The residential property market showed a visible turnaround in 2025. After a relatively soft first quarter, the market gained a firmer footing since the second quarter. Momentum started to strengthen more noticeably in the ensuing quarters, buttressed by robust local economic growth, strong performance of the local financial market and the start of interest rate cuts in the US. For 2025 as a whole, the total number of sale and purchase agreements over the preceding year to a four-year high of 62 832. Within the total, primary market transactions jumped by 21% to 20 540, and secondary market transactions $519.8 billion. Residential property transactions valued below $4 million rose transactions with effect in February 2025. Overall flat prices registered firmer increases towards the end of 2025, turning to an annual increase after three years of declines. Flat prices in December 2025 were on average 3% higher than a year ago, though still 25%