
Study Period | 2020 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Market Size (2025) | USD 49.64 Billion |
Market Size (2030) | USD 68.24 Billion |
CAGR (2025 - 2030) | 6.57 % |
Market Concentration | Low |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Singapore Real Estate Market Analysis
The Singapore Real Estate Market size is estimated at USD 49.64 billion in 2025, and is expected to reach USD 68.24 billion by 2030, at a CAGR of 6.57% during the forecast period (2025-2030).
Singapore's real estate market is experiencing a notable shift in rental dynamics, with the Urban Redevelopment Authority (URA) rental index for private dwellings showing a progressive moderation throughout 2023. The Singapore rental market witnessed rental increases of 7.2% in the first quarter, followed by 2.8% in the second quarter, and a more modest 0.8% in the third quarter of 2023, indicating a gradual stabilization of the rental market. The leasing market has demonstrated robust activity, with a total of 17,199 ready new homes, comprising 15,883 private homes and 1,316 executive condominiums, entering the market between January and September 2023. This substantial supply injection has helped address housing demand while contributing to market equilibrium.
The office sector is undergoing a significant transformation, driven by evolving workplace preferences and the growing influence of technology companies. Major occupiers are increasingly exploring locations beyond the traditional city center, implementing strategic changes to their real estate footprint to accommodate less dense working environments and enhance talent attraction. The Core CBD Grade A office segment has shown remarkable resilience, with rental rates growing by 6.9% in 2022, reflecting the sustained demand for premium office spaces despite the shift in workplace dynamics.
The industrial and logistics real estate segment continues to demonstrate strong fundamentals, supported by robust demand from e-commerce, manufacturing, and supply chain sectors. Prime logistics facilities have maintained healthy occupancy rates, with rental growth reaching 5% in 2022, driven by limited supply and strong demand from various industrial sectors. The warehouse sector remains particularly tight, with new developments focusing on modern specifications and sustainable features to meet evolving tenant requirements.
The hospitality real estate sector is experiencing renewed momentum, bolstered by strategic government initiatives aimed at revitalizing tourism. The Singapore Tourism Board's launch of the BOOST (Building On Opportunities to Strengthen Tourism) initiative, with a substantial investment of USD 90 million, represents a significant commitment to strengthening the tourism sector. This program, coupled with the revival of business travel, meetings, incentive travel, conventions, and exhibitions (BTMCE), is creating new opportunities for hotel real estate development and investment, particularly in key tourist districts and business hubs.
Singapore Real Estate Market Trends
Strong Government Land Sales and Development Initiatives
The Singapore real estate market is significantly driven by robust government land sales (GLS) and strategic development initiatives. In 2023, GLS investments demonstrated remarkable growth, contributing USD 7.8 billion to the market, representing a substantial 40% increase from the previous year. The government's proactive approach is evident in the award of 14 GLS sites throughout 2023, with four significant sites materialized in the fourth quarter alone, amounting to USD 2.9 billion. This systematic release of land parcels has created sustainable development opportunities while maintaining market stability.
The Urban Redevelopment Authority's (URA) master plan amendments have further catalyzed market growth through strategic rezoning initiatives. A prime example is the January 2024 announcement of the Kembangan MRT station residential project, where nearly 2 hectares of land were rezoned for residential development with an increased plot ratio of 3.2. This transformation from mixed-use to exclusively residential development, potentially allowing for structures exceeding 36 stories, demonstrates the government's commitment to maximizing land utility while addressing housing demands. Such initiatives not only create new housing opportunities but also enhance the overall urban landscape through integrated development approaches.
Resilient Property Valuations and Market Stability
Singapore's real estate market demonstrates exceptional resilience through consistent price appreciation and stable demand patterns. The market has maintained an impressive streak of price increases for twelve consecutive quarters, with the last quarter of 2023 recording a 2.7% increase compared to the previous quarter. This sustained growth trajectory stands in stark contrast to other global property markets, particularly in cities like Hong Kong and London, where property values have experienced significant downward pressure due to various economic factors.
The market's stability is further reinforced by strong buyer sentiment, as evidenced by the surge in housing sales to a six-month high in March 2023, despite challenging global economic conditions including rising interest rates and inflation. The resilience is particularly notable in the private housing sector, where apartments continue to command premium values of approximately SGD 3,000 per square foot in central regions. This sustained value appreciation, coupled with buyer resistance to adverse economic factors, underscores the market's fundamental strength and its appeal as a stable investment destination. The Singapore property price forecast suggests continued resilience, further supporting the market's reputation as a secure investment.
Strategic Urban Planning and Infrastructure Development
Singapore's real estate market growth is substantially driven by comprehensive urban planning and strategic infrastructure development initiatives. This is exemplified by significant mixed-use developments such as the Tampines Avenue 11 project, secured through a landmark SGD 1.2 billion investment by CapitaLand Development and UOL Group. The project's scope, encompassing 1,190 new homes and 13,600 square meters of commercial space, demonstrates the market's commitment to creating integrated living environments that combine residential, commercial, and community spaces.
The integration of real estate developments with transportation infrastructure has emerged as a key market driver, as evidenced by projects like the Kembangan MRT station residential development. These initiatives not only enhance property values but also create sustainable urban communities through the incorporation of neighborhood parks and recreational amenities. The URA's approach to increasing plot ratios and optimizing land use in such developments reflects a forward-thinking strategy that balances housing needs with quality of life considerations, ultimately driving sustained market growth and development. This strategic alignment is crucial for the real estate forecast for the next 5 years, ensuring continued real estate growth and robust property market dynamics.
Segment Analysis: By Property Type
Residential Segment in Singapore Real Estate Market
The residential real estate market continues to dominate the Singapore real estate market, commanding approximately 62% market share in 2024. This substantial market position is driven by strong demand from both local buyers and international investors, particularly in the private residential sector. The segment's resilience is further strengthened by government initiatives to maintain market stability through careful policy measures and urban planning. Singapore property prices in the residential sector have shown remarkable stability, supported by factors such as limited land supply, strong economic fundamentals, and sustained demand from both upgraders and first-time homebuyers. The segment's performance is particularly notable in the Core Central Region (CCR) and Rest of Central Region (RCR), where premium developments continue to attract significant investor interest.

Office Segment in Singapore Real Estate Market
The office segment has emerged as the fastest-growing sector in Singapore's real estate market, with projections indicating robust growth through 2024-2029. This exceptional growth is primarily driven by Singapore's strengthening position as a global business hub, particularly in the technology and financial services sectors. The segment's expansion is supported by the increasing presence of multinational corporations establishing their regional headquarters in Singapore, coupled with the growing demand for premium office spaces in the Central Business District. The trend towards green buildings and sustainable office developments has also contributed to the segment's growth, with many new office projects incorporating environmentally friendly features to meet the evolving preferences of corporate tenants. Additionally, the adaptation of office spaces to accommodate hybrid working models and the integration of smart building technologies have further enhanced the segment's appeal to modern businesses.
Remaining Segments in Singapore Real Estate Market
The logistics/industrial, retail, and hospitality segments each play vital roles in Singapore's diverse real estate landscape. The logistics/industrial segment has gained significant momentum due to the expansion of e-commerce and supply chain operations, while the retail segment continues to evolve with the integration of experiential retail concepts and omnichannel strategies. The hospitality segment, though smaller in market share, remains an essential component of Singapore's real estate market, supported by the country's position as a premier tourist destination and MICE (Meetings, Incentives, Conferences, and Exhibitions) hub. These segments collectively contribute to the market's dynamism and reflect Singapore's status as a comprehensive real estate investment destination.
Segment Analysis: By Value
Affordable Segment in Singapore Real Estate Market
The affordable segment continues to dominate the Singapore real estate market, commanding approximately 88% of the total market share in 2024. This segment is primarily driven by the Housing and Development Board (HDB) flats, where more than 80% of Singaporeans reside in these state-subsidized accommodations. The segment's dominance reflects Singapore's commitment to providing accessible housing solutions for its residents, with a strong focus on maintaining housing affordability despite rising property values in Singapore. The market has seen significant activity in entry-level condos valued between SGD 1 million to SGD 1.5 million, particularly appealing to HDB upgraders. The government's implementation of the Prime Location Housing (PLH) plan has further strengthened the affordable housing ecosystem by managing prices of future HDB flats in prime areas through stricter qualifying criteria and extended minimum occupation periods.
Luxury Segment in Singapore Real Estate Market
The luxury segment has emerged as the fastest-growing sector in Singapore's real estate market, projected to grow at approximately 9% through 2024-2029. This remarkable growth is being fueled by Singapore's increasing attraction as a global wealth hub, drawing ultra-high-net-worth individuals seeking high-end residential properties. The segment's expansion is particularly evident in Districts 9, 10, and 11, where ultra-luxury condominiums and prestigious landed properties continue to attract both domestic and international investors. The growth is further supported by Singapore's political stability, pro-business environment, and relatively low tax structure, making it an attractive destination for luxury real estate investment. The market has seen strong demand for penthouses with larger areas and Good Class Bungalows (GCBs), especially among tech entrepreneurs and high-profile business leaders.
Premium Segment in Singapore Real Estate Market
The premium segment represents a crucial bridge between luxury and affordable housing in Singapore's real estate market. This segment caters to affluent professionals and successful entrepreneurs looking for high-quality residences without stepping into the ultra-luxury category. The segment has gained significant traction among both local upgraders and international buyers, particularly those establishing family offices in Singapore. The premium segment has benefited from the flight to quality trend, where buyers increasingly prioritize better-quality developments with superior facilities and locations. The segment's growth is supported by Singapore's reputation as a safe haven for property investment and its position as a leading financial hub in Asia.
Singapore Real Estate Industry Overview
Top Companies in Singapore Real Estate Market
The real estate companies in Singapore market features prominent players including UOL Group Limited, CapitaLand, Far East Organization, GuocoLand, City Development Limited, Global Logistics Properties, and Genting Singapore. These companies have demonstrated strong product innovation through sustainable building designs, smart home technologies, and green initiatives aligned with Singapore's environmental goals. Operational agility has been evident in their rapid adaptation to digital transformation, particularly in response to the COVID-19 pandemic, with enhanced virtual property viewing experiences and digital transaction platforms. Strategic moves have focused on diversifying property portfolios across residential, commercial, industrial, and hospitality sectors, while expansion strategies have emphasized both local market deepening and regional growth across Southeast Asia. Companies have also shown commitment to developing integrated developments that combine multiple property types, reflecting the evolving needs of Singapore's urban landscape.
Consolidated Market with Strong Local Players
The Singapore real estate market demonstrates a moderately consolidated structure dominated by well-established domestic firms alongside significant international investors. Local conglomerates maintain a strong foothold through their deep understanding of the market and long-standing relationships with government agencies, while foreign players, particularly from China and Hong Kong, have been increasingly active in land tenders and development projects. The market has witnessed intensifying competition as foreign developers bring substantial capital and resources, often prioritizing market presence over immediate profit margins.
The market's consolidation trend has been driven by strategic mergers and acquisitions, exemplified by significant corporate restructuring activities such as CapitaLand's transformation into two distinct entities: CapitaLand Investment and CapitaLand Development. Property firms have also pursued strategic partnerships and joint ventures to enhance their competitive positions, particularly in developing large-scale integrated projects. These collaborations have enabled companies to share risks, combine expertise, and leverage complementary strengths in different market segments.
Innovation and Sustainability Drive Future Success
Success in Singapore's real estate industry increasingly depends on companies' ability to embrace technological innovation and sustainable development practices. Market leaders are investing heavily in proptech solutions, including artificial intelligence for property management, blockchain for transactions, and smart building technologies. Companies must also align with Singapore's green building initiatives and environmental regulations, as sustainability becomes a key differentiator in attracting both tenants and investors. The ability to develop and manage integrated developments that combine multiple property types while incorporating smart and sustainable features will be crucial for maintaining market leadership.
For new entrants and smaller players, success will require specialized expertise in specific market segments or innovative business models that address evolving consumer needs. Companies must navigate the government's cooling measures and property regulations while maintaining profitability. Building strong relationships with local stakeholders, including government agencies and financial institutions, remains crucial. The increasing focus on environmental, social, and governance (ESG) factors will require all market participants to demonstrate clear sustainability commitments and measurable outcomes in their development projects. Additionally, the ability to adapt to changing demographic trends and consumer preferences, particularly in the post-pandemic environment, will be essential for long-term success.
Singapore Real Estate Market Leaders
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UOL Group Limited
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CapitaLand
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City Developments Limited
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GuocoLand Limited
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Far East Organization
- *Disclaimer: Major Players sorted in no particular order

Singapore Real Estate Market News
- April 2024: Two historical buildings in the Pearl’s Hill vicinity are set to be demolished to make way for new housing developments. The government plans to build 6,000 new homes in the area over the next decade. The third housing site is located at the intersection of Chin Swee and Outram roads, while the white site sits primarily atop the underground Outram Park MRT station. The 2.9 ha white site, with a plot ratio of 6.3, has condominium units and long-term serviced apartments.
- March 2024: To meet the demand for homes, the government decided to launch a new housing area in Yishun and may develop a new residential neighborhood at Gillman Barracks. About 10,000 homes will be built in the new Yishun estate of Chencharu, situated near Khatib MRT station. At least 80% will be public housing, with the first Build-to-Order (BTO) project comprising 1,200 units of two-room Flexi to five-room flats to be launched in 2024.
Singapore Real Estate Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Current Market Scenario
- 4.2 Real Estate Buying Trends - Socioeconomic and Demographic Insights
- 4.3 Government Initiatives and Regulatory Aspects
- 4.4 Insights into the Size of Real Estate Lending and Loan-to-Value Trends
- 4.5 Insights into the Interest Rate Regime for General Economy and Real Estate Lending
- 4.6 Insights into Rental Yields in the Residential Real Estate Segment
- 4.7 Insights into Affordable Housing Support Provided by Government and Public-Private Partnerships
- 4.8 Insights into Real Estate Tech and Startups Active in the real estate segment (Broking, Social Media, Facility Management, and Property Management)
- 4.9 Impact of COVID-19 on the Real Estate Market in Singapore
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Increasing Economic Growth
- 5.1.2 High Demand for Property Boosting the Market
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5.2 Market Restraints
- 5.2.1 Experiencing Slower Growth due to Government Measures
- 5.2.2 Rising Interest Rates Affecting the Growth of the Market
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5.3 Market Opportunities
- 5.3.1 Investing in Properties Undergoing Renovation and Redevelopment
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5.4 Industry Association - Porter's Five Forces Analysis
- 5.4.1 Bargaining Power of Suppliers
- 5.4.2 Bargaining Power of Buyers/Consumers
- 5.4.3 Threat of New Entrants
- 5.4.4 Threat of Substitute Products
- 5.4.5 Intensity of Competitive Rivalry
- 5.5 Industry Value Chain/Supply Chain Analysis
6. MARKET SEGMENTATION
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6.1 By Type
- 6.1.1 Apartment
- 6.1.2 Condominiums
- 6.1.3 Villas
- 6.1.4 Other Types
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6.2 By Value
- 6.2.1 Premium
- 6.2.2 Luxury
- 6.2.3 Affordable
7. COMPETITIVE LANDSCAPE
- 7.1 Overview (Market Concentration Analysis and Major Players)
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7.2 Company Profiles
- 7.2.1 UOL Group Limited
- 7.2.2 CapitaLand
- 7.2.3 GuocoLand Limited
- 7.2.4 City Developments Limited
- 7.2.5 Far East Organization
- 7.2.6 Genting Singapore
- 7.2.7 Global Logistics Properties
- 7.2.8 Ascendas Real Estate Investment Trust
- 7.2.9 EL Development Pte Limited
- 7.2.10 Frasers Property*
- *List Not Exhaustive
8. FUTURE OF THE MARKET
9. INVESTMENT ANALYSIS OF THE MARKET
10. APPENDIX
Singapore Real Estate Industry Segmentation
The real estate market refers to the sales of real estate services by entities (organizations, sole traders, and partnerships) that rent, lease, and allow the use of buildings and/or land. A complete background analysis of the real estate market in Singapore, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and geographical trends, and COVID-19 impact, is included in the report.
The Singaporean real estate market is segmented by type (apartments, condominiums, villas, and others) and value (premium, luxury, and affordable). The report offers market size and forecasts in values (USD) for all the above segments.
By Type | Apartment |
Condominiums | |
Villas | |
Other Types | |
By Value | Premium |
Luxury | |
Affordable |
Singapore Real Estate Market Research Faqs
How big is the Singapore Real Estate Market?
The Singapore Real Estate Market size is expected to reach USD 49.64 billion in 2025 and grow at a CAGR of 6.57% to reach USD 68.24 billion by 2030.
What is the current Singapore Real Estate Market size?
In 2025, the Singapore Real Estate Market size is expected to reach USD 49.64 billion.
Who are the key players in Singapore Real Estate Market?
UOL Group Limited, CapitaLand, City Developments Limited, GuocoLand Limited and Far East Organization are the major companies operating in the Singapore Real Estate Market.
What years does this Singapore Real Estate Market cover, and what was the market size in 2024?
In 2024, the Singapore Real Estate Market size was estimated at USD 46.38 billion. The report covers the Singapore Real Estate Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Singapore Real Estate Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Singapore Real Estate Market Research
Mordor Intelligence provides a comprehensive analysis of the Singapore real estate market. We leverage extensive real estate data and industry expertise. Our research thoroughly examines the size of Singapore's real estate market, the property growth rate, and key market dynamics. The report offers detailed insights into property market data. This includes Singapore property transactions data and housing market data, all available in an easy-to-read report PDF format for download. Our analysis covers both the residential real estate market size and the commercial real estate market size, offering stakeholders a complete view of market dynamics.
The report delivers valuable insights for stakeholders through detailed real estate market growth analysis and a real estate forecast next 5 years. Our research includes a Singapore property market forecast and Singapore rental market 2024 predictions, supported by a robust real estate industry growth rate analysis. Stakeholders benefit from comprehensive coverage of property for sale in Singapore trends, property value in Singapore metrics, and real estate sales and rentals data. The report's real estate CAGR projections and residential real estate market predictions enable informed decision-making for investors, developers, and industry professionals operating in the real estate sector.