Singapore Home Buyer Outlook 2025–2035: How Population Growth Shapes Demand
In mid-2024, Singapore’s population exceeded 6.04 million, a 2.0% year-on-year increase, largely driven by a 5.0% rise in non-resident numbers. This surge reflects the city-state’s continued demand for foreign workers, students, and dependants.
For home buyers in Singapore, property sellers, and investors, the message is clear: housing demand is climbing steadily. Rising rentals, tighter resale markets, and upward-trending prices are shaping the real estate landscape.
Drivers of Population Growth
● Non-resident influx: Work Permit holders and domestic helpers make up most of the increase.
● Minimal resident growth: Citizen population grew just 0.7%, while births fell to about 28,900 in 2023.
● More households: Shrinking household sizes mean more homes are required, even without major population gains.
⸻
Impact on Real Estate: Supply, Demand & Prices
● Supply lag: The Master Plan 2025 targets 80,000 new homes over 10–15 years, but completions average just 9,100 annually between 2025–2029.
● Demand strong: New migrants, younger households, and seniors continue to add pressure.
● Prices climbing:
○ Private homes: +3.9% in 2024
○ HDB resale flats: +9.4% in Q1 2025
○ Rentals: Expected to rebound after a dip
For anyone considering property investment, these figures underscore Singapore’s resilience as a long-term growth market.
⸻
2024 Property Prices vs. Income Growth
● Income growth: Wages rose about 5.6% in 2024, with median monthly income around SGD $5,500.
● Home prices: Increased at a faster pace, especially in the HDB resale segment.
Result: Property prices are outpacing income growth, making affordability a key concern. For a first time home buyer, delaying a purchase could mean paying significantly more later.
⸻
Market Roadmap
Next 6–12 Months (2025):
● Prices expected to rise 2–3%.
● Lower mortgage rates (~1.9% SORA) help support affordability.
● Cooling measures curb speculation, but genuine owner demand remains strong.
2-Year Outlook (2026–2027):
● Population projected to reach ~6.3M.
● Supply expands, but demand continues to outpace it.
● Price growth in steady low-single digits.
10-Year Outlook (2030s):
● Population could reach 6.5–6.9M.
● Land scarcity and densification keep long-term upward pressure on property values.
⸻
What It Means for You — Should You Buy Now?
● Sellers: Low inventory and strong demand make this an excellent time to sell or upgrade.
● Buyers: With population growth driving demand and land remaining scarce, prices are set to trend upward. Current borrowing costs are favorable, making this an opportune moment to enter the market.
Whether you’re exploring housing agencies near me for assistance, or weighing your options as a buyer or seller, the bottom line is simple: population growth is the engine, land scarcity is the brake — and the window to act is now.
.
Resources & References
1. Channel NewsAsia: Singapore population hits 6.04 million, non-residents grow by 5%
(Sep 2024)
2. Department of Statistics Singapore: Population Trends 2024
3. URA & HDB: Housing data releases
4. Ministry of Manpower: Labour Force in Singapore 2024
5. Cushman & Wakefield: Singapore Residential Market Outlook 2025
6. CBRE & PropNex: Market research insights
7. Global Property Guide: Singapore property overview 2025
