 3.5 percent while non-landed prices slipped 0.1 percent, dragged by a 3.2 percent decline in the Core Central Region’s condominiums. The index is not slowing uniformly; it is splitting.

The landed segment’s strength is the most durable signal in Singapore residential. Landed homes cannot be built in meaningful numbers again; the stock is fixed at roughly 73,000 houses in a city of six million. Demand for them is overwhelmingly local, unleveraged at the top end, and generational in horizon. A 3.5 percent quarterly rise in that segment while the broader index crawls is concentration of conviction, the same pattern we documented in the Good Class Bungalow market.

The CCR condominium softness is equally legible. Foreign participation remains repriced by the sixty percent ABSD, and new prime launches are being absorbed by Singaporean buyers at Singaporean price points. The prime non-landed market is finding its domestic clearing level. This is not weakness; it is re-founding.

A year of 3.4 percent growth, delivered with falling interest rates, full employment and no speculative volume, is close to what a well-governed housing market is supposed to look like. Policymakers have spent two decades engineering precisely this: appreciation near income growth, flippers taxed out, holders undisturbed.

For our clients the reading is practical. The landed and prime-landed segments remain the market’s spine, and entry there is constrained by access rather than price. The CCR condominium segment, meanwhile, now offers the rare Singapore condition of a buyer’s position in the city’s best postcodes. Both facts can be true at once. In 2026, both are.

Zaiwealth advises on residential positioning across Singapore’s prime and landed markets.