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SUMMARY
Singapore home prices are mostly flat right now: HDB resale prices are edging down, mainstream condos have stalled, and landed plus prime homes are still lifting the private-market average.
The headline private-home index is stronger than the market underneath it. Overall private prices rose 0.5% in the latest quarter, but non-landed homes slipped 0.1% while landed prices jumped 2.5%.
The geographical split is just as striking. Core Central Region condo prices rose 1.8%, while the Rest of Central Region fell 1.2% and the Outside Central Region slipped 0.1%, reversing the suburban strength seen through much of the previous boom.
HDB has made the clearest turn. Resale prices have now fallen for two consecutive quarters after annual growth slowed from 9.7% in 2024 to 2.9% in 2025, although the total decline from the recent peak remains tiny.
Falling prices have not produced a collapse in activity. Private resale transactions rose roughly 18% quarter to quarter and developer sales also increased, suggesting buyers are still active when they think the price is right.
The supply backdrop has changed substantially. Singapore is feeding 9,320 private homes through the 2026 Confirmed List, while roughly 61,000 private and executive-condominium units sit in the broader pipeline and HDB continues to launch thousands of new flats.
That larger pipeline is giving buyers something they lacked during the strongest part of the boom: alternatives. The effect is already most visible in ordinary condos and HDB resale flats, where sellers can no longer assume scarcity will automatically support the next price increase.
Rental income is still supporting private property, but not strongly enough to justify another major price surge by itself. Private rents rose only 0.7% in the latest quarter and 1.9% during 2025, far below the pace seen during the earlier rental squeeze.
Cooling measures continue to remove much of the speculative upside. A 60% ABSD for most foreign residential buyers, heavy additional-home taxes for residents and a four-year Seller’s Stamp Duty period make short-term trading extremely expensive.
The best description of Singapore today is therefore a late-cycle, low-growth housing market rather than a broad correction. HDB is slightly down, mainstream condos are around zero, and scarce landed or prime homes can still rise, but the automatic upward momentum of the previous few years has broken.
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Are Singapore home prices going up or down right now?
Singapore home prices are currently splitting in two: private residential prices are still edging higher overall, while HDB resale prices have started falling.
The latest completed-quarter data makes that divide unusually clear. URA’s private residential price index rose 0.5% after gaining 0.9% in the previous quarter, bringing the first-half increase to 1.4%. HDB’s Resale Price Index moved the other way, falling 0.3% after a 0.1% decline in the previous quarter.
Even the private market is no longer moving together. Landed-home prices jumped 2.5%, while non-landed private homes slipped 0.1%. Within the condo market, Core Central Region prices rose 1.8%, but the Rest of Central Region fell 1.2% and the Outside Central Region declined 0.1%.
So the useful answer today depends on what kind of home we are talking about. HDB prices have turned slightly negative. Mainstream condo prices are roughly flat. Landed and some prime homes are still pushing the overall private index higher.
| Singapore housing segment | Latest quarterly move | Current direction | What we see |
|---|---|---|---|
| Private residential overall | +0.5% | Slowly rising | Positive, but losing speed |
| Private non-landed | -0.1% | Flat to slightly down | Condo momentum has stalled |
| Private landed | +2.5% | Rising | Scarcity is still supporting prices |
| HDB resale | -0.3% | Falling slightly | Two negative quarters in a row |
| CCR non-landed | +1.8% | Rising | Prime condos strengthened |
| RCR non-landed | -1.2% | Falling | Clearest private-market weakness |
| OCR non-landed | -0.1% | Roughly flat | Suburban growth has faded |
Has Singapore’s housing boom actually ended?
Singapore’s housing boom has largely ended because the pace of price growth has collapsed, even though private homes have not entered a broad downturn.
URA data shows how much the private market has cooled. Private residential prices rose 8.6% in 2022, 6.8% in 2023, 3.9% in 2024 and 3.3% in 2025. They added another 1.4% during the first half of 2026.
Compounded, private home prices are roughly 26% higher than at the start of 2022. The level remains very high, but the annual rate of appreciation has more than halved from the 2022 pace.
HDB has cooled even faster. Resale prices rose 9.7% in 2024, slowed to 2.9% in 2025 and have since recorded two consecutive quarterly declines.
The broad post-pandemic surge is over. What has replaced it is much less dramatic: weak appreciation in private housing and a small correction in HDB resale flats.
| Period | Private-home price growth | HDB resale price growth |
|---|---|---|
| 2022 | +8.6% | Strong double-digit-era momentum |
| 2023 | +6.8% | Still strongly positive |
| 2024 | +3.9% | +9.7% |
| 2025 | +3.3% | +2.9% |
| First half of 2026 | +1.4% | Slightly negative |
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Are Singapore condo prices falling now?
Singapore condo prices are basically flat today, with actual declines already appearing outside the prime central market.
URA’s non-landed private residential index fell 0.1% in the latest quarter. That came immediately after a 1.3% rise, so one negative reading is too little to establish a long condo downturn, but the regional breakdown is harder to dismiss.
Rest of Central Region prices fell 1.2%. Outside Central Region prices slipped 0.1%. Core Central Region prices, by contrast, rose 1.8%.
That is a meaningful change from the earlier boom, when suburban and city-fringe projects frequently produced some of the strongest price increases. In 2025 as a whole, OCR non-landed prices still rose 3.2%, compared with 1.9% in CCR and 1.6% in RCR. The latest quarter flipped that pattern.
For a typical condo buyer, the national private-property index is becoming less useful. The condo market itself has already stopped producing broad-based gains.
| Condo segment | Previous quarter | Latest quarter | What changed |
|---|---|---|---|
| Core Central Region | +0.6% | +1.8% | Prime market strengthened |
| Rest of Central Region | +0.8% | -1.2% | Clear reversal |
| Outside Central Region | +2.2% | -0.1% | Growth disappeared |
| Non-landed overall | +1.3% | -0.1% | Market stalled |
Are landed homes hiding weakness in Singapore’s private-property market?
Landed homes are currently making Singapore’s overall private-property numbers look stronger than the condo market underneath them.
Landed prices rose 2.5% in the latest quarter while non-landed homes fell 0.1%. Because URA’s headline private residential index combines those markets, overall prices still managed a 0.5% increase.
The gap is not limited to one quarter. In 2025, landed property prices rose 7.6%, compared with only 2.3% for non-landed homes. Landed housing has therefore been outperforming condos for a meaningful period.
Scarcity helps explain why. Singapore has a finite landed housing stock, and most foreigners cannot freely enter that market. The supply dynamics are completely different from condominium projects, where new units continue to come through the development pipeline.
So when someone reads that “Singapore private home prices are still rising,” the headline can give the wrong impression. Landed property has become an unusually important source of that growth.
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Is prime Singapore property stronger than suburban property today?
Prime Singapore condos are currently outperforming the city-fringe and suburban markets, almost the reverse of what we saw during parts of the previous housing surge.
Core Central Region non-landed prices rose 1.8% in the latest quarter. RCR fell 1.2% and OCR slipped 0.1%.
The contrast becomes more interesting when we compare it with 2025. Over that full year, OCR prices rose 3.2%, versus 1.9% in CCR. The suburban market had been stronger, but the latest numbers show that advantage disappearing.
Prime housing has also been volatile. CCR non-landed prices fell 3.5% in the final quarter of 2025 before recovering afterwards. One strong quarter does not make a new prime-property boom.
Still, there is no longer one simple geographical story. Right now, prime condos are holding up better than the mass-market regions that previously drove much of Singapore’s growth.
Have HDB resale prices really started falling?
HDB resale prices have genuinely started falling, although the decline is still tiny compared with the gains that came before it.
HDB’s official Resale Price Index fell from 203.7 in the third quarter of 2025 to 203.6 in the fourth quarter, then to 203.4 and finally 202.8 over the next two quarters. The latest 0.3% quarterly drop followed a 0.1% decline.
That gives Singapore its first back-to-back quarterly HDB resale price declines since 2019.
The size of the correction remains modest. The index is less than 0.5% below its recent peak. Anyone who bought several years ago is still sitting on a large nominal gain.
The direction has changed enough to matter. HDB prices spent years climbing almost continuously; today, sellers can no longer assume that the next quarter will automatically produce a higher market price.
| Period | HDB Resale Price Index | Quarterly move |
|---|---|---|
| Q4 2024 | 197.9 | +2.6% |
| Q1 2025 | 201.0 | +1.6% |
| Q2 2025 | 202.9 | +0.9% |
| Q3 2025 | 203.7 | +0.4% |
| Q4 2025 | 203.6 | Broadly flat |
| Q1 2026 | 203.4 | -0.1% |
| Q2 2026 | 202.8 | -0.3% |
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Why are HDB resale prices weakening now?
HDB resale prices are weakening because buyers have more alternatives, transaction demand has cooled and the extreme shortage conditions that supported the earlier boom have faded.
The slowdown began well before prices turned negative. Annual resale volume fell 9.7% in 2025, from 28,986 transactions to 26,169. HDB price growth simultaneously dropped from 9.7% to 2.9%.
New-flat supply has also become much more substantial. HDB plans roughly 19,600 BTO flats across 2026 and has said more than 55,000 flats can be offered from 2025 through 2027 if needed. One recent sales exercise alone brought 6,952 new flats across seven projects.
More supply changes buyer behaviour even before every flat is completed. Households deciding between waiting for a new flat and paying a premium for an immediately available resale unit now have more reasons to resist aggressive asking prices.
There has also been a recent policy adjustment: after several quarters of HDB price moderation, the government removed the 15-month wait-out period for private-property owners buying a non-subsidised resale flat without an HDB loan. Policymakers themselves clearly see a market that has cooled substantially from its earlier pace.
Are million-dollar HDB flats proof that prices are still rising?
Million-dollar HDB transactions do not prove that the wider resale market is still rising because record-priced flats can become more common while the national index falls.
The top end of HDB remains extremely strong. Larger flats, newer flats, central locations and rare units can still attract seven-figure prices, even as more ordinary transactions soften.
An index measures the overall market rather than the highest transaction printed in a quarter. A handful of record sales in Bishan, Toa Payoh, Bukit Merah or Queenstown can generate headlines without pulling the entire HDB stock upward.
The latest HDB index settles the argument more cleanly than anecdotes do. The national resale measure has now fallen in consecutive quarters.
For anyone judging whether HDB prices are going up or down, record transactions are interesting but secondary. The broader market has already started moving slightly lower.
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Are Singapore buyers still willing to pay today’s private-home prices?
Singapore buyers are still willing to pay current private-home prices, but they are much more selective about which projects deserve them.
URA recorded 2,141 new private homes sold by developers in the latest quarter, excluding executive condominiums, compared with 2,013 in the previous quarter. Private resale transactions climbed from 3,225 to 3,813, an increase of roughly 18%.
That is a surprisingly healthy level of activity for a market supposedly on the verge of collapse. Buyers have not disappeared.
The price data tells us something subtler. Transaction volumes improved while non-landed prices slipped 0.1%. Deals are still being done, but stronger activity is no longer automatically pushing prices upward.
This is what a more price-sensitive market looks like. Homes can sell quickly when buyers see value, while aggressively priced units can sit longer or require negotiation.
| Private-market activity | Previous quarter | Latest quarter | Change |
|---|---|---|---|
| Developer sales | 2,013 | 2,141 | +6.4% |
| Resale transactions | 3,225 | 3,813 | +18.2% |
| Sub-sales | 175 | 194 | +10.9% |
| Total private transactions | 5,413 | 6,148 | +13.6% |
Is Singapore’s new housing supply finally capping prices?
Singapore’s much larger housing pipeline is now putting a real ceiling on how quickly home prices can rise.
The government has kept its private land programme unusually large. The 2026 Confirmed List is expected to supply 9,320 private residential units, more than 50% above the annual average over the previous decade.
The wider pipeline is even more important. Around 61,000 private homes including executive condominiums are expected to come through over the next few years. The government estimates that roughly 32,000 units could become available for sale over about the next two years.
Public housing is expanding at the same time. HDB continues to launch thousands of BTO flats, including shorter-waiting-time homes that reduce the disadvantage of buying new rather than resale.
This amount of supply does not automatically produce lower prices. Singapore still has population growth, household formation and strong owner-occupier demand.
But buyers no longer face the same sense that suitable housing is exceptionally scarce. That takes away one of the forces that made the earlier surge so powerful.
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Are Singapore private homes becoming oversupplied?
Singapore private housing is not seriously oversupplied today, but the market now has enough vacant and incoming homes for oversupply to become a credible downside risk.
URA recorded a private residential vacancy rate of 6.4% in the latest quarter, up from 6.2%. Vacancy was higher in the Core Central Region at 8.3%, compared with 6.1% in RCR and 5.6% in OCR.
Those figures alone are not alarming. Singapore has previously operated with vacancy at similar or higher levels without experiencing a housing crash.
The pressure comes from combining current vacancies with what is still to arrive. The roughly 61,000-unit private and EC pipeline means demand has to keep absorbing a substantial amount of housing over the next few years.
The weak point could eventually move from pricing to occupancy. If vacancies keep climbing while completions remain high, landlords and sellers will have less room to insist on higher rents or prices.
Are Singapore rents still strong enough to keep property prices rising?
Singapore private rents are still rising slightly, but rental growth has become too weak to justify another major jump in property prices on its own.
URA’s private residential rental index increased 0.7% in the latest quarter after rising 0.3% in the previous one. For 2025 as a whole, rents grew just 1.9%.
That is a huge change from the earlier rental squeeze. Private rents rose 8.7% in 2023 before falling 1.9% in 2024 and then returning to modest growth.
Regional performance also varies. CCR non-landed rents rose 1.2% in the latest quarter, RCR rents were flat and OCR rents declined 0.3%.
For landlords, the rental market currently provides support rather than a powerful new growth engine. Property prices can still rise with rents growing slowly, but yields become harder to defend whenever purchase prices climb much faster than rental income.
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Have Singapore’s cooling measures finally worked?
Singapore’s cooling measures have clearly helped suppress speculative demand, and the current slower market is broadly what those policies were designed to produce.
The barriers are substantial. A foreigner buying residential property generally faces 60% Additional Buyer’s Stamp Duty. Singapore citizens pay 20% ABSD on a second residential property and 30% on a third or subsequent one. Permanent residents face 5% on a first home and 30% on a second.
Short-term resales have also become more expensive. For properties acquired under the tightened rules introduced in 2025, the Seller’s Stamp Duty holding period runs for four years, with rates starting at 16% for a sale during the first year.
On a S$2 million home, a 16% SSD alone equals S$320,000. That is a serious deterrent to flipping.
These taxes do not control every part of pricing because most Singapore housing demand comes from people buying homes to live in. They do remove a large amount of speculative flexibility from the market.
Combined with higher housing supply, the cooling rules help explain why Singapore can still have healthy transactions without returning to the price acceleration seen a few years ago.
| Buyer or seller | Major current restriction |
|---|---|
| Singapore citizen buying first home | No ABSD |
| Singapore citizen buying second home | 20% ABSD |
| Singapore citizen buying third or later home | 30% ABSD |
| Permanent resident buying first home | 5% ABSD |
| Permanent resident buying second home | 30% ABSD |
| Most foreign residential buyers | 60% ABSD |
| Recent purchase sold within first year | 16% SSD |
Could lower interest rates push Singapore home prices back up?
Lower borrowing costs could support Singapore home prices, but rates alone look unlikely to recreate the previous boom while housing supply is rising and affordability remains stretched.
Mortgage rates matter because even a modest reduction can change monthly payments materially on a large Singapore housing loan. Buyers who delayed upgrading during the high-rate period may return when financing becomes easier.
The problem for the bullish argument is timing. Financial conditions have already become less restrictive than at their peak, yet private residential price growth has continued to slow and HDB prices have slipped lower.
Buyers are reacting to more than interest rates. Absolute prices remain high, future supply is larger and expectations of quick capital gains are much weaker.
Cheaper mortgages should help prevent a deep downturn. There is much less evidence that they can, by themselves, restart annual price growth of 6%, 8% or 10%.
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Is Singapore turning into a buyer’s property market?
Singapore is becoming more favourable to buyers in selected segments, especially HDB resale and ordinary condos, although sellers still have plenty of leverage in scarce or well-priced properties.
Negotiating power tends to improve before a market officially becomes “cheap.” That is roughly where Singapore sits now.
HDB prices have already slipped. RCR condo prices fell 1.2% in the latest quarter. OCR condo prices barely moved. At the same time, thousands of private homes are moving through the development pipeline and BTO supply gives public-housing buyers more alternatives.
Yet private resale volumes recently increased and developers are still finding buyers. Landed homes also remain expensive and scarce.
Buyers today have a better chance of walking away from an overpriced unit without immediately watching the whole market run away from them. That alone is a meaningful change from the most aggressive years of the boom.
Are Singapore homes actually getting cheaper?
Singapore homes are only starting to get cheaper at the margin because several years of large price increases still dominate the tiny declines appearing today.
Private residential prices have risen roughly 26% cumulatively since the beginning of 2022. A 0.1% decline in condo prices during one quarter barely changes that.
HDB shows the same effect even more clearly. The resale index was around 131 in early 2020 and recently peaked above 203. It is now 202.8. Prices have started falling, but almost none of the previous increase has been unwound.
This distinction is especially important for affordability. A flat that rises from S$500,000 to S$700,000 and then falls 0.5% has technically become cheaper, but the financial burden for a new buyer remains completely different from five years earlier.
Anyone waiting for Singapore housing to “become cheap again” therefore needs a much larger correction than anything visible today.
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What would prove that Singapore home prices have entered a real downturn?
Singapore would need several more quarters of broader price declines before we could confidently call the housing market a genuine downturn.
The clearest trigger would be the private residential index turning negative and staying there, rather than having weakness confined mainly to condos or individual regions.
We would also want to see HDB declines become larger than a few tenths of a percent, developer sales weaken despite new launches, unsold stock accumulate, vacancies rise further and rents start falling again.
The current data does not line up that way yet. Private transaction volumes remain healthy, overall private prices are still positive, rents are still inching upward and landed homes remain strong.
The risk has moved closer than it was a few years ago. Condo prices are wobbling, HDB has turned negative and a large supply pipeline is becoming available.
For now, Singapore looks like a late-cycle, low-growth housing market rather than one in a broad correction.
So, are home prices in Singapore going up or down?
Singapore home prices are currently flattening overall: HDB resale prices are edging down, mainstream condos have stalled, and landed plus prime properties are keeping the private-market index positive.
The easiest mistake is to rely on one headline number. URA still shows private residential prices rising 0.5% in the latest quarter and 1.4% over the first half of the year. Yet the same dataset shows non-landed prices falling 0.1%, RCR condos dropping 1.2% and OCR condos slipping 0.1%.
HDB provides the clearer bearish evidence. Prices have fallen for two quarters in a row after annual growth slowed from 9.7% in 2024 to 2.9% in 2025.
At the same time, a crash looks hard to defend from the evidence we have today. Private resale transactions recently rose about 18% quarter to quarter, developers continue selling thousands of units, private rents remain positive and landed homes rose 2.5% in the latest quarter.
Supply is where the next phase will probably be decided. The government is feeding 9,320 private units through the 2026 Confirmed List, more than 50% above the previous decade’s annual average, while roughly 61,000 private and EC homes sit in the broader pipeline. HDB is also maintaining a large BTO programme.
Our conclusion is fairly sharp. Singapore has moved out of its broad housing boom, and the next move is more likely to be sideways or mildly lower than another surge. HDB is already correcting slightly. Mainstream condos are hovering around zero. Landed and prime homes can still rise because their supply and buyer base are different.
For someone asking simply whether Singapore home prices are going up or down today, “mostly flat, with HDB slightly down and private homes slightly up” is the most accurate answer. More importantly, the automatic upward momentum that defined Singapore housing for several years has finally broken.
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OUR METHODOLOGY
The question sounds simple, but “Singapore home prices” is not a single market. Rather than relying on one headline index, a few high-profile transactions or a general impression of where the market is heading, we treated the answer as an aggregation problem.
We broke the market into the dimensions that most directly establish current direction: public versus private housing, landed versus non-landed property, regional condo performance, transaction activity, supply and vacancy, rents, financing conditions and policy. We prioritized the freshest completed official data available at the time of research, using recent quarters to establish direction and longer comparisons where needed to separate a genuine change in momentum from ordinary quarterly noise.
Broad market indices and repeated movements carried more weight than isolated record transactions or individual project outcomes. When a headline measure diverged from its underlying segments, we examined the components rather than allowing the aggregate to hide the difference. Price data remained the primary measure, while transactions, rents, vacancies, incoming supply, financing conditions and policy changes were used to test whether the price picture was being reinforced or contradicted elsewhere.
We did not turn the exercise into an artificial numerical score or treat every observation as equally important. Greater weight was given to official measures covering a large share of the market, movements that persisted across more than one period and evidence that appeared consistently across several parts of the housing market.
The final conclusion was formed only after those pieces were considered together. This lets us distinguish between a market that remains expensive, a market whose upward momentum has weakened and a market that has actually entered a broad downturn.
For private housing, the main sources were URA’s Q2 2026 real estate statistics, URA’s Q1 2026 release, URA’s Q4 2025 release and URA’s Q4 2024 release. These provide the price, regional, landed versus non-landed, transaction, rental and vacancy data used throughout the analysis.
For public housing, we relied mainly on HDB’s Q2 2026 public housing data, Q1 2026 public housing data and Q4 2025 public housing data. HDB’s 2026 BTO programme, June 2026 BTO exercise, 15-month wait-out policy change and Q3 2024 public housing release were used for supply, policy and million-dollar-flat context.
The supply analysis also uses the Ministry of National Development’s 2H2026 Government Land Sales programme. Current tax and ownership rules come from IRAS guidance on Additional Buyer’s Stamp Duty and Seller’s Stamp Duty, the Singapore Land Authority’s foreign-ownership guidance, and the Monetary Authority of Singapore’s bank and finance-company interest-rate statistics.
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