Singapore Property Market 2025: How Much Salary Do You Need to Buy Your Dream Home

Table of Contents

• The State of the Property Market in 2025
• HDB Resale Flats – Still the Most Affordable Option
  • HDB 3‑Room, 4‑Room, 5‑Room and Executive Flats
  • Downpayment and Monthly Repayment
  • Who Buys HDB Flats?
• Executive Condominiums (ECs) – A Stepping Stone to Private Property
• Private Condominiums – OCR, RCR and CCR
  • Condominium Prices in 2025
  • New Launch vs Resale Condos
  • Eligibility and Taxes
• Landed Properties – Terrace, Semi‑Detached and Bungalows
• Good Class Bungalows – The Pinnacle of Luxury
• Financing Tips and Considerations
• Conclusion

Singapore’s housing landscape is among the most complex and dynamic in the world. With demand from citizens, permanent residents, and foreign buyers, combined with government policies aimed at keeping housing affordable, prices move quickly and can seem daunting to first‑time buyers. In this article, we break down how much money you need to buy different types of property in Singapore in 2025, explain the latest trends driving prices, and provide insight into downpayments, monthly repayments and the salary requirements for each housing category.

The State of the Property Market in 2025

Singapore’s property market has shown resilience despite global economic uncertainties. The Urban Redevelopment Authority (URA) reported that private home prices increased by 0.8 % in Q1 2025 and held steady in Q2, indicating stable demand and limited supply. Meanwhile, the HDB resale market continued its gradual rise. Property analysts expect prices to grow between 3 % and 5 % this year, partly due to low unsold inventory and the draw of homes near new MRT lines and amenities.

Cooling measures introduced in April 2023 continued to influence buyer behaviour. The Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on second and subsequent property purchases, and the Total Debt Servicing Ratio (TDSR) limit of 55 % of a borrower’s gross monthly income, dampened speculative activity. Mortgages for public housing remain subject to the Mortgage Servicing Ratio (MSR), which restricts housing loan repayments to 30 % of household income, ensuring buyers do not over‑stretch themselves. The income ceiling for purchasing Executive Condominiums (ECs) is still S$16,000 per month.

*Monthly repayments assume a 25‑year tenure at 2.6 % interest for HDB loans and 2.5 % for ECs and private properties.

Household income thresholds reflect the Mortgage Servicing Ratio (MSR) for HDB flats (30 % of income) and the Total Debt Servicing Ratio (TDSR) for Resale ECs and private properties (55 % of income).

HDB Resale Flats – Still the Most Affordable Option

HDB 3‑Room, 4‑Room, 5‑Room and Executive Flats

For many Singaporeans, Housing & Development Board (HDB) flats remain the first rung on the property ladder. In March 2025, resale prices differed by flat type and location. PropertyNet’s research shows that the average 3‑room resale flat sold for about S$479,803 in mature estates and S$444,728 in non‑mature towns, giving a mid‑point of ≈S$462k. A 4‑room resale flat averaged S$766,437 in mature estates and S$608,880 in non‑mature ones. Five‑room flats saw averages of S$891,473 (mature) and S$709,408 (non‑mature). Executive flats averaged ≈S$916,206 (mid‑point between S$989,142 and S$843,269).

Downpayment and Monthly Repayment

HDB loans require a 25 % down payment, which can be financed with CPF savings. Using a 25‑year tenure at 2.6 % interest, monthly repayments are manageable: roughly S$1,573 for a 3‑room flat, S$2,340 for a 4‑room, S$2,724 for a 5‑room, and S$3,117 for an executive flat. Under the MSR, housing repayments cannot exceed 30 % of household income, so the minimum monthly household income needed is around S$5,243 for a 3‑room flat, S$7,799 for a 4‑room, S$9,078 for a 5‑room, and S$10,391 for an executive flat. These figures demonstrate that HDB flats remain the most accessible housing type.

Who Buys HDB Flats?

Young families, singles aged 35 and above, and even some retirees choose HDB flats for their affordability and proximity to amenities. HDB flats also enjoy generous subsidies through the Enhanced CPF Housing Grant and the Proximity Housing Grant, reducing the effective cost. However, buyers should note that resale flats older than 30 years may have shorter remaining leases, which can affect financing and resale value. Additionally, only Singapore citizens and permanent residents can purchase HDB flats; foreigners are not eligible.

Executive Condominiums (ECs) – A Stepping Stone to Private Property

ECs are hybrid developments: they are built and sold by private developers but subjected to HDB’s rules for the first 10 years. After the Minimum Occupation Period (MOP) of five years, they can be sold to Singapore citizens and permanent residents, and after 10 years, to foreigners. The key attraction is the price – ECs typically cost 20 %–30 % less than comparable private condos.

Our analysis of recent EC launches indicates that new units in 2025 are priced around S$1.3 million. Under the Mortgage Servicing Ratio rules, a dual‑income household earning S$16,000 (the EC income ceiling) can only service a loan of about S$910,000. With a purchase price of S$1.3 million, the down payment is S$325,000, leaving S$975,000 to be financed through a bank loan. Using a 25‑year tenure at 2.5 %, monthly repayment is roughly S$4,374, requiring a household income of ≈S$7,953 (with TDSR cap of 55 %).

ECs appeal to sandwich‑class families—households whose incomes exceed the HDB Build‑to‑Order income ceiling but who still find private condos expensive. EC developments often offer facilities similar to condominiums (pools, gyms, security) at a lower price point. Buyers must be Singapore citizens and at least one applicant must be a citizen; permanent residents can join as co‑applicants. Keep in mind that ECs are subject to HDB resale restrictions until the 10th year.

Private Condominiums – OCR, RCR and CCR

Singapore’s private condominiums are categorised by region: Outside Central Region (OCR), Rest of Central Region (RCR), and Core Central Region (CCR). OCR condos are generally suburban, RCR properties are city‑fringe, and CCR homes occupy prime districts such as Orchard and Marina Bay.

Condominium Prices in 2025

PropertyNet’s analysis of transaction data shows that price growth in the RCR and OCR has outpaced the CCR over the past five years. The average new‑launch price in Q1 2025 is about S$2,844 psf in the CCR, S$2,886 psf in the RCR, and S$2,539 psf in the OCR. Median PSF values are slightly lower—$2,554 psf for CCR, $2,716 psf for RCR, and $2,386 psf for OCR—but the gap is narrowing, as RCR launches approach CCR levels.

Using typical unit sizes (≈775 sq ft for OCR and RCR; ≈1,000 sq ft for CCR), an OCR condo now costs roughly S$1.97 million, an RCR condo S$2.10 million, and a CCR condo S$2.84 million. Downpayments start at about S$492,000 for an OCR unit and S$711,000 for a CCR unit. With a bank loan at 2.5 % over 25 years, monthly repayments range from S$6,621 (OCR) to S$9,569 (CCR), requiring household incomes of ≈S$12,038 and ≈S$17,398, respectively.

New Launch vs Resale Condos

Our research finds that new launch condos carry a premium price per square foot (PSF) because of modern amenities and developer marketing. In 2025, new launch OCR condos average S$2,100–$2,300 psf, while RCR units may exceed S$2,600 psf. Resale condos, on the other hand, transact at S$1,800–$2,400 psf, offering a more affordable entry point. Homebuyers thus need to decide between paying more for a brand‑new unit or saving money with resale.

Eligibility and Taxes

Foreigners can purchase private condos but must pay the Additional Buyer’s Stamp Duty (ABSD) of 60 % on top of the standard buyer’s stamp duty. Singapore citizens and permanent residents buying a second or subsequent property also pay ABSD at lower rates. Investors should factor these taxes into their budgets as they significantly raise the cost of acquisition.

Landed Properties – Terrace, Semi‑Detached and Bungalows

Landed homes offer more space and privacy but come at a premium. They include terrace houses (inter‑terraces and corner terraces), semi‑detached houses, and detached bungalows. The market for landed properties was buoyant in 2024; transaction volumes rose 34 % year‑on‑year. PropertyNet’s research found that average terraced homes sold for S$4.3 million, semi‑detached homes for S$6.5 million, and detached homes for S$11.7 million in 2024.

Assuming a modest 4 % price increase for 2025, the typical terrace house now costs around S$4.47 million, semi‑detached houses S$6.76 million, and detached bungalows S$12.17 million. Downpayments are substantial—S$1.12 million for a terrace and S$3.04 million for a bungalow. Monthly repayments over 25 years at 2.5 % are roughly S$15,047 (terrace), S$22,745 (semi‑detached), and S$40,941 (bungalow). To stay within the 55 % TDSR limit, households need monthly incomes of ≈S$27,357, ≈S$41,354, and ≈S$74,438, respectively.

Landed properties are freehold in many cases and thus serve as long‑term assets. However, they come with maintenance costs and are exposed to property tax hikes. Buyers should consider whether they need the space and whether the location suits their lifestyle.

Good Class Bungalows – The Pinnacle of Luxury

Good Class Bungalows (GCBs) are the most exclusive residences in Singapore. To qualify as a GCB, a property must sit on at least 1,400 m² of land and cannot occupy more than 45 % of the plot. There are only about 2,800 GCB plots in 39 designated zones, primarily in prime districts 10 and 11. Because supply is so limited, prices remain high.

PropertyNet’s research indicates that GCB prices start from around S$25 million and can reach S$100 million or more, depending on location and build quality. In the first nine months of 2024, 17 GCB transactions were recorded with a total value of S$827 million, implying an average price of ≈S$48 million. Buyers typically need a down payment of about S$12 million, with monthly repayments well above S$160,000 and household incomes of ≈S$298,000 to satisfy the TDSR. GCB ownership is restricted to Singapore citizens, and buyers must obtain approval from the Land Dealings (Approval) Unit.

Financing Tips and Considerations

1. Know Your Loan Limits. Under the TDSR, your total debt obligations (including car loans, credit cards, and other loans) cannot exceed 55 % of your gross monthly income. For HDB buyers, the MSR (30 %) applies to the housing loan portion.
2. Choose the Right Loan Tenure. A longer loan tenure reduces monthly repayments but increases total interest paid. HDB loans are capped at 25 years; bank loans for ECs and private properties can extend to 30 years, but a 25‑year tenure is often used in affordability calculations.
3. Interest Rates Matter. HDB loans are pegged at 2.6 %, while bank loans are floating and currently hover around 2.5 %. Rising interest rates will increase repayments; consider locking in a fixed rate if you expect rates to climb.
4. Factor in Additional Costs. Buyer’s stamp duty, ABSD, legal fees, renovation and furnishing costs can add tens of thousands of dollars to the purchase price. When calculating affordability, include these expenses.
5. Plan for the Long Term. Real estate is a long‑term investment. Choose a home that suits your family’s plans for at least five years and consider proximity to workplaces, schools and amenities.

Conclusion

Singapore’s property market in 2025 presents opportunities across different housing categories. HDB resale flats remain the most attainable, with prices from around S$462,000 and household income requirements starting at just over S$5,000. Executive Condominiums bridge the gap between public and private housing, offering condominium‑level amenities at roughly S$1.3 million. Private condos have seen the steepest price growth in the RCR and OCR regions, narrowing the gap with the CCR, and now range from S$1.97 million to S$2.84 million for typical units. Landed homes continue to attract affluent buyers, while Good Class Bungalows remain rare trophies reserved for the ultra‑rich.

Whatever your budget or ambitions, the key is careful financial planning. Understand the MSR and TDSR rules, compute your down payment and monthly repayments, and account for taxes and other costs. With prudent preparation, you can navigate the 2025 property market and find a home that aligns with your lifestyle and financial goals.

🚀 Stay Ahead in the Property Market!

Be the first to receive exclusive updates, launch reviews, insider deals, and real-time alerts — directly on your preferred app.

👉 Join our community now:

🌐 Spread Knowledge. Share with Others.

Click any of the icons below to share this content with those who may benefit from it.