01 April 2026, Singapore - Singapore's housing market in Q1 2026 continues to moderate with pockets of resilience. Flash estimates showed that private home prices rose modestly in the quarter, with non-landed homes in the Outside Central Region leading gains. Meanwhile, the HDB resale price index saw its first quarterly decline in nearly seven years in Q1 2026, notwithstanding an elevated number of million-dollar resale flats and new price records being set in the quarter.

Q1 2026 URA Private Residential Property Index (FLASH)

According to flash estimates, overall private home prices inched up by 0.3% QOQ in Q1 2026, easing from the 0.6% QOQ increase in the previous quarter (see Table 1). This is the slowest quarterly growth in six quarters. However, the final print could potentially come in higher when the sales transactions in the latter part of March are included. The flash estimates captured transactions up till mid-March with the final quarterly data set to be published on 24 April 2026.

Table 1: URA Private Property Price Index (PPI) - Flash Estimates Q1 2026

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The Landed homes segment saw a 1.8% QOQ price decline in Q1 2026, a turnaround from the 3.4% QOQ increase in Q4 2025. It is likely that the fall in transactions of landed homes has put a drag on price growth. Based on URA Realis caveat data, the number of landed homes sold in Q1 2026 (till 24 March) fell - across all segments, detached homes, semi-detached homes, and terrace houses - by about 28% QOQ to 416 units from 574 units in the previous quarter. It is observed that transactions weakened noticeably in March compared with the sales in January and February, potentially suggesting that the Middle East conflict (which began on 28 February) and the ensuing spike in uncertainty could have affected sentiment among prospective landed home buyers.

Over in the non-landed private homes segment, prices climbed by 1.0% QOQ, reversing the 0.2% QOQ decline in Q4 2025, as per the flash estimates. The price growth was driven by the Outside Central Region (OCR) which posted a 1.3% QOQ price increase - the strongest quarterly increase for this sub-market in five quarters. It is likely that the final print may trend slightly higher when the transactions at the recently launched Pinery Residences (see Table 2) are included.

Table 2: New project launches in Q1 2026 (ex. EC)

Meanwhile, the Rest of Central Region (RCR) which did not feature any fresh project launches in Q1 2026 garnered a 0.9% QOQ growth during the quarter, following the 0.7% QOQ rise in Q4 2025. Compared with other regions, the RCR sub-market is anticipated to see relatively fewer new launches this year with Hudson Place Residences, and the mega development in Bright Hill Drive, Thomson Reserve lined up.

Prices also rose in the Core Central Region (CCR) during the quarter, supported by two successful new launches Newport Residences and River Modern (see Table 2). The flash estimates indicated that non-landed home prices in the CCR inched up by 0.4% QOQ in Q1 2026, rebounding from the 3.5% QOQ decline in the previous quarter. This sub-market is expected to remain relatively lively in 2026 with more new projects slated to come on, including those in Dunearn Road and Holland Link.

Transactions

In Q1 2026 (till 22 March), developers sold an estimated 1,355 new homes (ex. EC) and 1,087 new EC units, based on URA developers' sales data and caveats lodged. In particular, new private home sales could reach closer to 2,000 units (ex. EC) when the transactions at Pinery Residences are added. Further, PropNex notes that this is the first time that new EC sales crossed the 1,000-unit mark in 13 quarters, since Q4 2022 where 1,127 EC units were sold - boosted by the launch of Copen Grand and Tenet then. In Q4 2025, developers sold 2,940 new private homes (ex. EC), and 80 new ECs.

Over in the resale market, there were 2,662 private homes resold in Q1 2026 (till 24 March) based on caveat lodged - likely to underperform the 3,529 private resale units that changed hands in Q4 2025. Meanwhile, there were 115 sub-sale transactions in the Q1 2026 (till 23 March), likely to post a fourth straight quarterly decline in sub-sales.

Mr Kelvin Fong, CEO of PropNex said:

"Private home sales in Q1 2026 reflected a measured but still a relatively well-supported market, underpinned by genuine buying demand. While the overall transaction volumes moderated from the previous quarter, we observe that demand has remained resilient for sensibly-priced projects in attractive locations. Homebuyers continue to show a preference for projects with strong transport connectivity and easy access to amenities.

The CCR remained a bright spot in Q1 2026, where projects such as River Modern and Newport Residences were well-received, driven predominantly by local buyers. Since the doubling of the additional buyer's stamp duty (ABSD) rate for foreigners to 60% in April 2023, the proportion of such buyers in the CCR has generally declined (see Chart 1), with new home sales in the sub-market now heavily supported by the local market.

Chart 1: Proportion of new non-landed private home sales (ex. EC) in the CCR by Foreigners (NPR)

The growing participation of local buyers in the CCR could also be due to a shift in perceived relative value driven by the narrowing price gap between new CCR homes and those in the city-fringe. In Q1 2026 (till 22 March), the median unit price gap between new non-landed private homes in the CCR and RCR was 19%, widening from 4% in the previous quarter (see Table 3). That said, it is still narrower than levels seen in a good part of 2024 and some prospective buyers may still find it compelling enough.

Table 3: Median unit price ($PSF) of new private homes and new EC units sold and price gap (%)

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