Singapore Property Prices Up 4% in Q2, But Annual Growth Lags Amid Cooling Measures

Private home prices in Singapore climbed 1.1% in the second quarter of 2026, capping a 4% increase from the same time last year, according to data released Thursday by the Urban Redevelopment Authority (URA). The latest figure, encompassing both new sales and the resale market, highlights cooling momentum in the city-state’s housing boom.

This slowdown comes as buyers face a cocktail of higher interest rates, stricter loan curbs and a steady pipeline of new launches in areas like Tengah and Jurong Lake District. With the government’s additional rounds of cooling measures—most recently in late 2025—analysts say the days of double-digit annual price surges are firmly in the rearview mirror. Median condo prices, which hovered at $1.8 million for completed units in the Core Central Region (CCR), have ticked up from $1.74 million last June, but fewer mass-market buyers are stretching budgets to snap up units sight-unseen.

Resale Segments: Mixed Fortunes Across Districts

Singapore’s prime districts remain resilient. Data from ERA Realty shows resale transactions along Orchard Road (District 9) and Bukit Timah (District 10) posted modest quarter-on-quarter gains, with projects like The Balmoral and Martin Place Residences each seeing median unit prices above $2,500 per square foot. In contrast, the Outside Central Region (OCR) saw values flatten out, especially in newer suburban hubs such as Punggol and Sengkang, where buyers gravitated to Executive Condominium (EC) launches under the Housing & Development Board (HDB) scheme—with recent EC units at Parc Clover, Tengah fetching upwards of $1.4 million for five-room flats.

HDB resale flats also continued their upward climb, but at a slower clip than last year. According to HDB’s latest quarterly flash report, prices rose just 2.6% year-on-year in Q2, compared to 5.8% in the same period in 2025. Popular mature estates like Bishan and Queenstown are still drawing COV (cash over valuation) offers on select units, but transaction volumes are leveling off as larger launches in Tengah and Jurong West absorb some demand from upgraders.

Data, Supply, and What Homebuyers Should Watch

Overall, URA’s Q2 flash estimate pinpoints the islandwide private non-landed price index at 169.8—up from 163.4 in Q2 2025. The most significant quarterly rises were in District 11, where new freehold launches such as Novena Heights have lifted transaction values to near $2,700 psf. For the mass market, resale deals in Yishun and Tampines barely nudged past $1,300 psf, underscoring price sensitivity among buyers facing higher mortgage repayments. Higher ABSD rates for second homes since late 2025 have also cooled speculative buying, with foreign purchase demand easing further after last April’s surge in additional duties.

Looking ahead, more than 8,000 new homes are coming on stream in H2 2026, including major projects in Lentor and the Greater Southern Waterfront. Homebuyers with immediate needs are finding deals amid greater choice, but property agents from PropNex and OrangeTee expect price growth to remain in the low single digits for the rest of the year. Buyers are advised to be selective: scrutinise floor plans, check for transport links (such as the Thomson-East Coast MRT line extension), and monitor developer discounts as competition intensifies for unsold stock in city-fringe districts. Sellers, meanwhile, should price realistically, as ambitious asking prices are seeing longer listing periods and fewer en bloc whispers, especially in older projects along Holland Road and Newton.