2Q 2025 Landed Report: Price Surge As Landed Homebuying Demand Holds Firm

SINGAPORE, 14 August 2025 – “Landed home prices posted a second consecutive quarterly gain in 2Q 2025, rising 2.2% q-o-q, while sales volume dipped only slightly by 1.6%. The steady demand has been supported by condominium upgraders cashing in on recent non-landed price gains.

However, rising replacement costs have prompted landed owners to raise their asking prices, creating a pricing mismatch with buyers. This price gap is keeping some transactions from crossing the line, even as interest in the segment remains healthy,” said Marcus Chu, Chief Executive Officer (CEO), ERA Singapore.

Landed Property Price Index and Transactions

“The Landed Property Price Index rose 2.2% q-o-q in 2Q 2025, though it remained 1.0% lower on a year-on-year basis. Transaction volume eased, with 429 units changing hands – a 1.6% q-o-q and 8.7% y-o-y decline. This softening could be linked to higher landed home prices, which have priced out some condominium upgraders and buyers aiming to move into more central locations.

In recent years, landed home demand was largely driven by upgraders, particularly for properties below $5 million. Since early 2023, non-landed private home prices have climbed 12.9%, enabling many condominium owners to reap profits and consider upgrading. However, sustained demand has pushed landed prices higher, increasing replacement costs for existing owners. Many sellers have adjusted their asking prices upward, resulting in a pricing mismatch with buyers. This price gap has created some resistance in the market, keeping certain upgrader segments on the sidelines,” noted Chu.

Price Quantum

“In 2Q 2025, landed homes priced below $5 million continued to dominate sales, accounting for 58% of transactions (239 units). The $2.5-$5 million bracket remained the most active, making up 52.4% of all sales – a comfortable upgrade range for many condominium upgraders.

Conversely, the share of transactions for homes priced at $5 million and above eased to 45.9% (190 units), while ultra-luxury sales above $10 million slipped from 48 to 39 units. The moderation at the top end was driven more by a shortage of suitable listings than by a decline in demand.” Chu added.

Type of Properties

“Terrace house sales saw a notable uplift in 2Q 2025, rising 7.2% q-o-q to 298 transactions, with the momentum largely coming from the Rest of Central Region (RCR) and Outside Central Region (OCR) – segments popular among condominium upgraders.

In contrast, sales of semi-detached and detached homes declined by 11.4% and 13.5% respectively, as rising prices led some buyers to delay purchases or scale down to smaller homes or less central locations.” Chu said.

Purchasers Address Indicator

“Amid rising landed housing prices, the proportion of HDB owners upgrading to landed homes has continued to shrink – making up just 11% of landed buyers in 1H 2025, down from 14% in 2024 and 16% in 2023. While HDB resale prices have climbed for the 24th straight quarter, the significant price gap between public housing and landed properties continues to make such upgrades challenging for many households.” Chu added.

Conclusion

“Landed homes below the $5 million price segment are expected to remain resilient, supported by stable condo prices in the medium term.

In 1H 2025, 865 landed homes changed hands, with prices rising 2.6% from 4Q 2024. For the full year, ERA projects a 3-5% price increase and between 1,500 and 1,800 transactions.” Chu noted.

For media enquiries, please contact:

Lisha Rodney
Public Relations Manager, ERA Singapore

Email: [email protected]

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