Singapore private residential property prices rose for the sixth straight quarter in 1Q2026, albeit at a slower pace of 0.3% q-o-q, according to flash estimates released by the Urban Redevelopment Authority (URA) on April 1.
Moderating from the 0.6% q-o-q increase in 4Q2025 and 0.9% q-o-q rise in 3Q2025, this was the smallest q-o-q increase in the private residential property price index in six quarters.
Meanwhile, sale transaction volume fell by about 40% q-o-q in 1Q2026 to 4,041 as at mid-March.
Prices of non-landed private residential properties increased by 1.0% q-o-q in 1Q2026, compared to the 0.2% q-o-q decrease in 4Q2025.
See also: OCR, landed homes lead private residential price rise in 2025: URA
Prices of non-landed private residential properties in the Core Central Region (CCR) increased by 0.4% q-o-q, compared to the 3.5% q-o-q decrease in the previous quarter.
Prices in the Rest of Central Region (RCR) increased by 0.9% q-o-q in 1Q2026, compared to the 0.7% q-o-q increase in the previous quarter.
See also: Singapore home prices rise at slower pace despite ongoing boom
Prices in the Outside Central Region (OCR) increased by 1.3% q-o-q in 1Q2026, compared to the 1.0% q-o-q increase in the previous quarter.
For landed properties, prices decreased by 1.8% q-o-q in 1Q2026, compared to the 3.4% q-o-q increase in the previous quarter.
The macroeconomic outlook has become more uncertain, says URA in a statement. “Households should continue to exercise prudence when purchasing properties and taking out mortgage loans.”
The flash estimates are compiled based on transaction prices submitted for stamp duty payment and data on units sold by developers up till mid-March. The statistics will be updated on April 24 when URA releases its full set of real estate statistics for 1Q2026.
Past data have shown that the flash estimates may differ from actual changes. The final 1Q2026 figures could be higher, says Leonard Tay, head of research at Knight Frank Singapore. “Brisk activity in Tampines in the second half of March with the 92.5% project sales at both Pinery Residences and Rivelle Tampines executive condominiums (EC) have yet to be factored into the indices.”
The non-landed index for the OCR, which increased by 1.3% q-o-q based on the flash estimates, might also register a higher gain when all transactions in the full month of March are accounted for, adds Tay.
Market ‘consolidating’
Private home prices remained “broadly stable” in 1Q2026, even as transaction volumes “pulled back sharply”, says Marcus Chu, CEO of ERA Singapore. “This reflects a market that is consolidating following the strong launch-driven momentum in 2H2025. The moderation in activity was largely due to seasonal factors and a tighter launch pipeline, which limited immediate buying opportunities.”
Chu adds: “What we are seeing is not a slowdown in demand, but a pause in activity due to supply timing… With fewer new launches in the quarter, buyers faced limited immediate choices, resulting in a natural decrease in transactions.”
Sales momentum was also affected by the Chinese New Year festivities in February, which typically result in slower market activities, says Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC) Group
Demand remained focused on new launches, pulling buyers away from the resale and sub-sale sectors, adds Chu.
According to ERA, resale transactions for non-landed private homes (excluding ECs) declined by 41.9% q-o-q to 2,051 units, reaching the lowest level since 2Q2020 and ending a consistent run of about 3,000 transactions per quarter seen in recent periods.
Despite lower volumes, resale prices have remained resilient, adds ERA. Median prices stayed broadly stable at around $1,763 psf, “emphasising the underlying strength of the market”.
Meanwhile, sub-sale transactions fell sharply by 54.8% q-o-q to just 104 deals in 1Q2026, marking the lowest quarterly level since 1Q2021. Despite the decrease in volumes, sub-sale prices increased by 9.9% q-o-q to $2,317 psf, boosted by a higher share of transactions in integrated developments.
Nearly one-third of sub-sale transactions involved integrated projects such as The Woodleigh Residences, Pasir Ris 8 and Sengkang Grand Residences, “which command a premium due to their connectivity and built-in amenities”, according to ERA.
‘More balanced market environment’
The moderation in q-o-q rise in private residential property prices reflects a “more balanced market environment”, where price growth is supported by underlying demand but moderated by improved supply conditions, says Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. (SRI).
Notable projects launched during 1Q2026 included Coastal Cabana, Narra Residences, Newport Residences, Pinery Residences, Rivelle Tampines and River Modern.
An estimated total of 3,149 units, including ECs, were introduced during the quarter, higher than the 2,632 units launched in 4Q2025, according to SRI.
Based on the projects launched during the quarter, the average take up rate at launch weekend stood at 70.5%, with the highest reaching 92.5%, reflecting a healthy initial response across multiple new launches, writes Sandrasegeran.
According to caveats lodged as at March 26, new sale transactions (excluding EC) declined by 60% q-o-q to 1,294 units in 1Q2026, notes ERA.
“The slowdown was mainly due to a smaller launch pipeline, with only six developments launched during the quarter, including two ECs,” says Chu. “Buyers today are more selective, but remain highly decisive when a project meets their expectations on pricing, location and product quality.”
Mideast wars have ‘little impact’
Looking ahead, the OCR segment is expected to continue leading launch activity in 2026, underpinned by demand from first-time home buyers and upgraders at relatively more accessible price points, says Sandrasegeran.
Upcoming launches such as Vela Bay, Tengah Garden Residences and Lentor Gardens Residences are expected to sustain market activity within this segment, he adds.
From 2Q2026 to 4Q2026, there may be up to 20 launches with an estimated 8,892 units, says Mark Yip, CEO, Huttons Asia.
The conflict in the Middle East may lead to higher inflation and slower economic growth, adds Yip, and the cost of construction may possibly move up in the months ahead.
However, past wars in the Middle East have had little impact on Singapore's property market, he notes.
Private property prices rose 2.8% y-o-y in 2004 after the outbreak of war in Iraq in 2003. “The strong take-up in launches after the Middle East conflict showed that demand for properties is resilient and many buyers were adopting a long-term view,” adds Yip.
While developers are likely to continue with project launches, cost pressures mean some projects may see higher prices, says Yip. “Barring unforeseen circumstances, transaction volume is estimated to be between 8,000 and 10,000 units while prices are estimated to grow between 2% and 5% in 2026.”
Realion Group’s Sun is projecting a narrower price growth range of 2.5% to 4.5%, with 23,500 to 25,500 transactions expected for the whole year.
ERA projects new home sales of 9,000 to 10,000 units in 2026, with secondary market transactions reaching 13,000 to 14,000 units.
Table and charts: URA, Huttons Asia
