23 October 2026, Singapore - Private home prices rose at their fastest pace in nearly two years in the third quarter of 2026, even with few new launches on the market, and landed homes once again helped drive the price increase. In the HDB resale market, prices slipped for a third straight quarter, but more buyers came back amid the price moderation. Million-dollar resale flats, meanwhile, have already surpassed last year's full-year record, based on sales up to 22 October 2026.

Q3 2026 URA Private Residential Property Index

Data from the Urban Redevelopment Authority (URA) showed that the overall private home prices rose by 1.4% quarter-on-quarter (QOQ) in Q3 2026, accelerating from the 0.5% QOQ growth in the previous quarter (see Table 1). This is the strongest quarterly gain since Q4 2024, where the price index rose by 2.3% QOQ. The final print was unchanged from the flash estimates released on 1 October. The overall private home prices have now climbed by 2.8% cumulatively in the first nine months of 2026.

Table 1: URA Private Property Price Index (PPI) - Q3 2026

Private home prices

Landed homes did much of the lifting, with prices rising by 2.9% QOQ in Q3 2026, building on the 2.5% QOQ increase in Q2. This was supported by stable transactions as 588 landed homes were sold in Q3 2026 - marginally lower than 592 in the previous quarter, based on URA Realis caveat data. There were 52 landed transactions at $10 million or more in Q3, including a freehold detached house in Dalvey Road that sold for $56 million on 30 September. It was the largest caveated landed housing deal of the quarter and the second-largest so far this year, after a $64.9 million bungalow sale in Nassim Road in April, as per caveats lodged. In 9M 2026, URA's landed homes property price index has climbed by a cumulative 5.1%.

Non-landed private home prices rose by 1.0% QOQ, reversing the 0.1% dip in Q2. Prices in the Outside Central Region (OCR) and Core Central Region (CCR) climbed by 2.3% QOQ and 0.3% QOQ, respectively, while prices in the Rest of Central Region (RCR) were flat.

Transactions

Developers sold 1,183 new private homes (ex. EC) in Q3 2026, down from 2,141 units in Q2, according to URA data (see Table 2). It is the lowest new home sale tally in two years, since 1,160 new homes (ex. EC) were transacted in Q3 2024. The slower sales mirror a thin launch calendar, with Lentor Gardens Residences and Dunearn House being the more sizable launches for most of the quarter, while Amberwood at Holland was put on the market at the end of September. URA figures showed that developers launched 1,140 new units (ex. EC) in Q3, down from 1,783 units in Q2 - and it is the lowest quarterly launch figure since Q2 2024.

Resale activity was relatively stable with 3,801 private homes (ex. EC) resold in Q3, compared with 3,813 in Q2. Meanwhile, sub-sales fell to 162 units from 194 in Q2. Sub-sales have thinned since the seller's stamp duty (SSD) holding period was extended to four years in July 2025, and the SSD rates raised by 4%-points across all tiers. With so few launches, resales accounted for 73.9% of private home transactions in Q3, up from 62.0% in Q2.

Table 2: Private home transactions and share of new home sales below $2.5 million (ex. EC), Q2 vs Q3 2026

Private home leasing

Meanwhile, private home rentals rose by 1.3% QOQ in Q3 2026, after the 0.7% increase in Q2, according to the URA private residential rental index. It is the fastest pace of rental growth since Q2 2023 where rents jumped by 2.8% QOQ. Non-landed rents grew up by 1.2% QOQ and landed rents rose by 2.1% QOQ during the quarter.

The increase may be attributed to the strong leasing demand in the quarter. Based on URA Realis data, there were 28,423 private home rental contracts (ex. EC) signed in Q3, up by 25.6% from 22,635 in Q2 and it is the highest quarterly number of contracts on record since 1995. In Q3 2026, 3,559 new private homes (ex. EC) were completed - the highest since Q4 2023 - which could help to boost rental stock in the market.

Mr Kelvin Fong, CEO of PropNex said:

"Singapore's private residential market remained resilient in Q3 2026, despite a relatively quiet quarter for new launches. Developers' sales were crimped mainly by the limited supply of launches, while prices remained broadly stable. The quarter's performance suggests that demand is not uniform and buyers are still prepared to commit, if they perceive the project to offer good value proposition.

Developers launched fewer units in Q3 amid the Lunar Seventh Month, but market absorption has been fairly steady, although buyers remain sensitive to absolute price quantum. Lentor Gardens Residences and Dunearn House sold 304 and 237 units respectively in Q3, based on caveats lodged, while Amberwood at Holland sold 24 units. The price breakdown of sales offers a further insight into buying sentiment (see Table 3). At Lentor Gardens Residences in the OCR, 77.9% of units sold were priced below $2.5 million. In comparison, the proportion was 46.0% at Dunearn House and none at Amberwood at Holland, both in the Core Central Region (CCR).

Table 3: Proportion of new home sales by price range at Q3 2026 launches

This suggests that affordability remains an important consideration for buyers, with projects offering more accessible price points able to tap a broader pool of demand. That said, the CCR pricing also reflects different positioning of these projects. In particular, Amberwood at Holland offers only family-sized homes of three- to five-bedroom units.

The demand resilience where pricing meets budget is further demonstrated in October, with Lucerne Grand in Jurong shifting 61% of its 570 units during its launch weekend. As per caveats lodged (till 18 October 2026), 78.8% of the 358 units sold at Lucerne Grand were priced at below $2.5 million. Our market observations show that buyers largely still hold on to a budget of below $2.5 million. Based on the expression-of-interest (EOI) data of prospective buyers for seven new launches (ex. EC) in the first seven months of this year, about 83% of the more than 3,000 EOIs stated a housing budget of under $2.5 million.

The stock of unsold uncompleted private homes rose by 26.3% to 18,853 units (ex. EC) in Q3 2026. In our view, this is still quite manageable; at the average pace of developers' sales over the past decade - about 9,100 units a year - that stock could be cleared in roughly two years. Meanwhile, developers are restocking their land inventory at higher prices. With moderate unsold stock and firmer land costs, there appears to be limited room for new home prices to ease meaningfully in the near-term. We note that the average land rate for the four GLS land tenders that closed in Q3 2026 came in at $1,497 psf ppr, about 17% higher than the average of $1,280 psf ppr for four plots (ex. EC) in Q3 2025.

The fourth quarter should be livelier, particularly with the launch of 1,268-unit Thomson Reserve coming up. Overall, in view of the limited launches this year, we project developers' sales could come in at 8,000 to 8,500 units (ex. EC) in the whole of 2026, while 14,000 to 15,000 resale private homes may be sold. Meanwhile, we expect private home prices could climb by 3% to 4% in 2026.

Broadly, we think the bigger picture is supportive of the housing market. The government has raised Singapore's GDP forecast to 4.5% to 5.5% for 2026, and the economy grew 5.4% year-on-year in Q3, based on advance estimates. That said, there are some risks to watch. Interest rates may have bottomed, and any further US rate hikes could raise borrowing costs here. Meanwhile, geopolitical uncertainties could weigh on business confidence."

Q3 2026 HDB Resale Price Index

Final statistics from the Housing and Development Board (HDB) showed HDB resale prices dipped by 0.1% QOQ in Q3 2026, extending the price decline which started in Q1 2026 (see Table 3). Cumulatively, HDB resale prices fell by 0.5% in the first nine months of this year.

The HDB said that 7,645 resale flats were resold in Q3 2026, representing a 19.5% increase from the 6,396 flats that changed hands in Q2 2026, and it is the highest quarterly HDB resale flat figure since 8,142 resale flats changed hands in Q3 2024.

Table 3: HDB Resale Price Index

Ms Wong Siew Ying, Head of Research and Content at PropNex, said:

"The HDB resale market saw a strong pickup in transaction activity in Q3 2026, even as prices continued to moderate. Resale transactions rose by 19.5% QOQ to 7,645 units, while the HDB Resale Price Index declined by a marginal 0.1%, marking its third consecutive quarterly dip. It indicates that buyers are still active in the market, but the increased transaction volume has not translated into broad-based price growth.

That being said, there are pockets of strength and the market is also becoming increasingly bifurcated. Some resale flats continue to command premiums and sell at town-level record prices, reflecting sustained demand for homes in choice locations with desirable attributes. In Q3 2026, there were a record 596 flats resold for at least $1 million, up from 490 units in Q2 2026. Factoring the number of such flats sold this month (till 22 October), there were 1,680 units of million-dollar resale flats transacted thus far - already surpassing the previous record of 1,593 units in 2025. If this momentum keeps up, the tally could reach 2,000 units by year-end, underscoring the firm buying interest for such flats, even as overall HDB resale price growth moderates.

Table 4: Median HDB resale prices by quarter by selected flat type

For all the attention on million-dollar flats, the broad HDB resale market has been steady. Median prices of 3-room to executive flats - which made up about 97% of resale transactions in Q3 - saw marginal shifts in the quarter, based on sales data (see Table 4). The 4-room flat, the most commonly traded flat type recorded a median price of $628,000 in Q3 2026, little changed from $630,000 a year ago. Meanwhile, that of 3-room flats eased slightly by 1.1% QOQ in Q3.

In the first nine months of 2026, 20,326 HDB resale flats have been transacted compared with 20,913 flats resold in 9M 2025. For the entire 2026, we project that around 26,000 to 27,000 flats may be resold, and the overall HDB resale prices could be flat or ease by around 0.5%.

Looking ahead, we expect resale flat demand to remain resilient, as they continue to offer relatively affordable and move-in ready homes for households unwilling or unable to wait several years for a new build-to-order (BTO) flat. In addition, demand for HDB resale flats will also be supported by eligible private-property owners who can now right-size to a resale flat without serving the former 15-month wait-out period, a measure that was withdrawn in July.

Although genuine owner-occupier demand remains, affordability constraints, as well as BTO alternatives and more flats reaching their five-year minimum occupation period (MOP) could limit the ability of HDB resale flat sellers to push prices higher. Meanwhile, the higher monthly household income ceiling for BTO flats may also redirect some buyers away from the HDB resale market."