Singapore private residential property prices rose for the seventh consecutive quarter in 2Q2026, albeit at a slower pace of 0.5% q-o-q, according to flash estimates released by the Urban Redevelopment Authority (URA) on July 1.
The increase moderated from 0.9% q-o-q in 1Q2026 and 0.6% q-o-q in 4Q2025, marking the slowest quarterly growth in the private residential property price index (PPI) over the past seven quarters.
| Quarter | Property Price Index of residential properties (Index) | Quarterly percentage change in PPI of residential properties (%) |
| 1Q2024 | 204.3 | 1.4 |
| 2Q2024 | 206.1 | 0.9 |
| 3Q2024 | 204.7 | -0.7 |
| 4Q2024 | 209.4 | 2.3 |
| 1Q2025 | 211.1 | 0.8 |
| 2Q2025 | 213.2 | 1.0 |
| 3Q2025 | 215.1 | 0.9 |
| 4Q2025 | 216.4 | 0.6 |
| 1Q2026 | 218.3 | 0.9 |
Data: URA
The slower pace of overall PPI growth was largely due to a decline in the non-landed private residential segment. The non-landed private PPI slipped 0.1% q-o-q to 210.6 in 2Q2026, reversing the 1.3% q-o-q increase recorded in 1Q2026, when the index rose to 210.8.
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Cumulatively, private residential prices rose 1.4% in 1H2026, down from the 1.8% increase recorded over the same period in 2025, according to Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI).
Meanwhile, private home transaction volume held relatively firm, recording 5,358 units in 2Q2026, compared to 5,413 recorded in 1Q2026, according to Marcus Chu, CEO of ERA Singapore.
PPI fell across RCR and OCR
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Within the non-landed private residential market, the overall PPI decline was driven by declines in the Rest of Central Region (RCR) and the Outside Central Region (OCR), while the Core Central Region (CCR) was the only segment to register price growth.
Prices in the OCR fell 0.2% q-o-q in 2Q2026, reversing from the 2.2% increase in 1Q2026, despite healthy take-up at new launches such as Vela Bay and Tengah Garden Residences, notes Chu. He attributes the decline largely to the high base set in the previous quarter.
RCR prices saw a steeper 1.4% q-o-q fall, compared with a 0.8% increase in the preceding quarter, with Hudson Place Residences as the only new project launched in the region in 2Q2026.
The CCR posted a 2% q-o-q increase in prices, up from the 0.6% growth recorded in 1Q2026, making it the sole region to register price gains.
Although there were no new launches in the quarter, prices in the CCR remained resilient despite a sharp decline in transaction volume, says Chu. “As of July 1, the CCR recorded only 596 transactions, down from 1,223 in the previous quarter.”
The overall non-landed PPI has been “weighed down by a higher proportion of transactions involving lower-priced homes in the suburbs”, says Christine Sun, chief researcher and strategist of Realion Group (OrangeTee & ETC).
Sun adds: “A majority, or 58.9%, of total sales comprising non-landed and landed excluding executive condominiums (EC) in 2Q2026 were in the suburban OCR, up from 50.2% in 1Q2026 and 38.6% in 4Q2025, according to URA caveat data up to June 23. Conversely, the proportion of transactions in CCR, which are often higher-priced, dipped to 12.3%, down from 24.2% and 21.9% over the same periods. In 2Q2026, 28.7% of total sales were in the RCR.”
Sun adds that the launch of more suburban projects, including Tengah Garden Residences and Vela Bay, also contributed to the slower pace of price growth, as OCR home prices are generally below those in the city fringe and prime districts.
As a result, the number of new private homes (excluding ECs) sold for under $2 million rose to 1,016 units in 2Q2026, up from 631 units in the previous quarter. Likewise, sales of new homes priced below $2,000 psf jumped sixfold, from 24 units in 1Q2026 to 144 units in 2Q2026, further weighing on the overall price index, adds Sun.
In contrast, the PPI for landed homes rose 2.6% q-o-q to 258.7 in 2Q2026, rebounding from the 0.4% decline to 252.1 recorded in the previous quarter. This marks the “highest landed price index [it] has ever been”, says Leonard Tay, head of research at Knight Frank Singapore.
Knight Frank forecasts landed home values to grow by 3% to 5% for the year, in tandem with its overall private market forecast. “Activity is expected to remain fairly resilient with most deals closing within the $5 million and $10 million price bands as long as priced sensibly with the home’s corresponding locational and physical attributes,” adds Tay.
Wave of new launches in 2H2026
Market activity is expected to pick up in 2H2026 as a fresh pipeline of residential launches enters the market, says SRI’s Sandrasegeran.
According to Mark Yip, CEO of Huttons Asia, about 12 new projects comprising an estimated 3,567 units are expected to be launched in 2H2026. Among the key launches are Lentor Gardens Residences and Dunearn House.
Other notable launches include Thomson Reserve, Amberwood at Holland, Lucerne Grand and The Serra Residences, followed by Bedok Rise and an EC project at Woodlands Drive 17 later in the year.
Total new launches for the whole of 2026 are projected to reach around 7,300 units, about 36.4% below the 11,482 units launched in 2025, adds Yip. As developers’ sales are largely supply-driven, Yip expects new home sales this year to remain below last year’s level.
Reflecting the tighter supply outlook, Huttons has revised its forecast for developers’ sales to between 7,500 and 9,000 units in 2026, down from its earlier projection of 8,000 to 10,000 units. Its private residential price growth forecast remains unchanged at 2% to 5% for the year.
Meanwhile, ERA maintains its earlier forecast of 3% to 5% for the year and projects new home sales to be between 9,000 and 10,000 units, while the secondary market is expected to record 13,000 to 14,000 transactions, “indicating stable underlying demand in the year ahead”.
Realion Group expects overall private residential prices to grow at a more modest 2.5% to 3.5% this year as “higher mortgage rates with a dimmer hiring outlook may [result] in some prospective homebuyers exercising greater caution when making big-ticket purchases”.
This, in turn, may “impact housing demand and slow the pace of price growth”, says Sun.
CBRE Research expects 7,500 to 8,500 new homes to be sold in 2026. "This would be a moderation from the high base of 10,815 units in 2025, largely on fewer launches and the normalisation of pent-up demand after above-trend volumes last year," says Tricia Song, CBRE head of research, Singapore and Southeast Asia.
Charts: URA
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