Singapore Residential Property Market Outlook 2026
- Ben Tan
- Dec 24, 2025
- 6 min read
Overview: Resilient, Rational, and Resetting Expectations
If I had to sum up Singapore’s residential property market in one word after 2025, it would be resilient.
Despite ongoing macro noise—geopolitical tensions, global growth concerns, and lingering policy risks—the local housing market held up remarkably well. Prices didn’t run away. Sales didn’t collapse. Instead, we saw something much healthier: strong demand paired with more measured price growth.
Private and public housing continued to attract buyers, supported by falling interest rates, low unemployment, healthy household balance sheets, and steady population growth. In many ways, 2025 felt like a market that was finding its balance again after years of volatility.
One of the biggest surprises was the strong rebound in new private home sales, particularly in the Core Central Region (CCR). Developers sold over 10,600 new private homes (excluding ECs) in the first 11 months of 2025—the first time sales crossed the 10,000 mark in nearly four years. Executive condominiums (ECs) also saw overwhelming demand, with nearly all units from two launches snapped up quickly.
On the public housing side, HDB resale prices slowed significantly, which is actually a good thing. After years of sharp increases, the moderation in prices points to a more stable and sustainable market, though million-dollar flats continued to make headlines in select locations.
Looking into 2026, PropNex expects moderate price growth across both private and public housing, supported by favourable interest rates, new household formation, and continued upgrader demand. At the same time, downside risks remain—slower global growth, trade tensions, and the ever-present possibility of further cooling measures.
In short, this isn’t a market driven by speculation. It’s a market driven by fundamentals.
Private Residential Market: Demand Is Back, But Buyers Are Selective
New Launches: A Strong Comeback in 2025
The private new-home market staged a strong comeback in 2025, largely driven by three factors: easing interest rates, attractive launches, and developers' sensible pricing.
Developers sold around 10,620 new private homes (excluding ECs) in the first 11 months of the year, outpacing the last three years. What’s important here isn’t just the volume—it’s the discipline in pricing. Despite strong sales, overall private home prices remained measured.
The URA Private Property Price Index rose 2.7% in the first nine months of 2025, continuing a trend of slowing price growth over the past three years. This tells us the market is absorbing supply without overheating.
The CCR Revival: Value Is Being Rediscovered
One of the most interesting developments in 2025 was the revival of the Core Central Region.
Nearly 1,900 CCR units were sold in the first 11 months of 2025, a massive jump from just 378 units sold in the whole of 2024. What changed?
The key driver was value perception.
The price gap between CCR and the Rest of Central Region (RCR) new launches narrowed significantly. In Q4 2025, the median price of new non-landed homes in the CCR was about $2,968 psf, only 3% higher than the RCR at $2,877 psf. When buyers realised they could buy into prime districts at a much smaller premium, demand returned.
This narrowing gap is something worth watching closely in 2026.
Where Supply Is Heading in 2026
Looking ahead, PropNex estimates that up to 20 new private projects (excluding ECs), with around 8,400 units, could be launched in 2026—lower than the roughly 11,500 units launched in 2025.
About 65% of these units are expected to be in the OCR, making the mass-market segment the key driver of sales. Notable upcoming OCR projects include Narra Residences at Dairy Farm Walk, mixed-use developments in Tampines West and Chencharu, as well as first-ever private launches in new precincts like Tengah and Bayshore.
The remaining 35% of supply will be split between CCR and RCR projects, including River Modern, Newport Residences, Dunearn Road (Bukit Timah Turf City), Media Circle, and the former Thomson View site.
What’s important is this: buyers are no longer buying by region alone. Site-specific attributes—connectivity, amenities, pricing, future supply, and exit potential—matter far more than whether a project is labelled CCR, RCR, or OCR.
Executive Condominiums: Still a Sweet Spot
The EC segment continues to punch above its weight.
In 2025, new EC launches sold nearly 1,600 units, driven by strong demand from HDB upgraders. Two projects—Aurelle at Tampines and Otto Place at Tengah—collectively sold 97% of their units.
This momentum is expected to continue into 2026, with upcoming launches like Coastal Cabana (Pasir Ris) and Rivelle Tampines, and potentially more ECs later in the year.
As long as the price gap between ECs and private condos remains meaningful, ECs will continue to attract value-driven buyers.
Resale Private Market: Quietly Supported by Price Gaps
While new launches grabbed headlines, the private resale market remained stable.
More than 13,000 resale transactions were recorded in 2025, on track to match 2024 levels. Mega developments such as Treasure at Tampines, Parc Esta, and Stirling Residences recorded the highest resale volumes.
One major support factor is the price gap between new and resale homes. In 2025, resale condos were about 47% cheaper than new non-landed homes on a median basis. That gap matters, especially for buyers prioritising space, affordability, or rental yield.
Outlook for 2026
With interest rates falling sharply—the 3-month compounded SORA dropped from 3.02% at the start of 2025 to about 1.22% by December—buyer affordability has improved meaningfully.
PropNex expects private home prices to grow 3% to 4% in 2026, with new home sales around 8,000 to 9,000 units, and resale volumes holding at 14,000 to 15,000 units.
The key takeaway? Demand will remain strong—but only well-priced, well-located projects will truly outperform.
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HDB Resale Market: Stability Returns, But Pockets of Strength Remain
After several years of rapid price growth, the HDB resale market in 2025 finally took a breather.
Transaction volumes fell to around 24,000 units, down from nearly 29,000 in 2024. Prices grew at a much slower pace—about 2.9% in the first nine months of 2025, compared to 6.9% in the same period a year earlier.
This moderation isn’t a sign of weakness. It’s a sign of normalisation.
Why the Market Cooled
The biggest factor was supply.
In 2025, HDB launched nearly 30,000 new flats through BTO and Sale of Balance Flats exercises. Many of these projects were well-located or had shorter waiting times, giving buyers more alternatives and reducing urgency in the resale market.
Policy measures also played a role. The 15-month wait-out period for former private homeowners and the reduction of HDB loan LTV to 75% helped keep demand and prices in check.
Million-Dollar Flats: Still Making Headlines
Despite the overall moderation, million-dollar HDB flats continued to rise.
By early December 2025, 1,484 million-dollar flats had been sold—far exceeding the previous record. These transactions were concentrated in mature estates and unique developments like SkyTerrace @ Dawson and Natura Loft in Bishan.
What this tells us is simple: buyers are still willing to pay a premium for location, design, and long remaining lease, especially when private condos nearby are far more expensive.
What’s Coming in 2026
Supply will remain strong.
The government plans to launch around 55,000 BTO flats between 2025 and 2027, with roughly 17,600 units per year in 2026 and 2027. On top of that, about 13,500 flats are expected to reach MOP in 2026, significantly increasing resale supply.
With more choices available and buyers becoming more price-sensitive, PropNex expects HDB resale prices to grow at a moderate 3% to 4% in 2026, with volumes around 26,000 to 27,000 units.
Residential Leasing: Stabilising After a Reset
The rental market appears to be finding its footing again.
Private home rents rose 1.2% in Q3 2025, bringing total growth for the first nine months to 2.4%—a notable turnaround from the decline seen in 2024. Leasing volumes remained healthy, supported by population growth and demand for interim housing.
Singapore’s population reached 6.11 million in mid-2025, which continues to underpin rental demand.
However, supply is coming.
From 2026 to 2028, private home completions are expected to rise steadily, potentially putting pressure on rental growth—especially in areas with heavy supply. Still, rents in prime locations and well-connected areas are expected to remain resilient.
PropNex forecasts private residential rents to grow 2% to 3% in 2026.
In the HDB rental market, supply constraints helped keep rents stable in 2025. But as more flats reach MOP in the coming years, tenants may gain greater bargaining power—particularly in less desirable locations.
Overall, affordability will continue to support demand for HDB rentals, especially if economic uncertainty persists.
Final Thoughts
Singapore’s residential market is entering 2026 in a healthier, more rational state.
This is not a market for blind optimism or fear-driven decisions. It’s a market that rewards clarity, discipline, and long-term thinking—whether you’re buying to stay, to invest, or to upgrade.
This article is a rewritten summary of the PropNex Singapore Real Estate Market Outlook 2026. If you would like to read the full original report, please refer to the official PropNex publication here.
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