Driven by a resurgence in demand for new apartments, Singapore's private residential prices have continued their upward trend for the ninth consecutive year, although the momentum is showing signs of cooling. Preliminary estimates released on Friday by Singapore's Urban Redevelopment Authority indicate that the private residential property price index for 2025 increased by 3.4% compared to the previous year, marking the smallest annual gain since 2020; on a quarterly basis, prices rose by 0.7%. Singapore has become one of the world's most expensive private housing markets, prompting authorities to introduce multiple cooling measures in recent years in an attempt to curb the price surge that accelerated during the pandemic. Price growth, which peaked at 10.6% in 2021, has since moderated, with the increase in 2024 nearing 4%. Nevertheless, despite these restrictive measures, demand for new homes has remained robust, supported by a significant decline in interest rates and fueled by local buyers and affluent immigrants. A buying frenzy has also enabled the market to defy the bearish predictions of some analysts.