Is private property price growth in Singapore accelerating or decelerating?

As of Q2 2026, the URA All Private Residential PPI moved +0.5% quarter-on-quarter, compared with +1.4% the previous quarter. This means price growth decelerated relative to the prior quarter. A single quarter can be noisy — launch timing and project mix both affect the headline figure — so PropKaki also tracks the year-on-year change (+2.9%) to smooth short-term noise.

What is the URA Private Residential Property Price Index (PPI)?

The URA PPI is a quality-adjusted index tracking private residential property prices in Singapore, with a base of Q1 2009 = 100. It covers all private residential transactions (non-landed and landed) and is published quarterly by the Urban Redevelopment Authority. Because it is quality-adjusted, it controls for differences in unit mix and project quality across quarters, making it a more reliable gauge of price movement than simple average transacted price. PropKaki sources this from data.gov.sg and updates the tracker quarterly.

Does rising vacancy mean the Singapore property market is slowing?

As of Q2 2026, Singapore's private residential vacancy rate was 6.4%. Vacancy and the PPI tend to move in opposite directions — rising vacancy typically reflects softening rental demand relative to supply, and has historically preceded or coincided with slower price growth, though it is not a guaranteed leading indicator. PropKaki tracks vacancy alongside the PPI as a demand-side signal, not as a standalone forecast.

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PropKaki Intelligence — Questions

Is the Singapore private property market slowing down?

PropKaki answers this with the URA Private Residential Property Price Index (PPI) and vacancy rate — both updated quarterly from official URA data via data.gov.sg. This page reports what the data shows, not a forecast.

At a glance

The URA All Private Residential Property Price Index (PPI) stood at 219.4 as of Q2 2026, up 0.5% quarter-on-quarter and up 2.9% year-on-year. price growth decelerated relative to the prior quarter (prior quarter was +1.4% QoQ). Private residential vacancy was 6.4% as of Q2 2026, near the historical average of roughly 6–8%. PropKaki publishes the full PPI history quarterly from official URA data via data.gov.sg.

URA Private Residential Price Index — current reading

Measure	Latest	QoQ	YoY
PPI — all private residential	219.4	+0.5%	+2.9%
PPI — non-landed	210.6	−0.1%	—
PPI — landed	258.4	+2.5%	+7.0%
Vacancy rate — all private residential	6.4%	—	—
Rental index — non-landed	162.5	—	+1.8%

Source: URA via data.gov.sg, as tracked by PropKaki Intelligence. As of Q2 2026.

PPI trend — last 8 quarters

Reverse-chronological, latest quarter first. QoQ shows the move from the prior quarter.

Quarter	PPI (all)	QoQ	YoY
Q2 2026	219.4	+0.5%	+2.9%
Q1 2026	218.3	+0.9%	+3.4%
Q4 2025	216.4	+0.6%	+3.3%
Q3 2025	215.1	+0.9%	+5.1%
Q2 2025	213.2	+1.0%	+3.4%
Q1 2025	211.1	+0.8%	+3.3%
Q4 2024	209.4	+2.3%	+3.9%
Q3 2024	204.7	—	+4.4%

How to read the URA PPI

The PPI is a quality-adjusted index, base Q1 2009 = 100. It covers all private residential properties — non-landed and landed combined for the headline figure, with separate sub-indices for each. Quality adjustment means the index controls for differences in unit mix and project quality between quarters, so it reflects genuine price movement rather than just a shift in what happened to transact.

Quarter-on-quarter (QoQ) changes compare consecutive quarters and can be noisy — a single large launch can move the headline. Year-on-year (YoY) changes compare against the same quarter the prior year and smooth out most seasonal and launch-timing noise. A positive QoQ does not by itself mean prices are accelerating — that requires comparing the current QoQ to the prior quarter's QoQ, which is what the momentum read above does. The PPI also should not be confused with transaction volume, which can fall even while the index rises (or vice versa) if fewer but higher-value units transact.

Vacancy rate as a demand signal

Vacancy and the PPI tend to move in opposite directions over the medium term — rising vacancy typically reflects supply outpacing rental demand, and has historically preceded or coincided with slower price growth. It is a demand-side signal, not a standalone forecast.

Quarter	Vacancy rate (all private)
Q2 2026	6.4%
Q1 2026	6.2%
Q4 2025	6.0%
Q3 2025	6.9%

What policy context matters?

Singapore's private property market is shaped by a standing set of cooling measures — Additional Buyer's Stamp Duty (ABSD) for second and subsequent properties and for foreign buyers, the MAS Total Debt Servicing Ratio (TDSR) framework limiting borrowing capacity, and the private residential supply pipeline (units under construction and GLS sites awaiting launch). These factors shape demand and supply independently of short-term price momentum. PropKaki tracks the data; for forward-looking forecasts, refer to institutional research from banks, consultancies, or URA's own market reports.