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|October 01,2026Private Home Prices Gained Strength In Q3 2026 While HDB Resale Prices Dipped For The Third Straight Quarter, Flash Estimates Showed
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1 October 2026, Singapore - Flash estimates showed that private home prices strengthened in Q3 2026, despite limited new launches. In the HDB resale segment, prices dipped for the third straight quarter, and it appears that buyers have returned in greater numbers amid the price moderation. However, million-dollar resale flats have set a new record by a wide margin in Q3 2026.
Q3 2026 URA Private Residential Property Index (Flash)
Flash estimates from the Urban Redevelopment Authority (URA) showed that the overall private home prices climbed by 1.4% quarter-on-quarter (QOQ) in Q3 2026, accelerating from the 0.5% QOQ increase 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. Cumulatively, private home prices were up by 2.8% in the first nine months of 2026, as per the flash estimates which covered transactions till mid-September. The final print will be released on 23 October 2026.
Table 1: URA Private Property Price Index (PPI) - Q3 2026 (Flash)
Price Indices | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | 2025 | Q1 2026 | Q2 2026 | Q3 2026 (Flash) |
(QOQ % Change) | % | (QOQ % Change) | ||||||
Overall PPI | 0.8 | 1.0 | 0.9 | 0.6 | 3.3 | 0.9 | 0.5 | 1.4 |
Landed | 0.4 | 2.2 | 1.4 | 3.4 | 7.6 | -0.4 | 2.5 | 2.8 |
Non-Landed | 1.0 | 0.7 | 0.8 | -0.2 | 2.3 | 1.3 | -0.1 | 0.9 |
CCR | 0.8 | 3.0 | 1.7 | -3.5 | 1.9 | 0.6 | 1.8 | -0.1 |
RCR | 1.7 | -1.1 | 0.3 | 0.7 | 1.6 | 0.8 | -1.2 | 0.2 |
OCR | 0.3 | 1.1 | 0.8 | 1.0 | 3.2 | 2.2 | -0.1 | 2.2 |
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Once again, landed homes helped to drive the overall price increase. Landed home prices rose by 2.8% QOQ in Q3 2026, extending the 2.5% QOQ increase in the previous quarter. This comes even as market activity was thinner with 508 landed home transactions in Q3 2026 (till 22 September), compared with 592 in Q2 2026, based on URA Realis caveat data.
Over in the non-landed private homes segment, prices inched up by 0.9% QOQ in Q3 2026, reversing the 0.1% dip in Q2 2026. In particular, non-landed home prices the Outside Central Region (OCR) posted the strongest gain at 2.2% QOQ in Q3 2026, followed by the Rest of Central Region (RCR) at 0.2% QOQ. Meanwhile, in the Core Central Region (CCR), home prices eased by 0.1% QOQ in Q3 2026, after rising by 1.8% QOQ in the previous quarter.
The gain in non-landed private home prices in the quarter is likely driven by new home sales. According to caveats lodged, the median transacted unit price of new non-landed private homes (ex. EC) rose by 9.6% QOQ to $2,567 psf in Q3 2026, while that of resale private homes fell by 1.0% QOQ to $1,772 psf in Q3. With few new projects competing for buyers and a tight unsold inventory, several ongoing projects were sold at modestly higher prices in Q3 than in Q2, as per caveat data.
Based on monthly developers' sales data and URA Realis caveats, developers sold 1,068 new private homes (ex. EC) in Q3 2026 (till 20 September) amid limited launches - on track to posting the lowest quarterly sales so far in 2026. Meanwhile, caveat data showed that an estimated 3,109 private homes were resold in Q3 (till 22 September), likely to underperform the 3,813 units resold in Q2 2026.
Mr Kelvin Fong, CEO of PropNex said:
"Market activity was measured in Q3, reflecting a combination of a low launch pipeline, seasonal factors and perhaps a more deliberate buyer mindset. Supply was a key constraint, as developers held back releases through the Lunar Seventh Month. The new launches in Q3 included the 20-unit Duet @ Emily, 499-unit Lentor Gardens Residences, 380-unit Dunearn House, and 212-unit Amberwood at Holland (launched on 26 September; sales not reflected in caveat data yet).
Developers sold ai least 1,068 new units in Q3, with Lentor Gardens Residences in the OCR leading sales. The project which was launched in July sold 291 out of its 499 units (58%), based on caveats lodged up till 20 September. It is followed by Dunearn House which shifted 237 of its 380 units (62%).
The composition of new private-home sales shifted towards higher price points in Q3 2026. The proportion of new non-landed homes (ex. EC) sold below $2.5 million fell to 55.4%, from 69.4% in Q2 (see Table 2). The shift was evident across all three market segments, with the CCR at 47.4% (down from 57.4%), the RCR at 48.2% (from 56.7%) and the OCR at 65.8% (from 74.6%). We think this largely reflects the launch and sales mix during the quarter. Even so, the bulk of the transactions remains in the middle bands - about 52% of new homes sold in Q3 were priced between $1.5 million and less than $2.5 million, which is an important reference point for developers pricing new launches.
Table 2: Proportion of new non-landed private home sales by price range by region
Price range | CCR | RCR | OCR | Overall | ||||
Q2 2026 | Q3 2026 | Q2 2026 | Q3 2026 | Q2 2026 | Q3 2026 | Q2 2026 | Q3 2026 | |
Below $1 mil | 0.0% | 0.4% | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% | 0.1% |
$1 mil - <$1.5 mil | 16.2% | 3.7% | 7.1% | 4.8% | 19.1% | 2.7% | 15.8% | 3.6% |
$1.5 mil - <$2 mil | 23.5% | 25.2% | 34.6% | 19.2% | 32.0% | 30.6% | 32.4% | 25.6% |
$2 mil - <$2.5 mil | 17.6% | 18.1% | 15.0% | 24.3% | 23.5% | 32.4% | 21.1% | 26.1% |
$2.5 mil - <$3 mil | 5.9% | 20.4% | 16.7% | 17.4% | 14.3% | 18.5% | 14.7% | 18.6% |
$3 mil - <$3.5 mil | 2.9% | 14.4% | 8.2% | 6.6% | 7.2% | 11.5% | 7.3% | 10.7% |
$3.5 mil - <$4 mil | 4.4% | 11.9% | 9.1% | 6.3% | 2.6% | 2.5% | 4.3% | 6.1% |
$4 mil - <$4.5 mil | 1.5% | 3.0% | 0.4% | 4.8% | 0.8% | 1.6% | 0.7% | 3.0% |
$4.5 mil - <$5 mil | 0.0% | 1.1% | 3.6% | 6.6% | 0.3% | 0.2% | 1.1% | 2.5% |
$5 mil - <$10 mil | 19.1% | 1.1% | 5.4% | 10.2% | 0.2% | 0.0% | 2.2% | 3.5% |
$10 mil and above | 8.8% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.2% |
Total | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
Proportion under $2.5 mil | 57.4% | 47.4% | 56.7% | 48.2% | 74.6% | 65.8% | 69.4% | 55.4% |
We think the macro backdrop helped boost confidence. Interest rates remain relatively low and the domestic economy has held up well, with the Ministry of Trade and Industry raising its 2026 growth forecast for Singapore to 4.5% to 5.5% in August. That being said, while underlying housing demand remains supported by a stable employment rate and healthy household balance sheets, some buyers may be weighing bigger financial commitments more carefully, amid geopolitical uncertainties.
Looking ahead, the fourth quarter offers more choices, with Lucerne Grand (OCR), Thomson Reserve (RCR), and freehold development The Serra Residences (CCR) collectively bringing some 1,970 new homes to the market at a variety of price points. For the whole of 2026, we project that new home sales could come in at around 8,000 to 8,500 units, and private resale at 14,000 to 15,000 units. Meanwhile, overall private residential price growth may range from 3% to 4% in 2026."
Q3 2026 HDB Resale Price Index (Flash)
Flash estimates from the Housing and Development Board (HDB) showed HDB resale prices dipped by 0.2% QOQ in Q3 2026, extending the price decline which started in Q1 2026 (see Table 3). Based on the flash estimates, HDB resale prices fell by 0.6% cumulatively in the first nine months of this year. The flash figure is provisional, and the final data will be released on 23 October 2026.
The HDB said that 7,528 resale flats were transacted in Q3 2026 (up till 29 September) - already higher than 6,396 flats resold 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
Quarter | QOQ % change | YOY % change |
Q1 2023 | 1.0% | 8.8% |
Q2 2023 | 1.5% | 7.5% |
Q3 2023 | 1.3% | 6.2% |
Q4 2023 | 1.1% |
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