Market Update
Singapore property market update — what actually moved this quarter
Q2 2026 in numbers: HDB resale prices fell for a second straight quarter even as volume rose, private gains were mostly a landed-home story, Tengah's first condo nearly sold out, and rents kept climbing.
By Eugene Tan · CEA R074026J · 25 July 2026 · 5 min read
Private home prices rose 0.5% and HDB resale flats keep setting million-dollar records, so it sounds like everything’s up. It isn’t. Landed homes carried the private market on their own, and HDB resale prices actually fell while volume rose.
This covers Q2 2026 (April–June) — Q3 2026 is only a month old, so there’s no real data on it yet, and the numbers below are the most recent full quarter on record.
HDB resale: price down, volume up
The HDB Resale Price Index fell -0.3% quarter-on-quarter in Q2 2026 — the second straight quarterly decline, after -0.1% in Q1. That’s the first back-to-back negative quarters since 2019. Over the first half of 2026, resale prices are down -0.4% cumulatively, a sharp reversal from +2.5% in 1H 2025.
At the same time, more flats changed hands: 6,396 resale transactions in Q2, up 1.8% from Q1’s 6,285. But that’s still -9.9% year-on-year versus Q2 2025 (7,102 deals) — the weakest Q2 since the 2020 pandemic trough.
-0.3%
HDB Resale Price Index, QoQ (2nd straight fall)
+1.8%
Resale volume, QoQ (6,396 flats)
-9.9%
Resale volume, YoY (weakest Q2 since 2020)
Stacked Homes, citing HDB data
Why price and volume moved in opposite directions: a bigger wave of newly-MOP’d flats hit the market. Units with 94+ years of lease remaining made up 5.9% of Q2 transactions, up from 4.5% in Q1. More standard-lease supply eases competition and pulls the median down, even as premium and mature-estate units keep fetching high prices.
By flat type, it was mixed: 2-room +1.6%, 3-room -1.1%, 4-room +0.3%, 5-room -1.0%, Executive +2.1% QoQ. No single story — just a market thinning out at different speeds depending on flat type.
A record headline, a shrinking index — both are true
Million-dollar flat sales hit 491 in Q2 2026, a new quarterly record (beating the previous high of 480 in Q3 2025), up 19.5% from Q1. That’s real. But it’s also only about 7.7% of all resale deals — a small, high-end slice (mostly 4-room, 5-room, and Executive units in Toa Payoh, Queenstown, and Bukit Merah). The broader resale index still fell -0.3% that same quarter. Both numbers are correct; they’re just describing different parts of the market. Don’t let the record-breaking headline stand in for the whole picture.
Private residential: a landed-market story
URA’s overall private residential price index rose +0.5% QoQ in Q2 2026 — slower than Q1’s +0.9%. First-half 2026 cumulative gain: +1.4%.
Split it by segment and the “+0.5% overall” headline gets a lot less flattering for most buyers:
+2.5%
Landed private homes, QoQ
-0.1%
Non-landed private homes, QoQ
+1.8% / -1.2% / -0.1%
Non-landed by region: CCR / RCR / OCR
PropNex Research, citing URA 2Q2026 real estate statistics
The headline gain didn't reach most buyers
Landed homes reversed a -0.4% dip in Q1 to jump +2.5% in Q2 — that’s what pulled the overall index up. Non-landed homes, where the bulk of buyers actually transact, were essentially flat to down: -0.1% overall, with only the Core Central Region (+1.8%) in positive territory. The Rest of Central Region fell -1.2% and Outside Central Region slipped -0.1%. If you own or are shopping for a condo outside the city core, “prices rose 0.5% this quarter” isn’t really describing your segment.
Transaction volumes told a healthier story on activity, if not price. New sales (excluding ECs) hit 2,141 units, up 6.4% from Q1. Resale volume jumped 18.2% to 3,813 units, making up 62% of all private transactions. Developers brought 1,783 new-launch units to market — new sales outpaced new-launch supply this quarter.
New launch: Tengah’s condo debut
The one standout launch of the quarter: Tengah Garden Residences, the first private condo at Tengah, launched 26 April 2026 (VIP preview two days earlier). It sold 853 of 863 units — a 98.8% take-up rate — by 3pm on launch day, with just over half the units (50.6%) moving during the VIP preview alone. Over 90% of buyers were Singaporean. Average price: S$2,120 psf (from S$2,025 psf for one-bedders).
By unit count, it’s the best-selling launch of 2026 so far, and the strongest launch-day showing since ParkTown Residences sold 87% on its opening day in February 2025. It matched Skye at Holland’s 98.8% take-up rate from October 2025, but on a bigger unit count. One launch doesn’t set a market trend — but it’s a clear read on demand for a new town’s debut project at the right price point.
Rental market: still climbing, landed leads again
Private residential rents rose +0.7% QoQ in Q2 2026, accelerating from +0.3% in Q1. First-half 2026 cumulative: +1.0% — slightly softer than the +1.2% pace over the same period last year.
+2.7%
Landed private rents, QoQ
+0.4%
Non-landed private rents, QoQ
+5.1%
Leasing volume, QoQ (22,290 contracts)
Real Estate Asia; PropNex Research, citing URA data
Same landed-outperforms-non-landed pattern as the sale market. Leasing activity picked up too — 22,290 contracts signed in Q2, up 5.1% from Q1’s 21,203. We don’t have reliable HDB rental figures for this quarter to compare against, so that side stays out of this update for now rather than guessing.
The takeaway
Not much changed for the average non-landed buyer or seller this quarter — prices were roughly flat, and the real action was in landed homes and one very well-received new launch. HDB resale is the more interesting story: a second straight price decline alongside rising volume, driven by more MOP’d flats reaching the market. Worth watching whether that trend holds into Q3.
If you’re weighing a sale, an upgrade, or just want the numbers behind your own flat or condo before deciding anything, happy to walk through it — reach out anytime.
Sources
- PropNex Research — Landed Homes Lifted Overall Private Home Prices In Q2 2026
- Stacked Homes — HDB Resale Prices Fall For A Second Straight Quarter
- Mothership — 1st private condo at Tengah sells 853 of 863 units at launch weekend
- Real Estate Asia — Singapore private home rental growth hits 1.0% in 1H 2026
- URA — Release of 2nd Quarter 2026 real estate statistics
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