Singapore Property Market Outlook 2026: The Short Version
Singapore’s property market in 2026 is a tale of two markets moving in opposite directions. Private home prices are still climbing — the URA private residential price index rose 0.9% in Q1 2026 and another 0.5% in Q2, for a cumulative 1.4% gain in the first half — while HDB resale prices have been easing, with the resale price index dipping 0.2% in the third quarter even as more flats changed hands.
At the same time, two policy shifts reshaped buyer behaviour: the removal of the 15-month wait-out period for private property owners buying non-subsidised resale flats, and higher income ceilings for BTO flats and executive condominiums. For anyone buying, selling or right-sizing in 2026, understanding how these forces interact matters more than any single headline number.
Where Private Home Prices Stand
URA data shows private residential prices rose 0.9% in Q1 2026 and 0.5% in Q2 2026, bringing the first-half increase to 1.4% — below the 1.8% gain recorded in the same period of 2025. The composition of that growth is uneven, and that matters for buyers:
- Landed homes led the pack, up 2.5% in Q2 2026 after a 0.4% decline in Q1 — the segment that continues to draw deep-pocketed owner-occupiers.
- Non-landed (condo and apartment) prices edged down 0.1% in Q2 2026, following a 1.3% gain in Q1.
- Core Central Region (CCR) non-landed prices rose 1.8% in Q2 2026, while Rest of Central Region (RCR) fell 1.2% and Outside Central Region (OCR) slipped 0.1% — a reversal of the suburban-led pattern of recent years.
- Private residential rentals rose 0.7% in Q2 2026, with landed rentals up 2.7% and non-landed rentals up 0.4%.
The takeaway: price resilience is intact, but momentum is patchy. Buyers are being selective, and the segments doing the heavy lifting keep changing from quarter to quarter.
Supply Is Doing the Work of Cooling
Rather than reaching for a new round of demand-side curbs, the government has leaned on supply. Under the Government Land Sales programme, 4,745 private residential units were placed on the Confirmed List for the second half of 2026, taking full-year Confirmed List supply to 9,320 units — more than 50% above the annual average of the past ten years. In total, about 60,600 private residential units, including executive condominiums, are expected to complete over the next few years.
For buyers, that pipeline is the single most important counterweight to price growth. A heavy completion schedule in 2027 to 2029 means more resale and rental competition down the line, and more choice for anyone who can wait.
HDB Resale: Prices Easing, Million-Dollar Flats Still Breaking Records
The public housing resale market tells a more nuanced story. The 99-SRX resale price index stood at 208.9 in September 2026, up 0.6% month on month but still 0.4% lower than a year earlier. Volume fell 10.9% month on month to 2,248 transactions, though it was 2.8% higher year on year.
Underneath the softer average, the top end of the market keeps setting records:
- 209 flats sold for at least S$1 million in September 2026 — a new monthly high, up from 201 in August, and 9.3% of all resale transactions.
- Toa Payoh led with 33 such deals, followed by Queenstown (28) and Bedok (20).
- The month’s priciest flat was a five-room unit at The Pinnacle@Duxton at S$1.72 million; the top non-mature estate deal was an executive flat in Hougang at S$1.292 million.
- By flat type, five-room flats were the only category to gain month on month (+1.7%), while three-, four-room and executive flats eased slightly.
Why the divergence? Removing the wait-out period brought private-property downgraders back into the resale market with substantial sale proceeds. Those buyers can pay a premium for flats that fit their needs without needing them to be value buys — which is exactly how you get record million-dollar volumes alongside a falling average index.
Cooling Measures: What Is Still In Force in 2026
Singapore’s property cooling measures were never a single event, and most remain untouched:
- Additional Buyer’s Stamp Duty (ABSD) still applies on top of buyer’s stamp duty. Foreigners buying any residential property face 60%, and Singapore citizens and PRs pay tiered rates from their second property onwards. Rates are tiered by property count, not by price, so they hit investors and upgraders far harder than first-time owner-occupiers.
- Loan-to-value (LTV) limits and the Total Debt Servicing Ratio (TDSR) cap how much a household can borrow, and TDSR is assessed on a higher “medium-term” interest rate floor rather than today’s actual rate — the rule that catches most buyers out during pre-purchase planning.
- Sellers’ stamp duty still claws back gains on properties sold within three years, which discourages quick flips.
- The 15-month wait-out period for private property owners and ex-owners buying a non-subsidised HDB resale flat was removed with immediate effect from 28 July 2026 — a genuine loosening, and the clearest example of policy easing this cycle.
- Income ceilings were raised: BTO flats now allow higher household incomes (up to S$16,000 for families) and executive condominiums up to S$18,000, effective 24 August 2026, with the next BTO exercise moved from October to November 2026 to give buyers time to adjust.
In other words: the demand-side brake is still on for investors and foreign buyers, while targeted relief has been extended to families, first-timers and downgraders.
Mortgages and Interest Rates
Financing costs stayed low through 2026 by historical standards. Most floating-rate home loans are pegged to the 3-month compounded SORA, which has been hovering around the low-1% range, with 1-month SORA slightly higher. That makes fixed-rate packages — typically priced with a spread over SORA after an initial lock-in — attractive for buyers who want repayment certainty, while floating packages suit those who expect rates to stay soft.
Two practical points deserve attention before you commit:
- TDSR is assessed at a stressed interest rate, so the amount you can borrow is meaningfully lower than your actual monthly instalment would suggest.
- Progressive payments on uncompleted new launches mean your cash-flow peak arrives two to three years after purchase, not at signing — plan for that peak, not today’s instalment.
What to Watch for the Rest of 2026 and Beyond
- Whether private price growth broadens or narrows. A quarter of gains driven mostly by landed homes and the CCR is not the same market as broad-based growth.
- The completion wave. With roughly 60,600 units in the pipeline, rental supply and resale competition will loosen up from 2027 onwards.
- HDB resale volumes. More transactions at a lower average price suggests a healthier, broader market than record prices on thin volume — and it is the number to watch for signs of genuine cooling.
- Any policy response to million-dollar flats. Record after record in the resale market has historically invited scrutiny, and the removal of the wait-out period adds fuel to that discussion.
- Interest rates. SORA at these levels is a tailwind; a sustained rise would hit both affordability and developer pricing power.
Frequently Asked Questions
Are Singapore property prices falling in 2026?
Private residential prices are still rising, up 1.4% in the first half of 2026 on URA data. HDB resale prices have been easing, down 0.2% in Q3 2026, even as resale transactions increased.
Are cooling measures still in place in 2026?
Yes. ABSD, LTV limits, TDSR and sellers’ stamp duty all remain in force. The main easing has been the removal of the 15-month wait-out period for private property owners buying non-subsidised HDB resale flats, plus higher BTO and EC income ceilings.
How much ABSD do foreigners pay in Singapore?
Foreigners buying any residential property face 60% ABSD, on top of buyer’s stamp duty.
Should buyers wait for prices to cool?
The supply pipeline and softer HDB averages suggest more negotiating room ahead, particularly from 2027. That is a reason to buy selectively and negotiate hard — not a reason to assume a sharp correction is coming.
Sources
- URA — Release of 2nd Quarter 2026 real estate statistics: https://www.ura.gov.sg/news/media/pr26-57
- HDB — Removal of the 15-month wait-out period for private residential property owners: https://hdb.gov.sg/hdb-pulse/news/2026/removal-of-the-15-month-wait-out-period-for-private-residential-property-owners
- IRAS — Additional Buyer’s Stamp Duty: https://www.iras.gov.sg/taxes/stamp-duty/for-property/buying-or-acquiring-property/additional-buyer’s-stamp-duty-(absd)
- 99.co — HDB resale market, September 2026: https://www.99.co/singapore/insider/hdb-resale-market-september-2026/
- Singapore Business Review — HDB resale prices in September 2026: https://sbr.com.sg/residential-property/news/hdb-resale-prices-inch-06-in-september
This article is a market overview for general information and is not financial or investment advice. Figures are drawn from URA, HDB, IRAS and 99-SRX releases cited above; verify current rates and eligibility rules before acting on them.