Singapore Property Market Outlook 2026: What the Data Says
What official Singapore property data shows right now — private residential prices, HDB resale, mortgage rates and affordability — with context for buyers who want the numbers without the noise. All data sourced from URA, HDB, MAS and SingStat.
Market pulse — latest readings
All figures are sourced automatically from official government publications via PropKaki Intelligence. The pulse card refreshes with each quarterly data release from URA, HDB, and MAS.
1. Private residential market
The URA Private Residential Property Price Index (PPI) measures price movements across all private homes — non-landed condominiums, apartments, and landed housing. It is Singapore's most widely cited property price benchmark.
| Metric | Value | Period |
|---|---|---|
| URA PPI (all private residential) | 219.4 | Q2 2026 |
| Quarter-on-quarter change | +0.5% | vs prior quarter |
| Year-on-year change | +2.9% | vs same quarter last year |
| Non-landed rental index | 162.5 | Q2 2026 |
| Private residential vacancy rate | 6.2% | Q1 2026 |
Source: Urban Redevelopment Authority (URA) quarterly Real Estate Statistics.
What this means
The Q2 2026 PPI reading reflects movement across both non-landed and landed segments. Developers sold 2,125 new units in Q2 2026 — the same quarter; new-sale volume is driven as much by the launch pipeline as by underlying demand, so read it alongside the unsold stock below rather than on its own.
The unsold pipeline stands at 15,057 units as of Q2 2026, with peak completions expected around 2028. Buyers purchasing off-plan today are buying into that completion wave. The vacancy rate gives a read on rental demand: a reading above 6–7% is the range where landlord pricing power begins to weaken.
PPI history from 1975, vacancy, pipeline, district rankings and segment splits: Private Residential Tracker · District Price Tracker
2. HDB resale market
The HDB Resale Price Index (RPI) tracks price movements across all open-market HDB resale transactions. It is the official measure of HDB resale market direction.
| Metric | Value | Period |
|---|---|---|
| HDB Resale Price Index | 202.8 | Q2 2026 |
| Quarter-on-quarter change | -0.3% | vs prior quarter |
| Year-on-year change | -0.0% | vs same quarter last year |
| Median 4-room resale price | S$630,000 | Q2 2026 |
Source: HDB resale transaction data (data.gov.sg).
What this means
The Q2 2026 HDB Resale Price Index reading is −0.3% quarter-on-quarter. After four years of strong resale price growth, quarters near flat are better read as normalisation than as a downturn. Three forces are compressing the market: increased BTO flat completions (supply rising), the August 2024 LTV tightening from 80% to 75% for HDB loans (reduced borrowing capacity), and ABSD-driven caution among upgraders.
467 HDB resale transactions exceeded S$1 million in Q2 2026, about 7.5% of all resales that quarter, concentrated in Bishan, Queenstown, Toa Payoh and Bukit Merah. Buyers should note that headline "million-dollar HDB" transactions represent a thin slice of the market — the median remains far below S$1 million.
HDB RPI history, town price rankings, million-dollar transaction tracker and lease decay data (PropKaki Curve™): HDB Resale Tracker
3. Cost of borrowing
Singapore floating-rate mortgages are benchmarked to the 3-month compounded SORA (Singapore Overnight Rate Average), published daily by MAS. Bank spreads currently run 0.8–1.2%. The HDB concessionary loan rate is fixed at 2.6% (0.1% above the CPF Ordinary Account interest rate).
| Loan amount | Float (1.06% SORA + 1%) | HDB loan (2.6%) | Stress rate (4.7%) |
|---|---|---|---|
| S$500,000 | S$2,134/mo | S$2,268/mo | S$2,836/mo |
| S$750,000 | S$3,201/mo | S$3,403/mo | S$4,254/mo |
| S$1,000,000 | S$4,268/mo | S$4,537/mo | S$5,672/mo |
| S$1,500,000 | S$6,402/mo | S$6,805/mo | S$8,509/mo |
Monthly repayment on a 25-year tenure. Floating rate = current SORA + 1% spread. Stress rate (4.7%) is illustrative of a +3.6pp rate rise — approximately the 2022 SORA peak. HDB concessionary loan rate is 2.6% (fixed). Figures are indicative; actual rates and tenure vary by lender.
What this means
SORA has declined sharply from its 2023 peak. At 1.06% (Q2 2026), floating-rate loans are meaningfully cheaper than HDB's concessionary rate — roughly 80–90 basis points lower in all-in terms. The decision between floating and fixed, or bank vs HDB loan, depends on your loan size, risk tolerance, and whether you meet HDB loan eligibility criteria.
The stress column (4.7%) is not a forecast — it is a planning reference. MAS requires banks to stress-test borrowers at TDSR under a 3pp rate shock. If the stress repayment puts you above 55% of gross income, you may not qualify for the full loan amount you want.
SORA history from 2005, fixed vs floating rate comparison, SIBOR history: Cost of Money Tracker · Home Loan Guide
4. Affordability
The PropKaki Affordability Index™ measures the number of years of gross median household income required to buy the median HDB 4-room resale flat. It is computed from official HDB resale transaction data (HDB / data.gov.sg) and SingStat's household income series M810361.
| Metric | Value | Period |
|---|---|---|
| Median 4-room HDB resale price | S$630,000 | Q2 2026 |
| Median monthly household income | S$12,027 | 2025 |
| Gross annual household income | S$144,324 | — |
| PropKaki Affordability Index™ | 4.4 years of income | — |
The index uses gross income before grants, CPF usage and mortgage interest, making it consistently comparable across years. Government housing grants (Enhanced CPF Housing Grant, Proximity Grant) materially reduce out-of-pocket cost for eligible buyers — the index does not capture these by design.
What this means
A reading of 4.4× means the median household needs 4.4 years of its full gross income to cover the price of a median 4-room HDB flat (2025) — before paying for food, transport, education, or anything else.
This is not the same as unaffordable. CPF OA contributions (typically 23% of salary for employees) build up a housing deposit automatically; HDB grants can reduce the effective price by S$30,000–80,000 for eligible first-timers. The index captures pre-grant, pre-CPF gross affordability — the right denominator for comparing across time, but not the number to use for your personal budget.
Full affordability history from 2000, income vs price charts, methodology: Affordability Tracker
5. What buyers are asking in 2026
HDB upgrader moving to private condo
The relevant metrics are PPI trajectory (+0.5% QoQ, Q2 2026), your remaining MOP on the HDB flat, and the ABSD rate for your second property (20% for Singapore Citizens). With floating rates falling, the cost of borrowing case for buying now vs waiting 12 months is neutral-to-positive. The bigger variable is whether your HDB MOP is behind or ahead of the private market completion wave (~2028). A BUC purchase now targeting TOP 2027–2028 lands you in the middle of peak new supply.
First-timer buying HDB resale
The −0.3% QoQ HDB RPI reading (Q2 2026) is the number to watch — a soft quarter is a marginal window, not a crash. The August 2024 LTV reduction to 75% for HDB loans means your loan-to-value headroom is tighter. Grants (EHG up to S$80,000, PHG up to S$30,000) remain available and should be factored into your effective price before comparing estates. Check remaining lease carefully — CPF usage is pro-rated if the flat won't cover the youngest buyer to age 95.
Investor or upgrader buying private for rental
The vacancy rate and rental index are your leading indicators here. A rising vacancy rate compresses yields before it shows in prices — monitor the Private Residential Tracker quarterly. Non-landed rental index softening since mid-2024 reflects a combination of new completions and expat leasing volume moderation. District-level analysis matters: vacancy in OCR differs meaningfully from CCR. PropKaki's District Price Tracker and Segments Tracker break this down.
6. Frequently asked questions
Are Singapore private property prices rising or falling in 2026?
Singapore private home prices, measured by the URA Private Residential Property Price Index, moved +0.5% quarter-on-quarter in Q2 2026 and +2.9% year-on-year. PropKaki Intelligence tracks the full PPI history from 1975 at propkaki.sg/market/private-residential.
Is the HDB resale market slowing down in 2026?
The HDB Resale Price Index moved −0.3% quarter-on-quarter in Q2 2026 and −0.0% year-on-year. HDB reports the index quarterly; PropKaki Intelligence tracks its full history at propkaki.sg/market/hdb.
What is the current SORA mortgage rate in Singapore?
The 3-month compounded SORA is published daily by MAS. It stood at 1.06% as of Q2 2026. Most floating-rate home loans are priced at SORA plus a bank spread of roughly 0.8–1.2 percentage points. PropKaki tracks the full SORA history at propkaki.sg/market/cost-of-money.
Is it a good time to buy property in Singapore in 2026?
No single indicator gives a definitive answer. Private prices have been edging up while a large unsold pipeline peaks around 2028 — supply pressure that could moderate future appreciation — and borrowing costs have been easing with SORA well below its recent peak. Against that, the PropKaki Affordability Index™ measures how many years of gross median household income the median HDB resale flat costs, and is published each year at propkaki.sg/market/affordability. Each buyer's correct answer depends on their holding period, loan headroom, and CPF position. PropKaki Intelligence publishes the underlying data free of charge so you can check every metric yourself.
How many million-dollar HDB flats are being sold?
467 HDB resale transactions exceeded S$1 million in Q2 2026, about 7.5% of all resale transactions that quarter. Million-dollar HDB flats are concentrated in mature estates (Bishan, Queenstown, Toa Payoh, Bukit Merah) and premium flat types. PropKaki tracks this quarterly at propkaki.sg/market/questions/how-many-million-dollar-hdb-flats.
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This guide is prepared by Straits Intelligence Pte. Ltd. for informational purposes only and does not constitute financial or property purchase advice. All figures are sourced from official Singapore government publications: URA, HDB, MAS and SingStat. Data refreshes automatically with each quarterly release.
Published: June 2026 · Updated quarterly · About propkaki.sg