# Singapore Condo Prices Just Had Their Slowest First Half Since 2020 — Here’s What It Means For Buyers

- **Source:** Stacked Homes
- **Published:** 2026-07-24T08:53:07.000Z
- **Author:** Ryan J. Ong
- **Original:** https://stackedhomes.com/singapore-condo-prices-just-had-their-slowest-first-half-since-2020/
- **Topics:** Private Residential, New Launches, Government & Policy

## Featured rationale

Slower growth signals a stabilising market and, alongside a larger second-half launch pipeline, may give buyers more choice and reduce pressure for immediate purchases.

## AI summary

Singapore private home prices rose 0.5% quarter-on-quarter in 2Q2026, taking first-half growth to 1.4%, the weakest half-year increase since 2020.

## Original article

With more than half of the year behind us, there are growing signs to indicate that the private residential property market appears to be moving into a period of greater stability.

This will probably come as a relief to many buyers who have faced a persistent trend of price increases from late 2024 and throughout most of 2025; buoyed by one blockbuster launch after another, each one seemingly setting higher price benchmarks.

But the latest housing statistics by URA indicate that market activity is slowing down, giving buyers some much needed breathing space. The property statistics for 2Q2026 tell us that price growth for the first half of this year was the weakest half-yearly performance since 2020, despite the strong showing in the new launch market so far this year.

Nonetheless, there are nuances, such as a bounceback in the price trajectory in the CCR, and the consequences of more Government Land Sales (GLS) sites being awarded. Here’s a look at the performance of the private housing market in the second quarter of 2026.

URA Figures for Q2 2026

Overall, the private residential property market continued to post price gains in 2Q2026, but at a slower pace compared to the first three months of this year. The overall private residential Property Price Index (PPI) rose only 0.5% q-o-q, as opposed to the 0.9% quarterly increase in 1Q2026.

This brings the overall price growth in the private residential market to just 1.4% for the first half of this year, which is the slowest half-year increase in price growth since the Covid-19 pandemic struck Singapore in 2020.

An important caveat is that the overall price increase in the private residential market was largely driven by landed home transactions, where prices rebounded 2.5% in 2Q2026 after reporting a relatively soft performance in the previous quarter.

In contrast, non-landed private home prices – which account for the majority of private housing transactions – actually edged down by 0.1% q-o-q. “From the perspective of many homebuyers, this may be seen as a flat quarter in view of the softer non-landed home prices,” says Kelvin Fong, CEO of PropNex.

A reason for the dip in price growth could be attributed to seasonal disruptions. Landed home prices moderated in the first three months of this year, which ties in with holidays and festivities such as the Chinese New Year period and the March school holidays.

Subsequently, when market activity resumed after the lull in the second quarter, most of the landed properties that changed hands fetched relatively higher prices, ranging from $5 million to $7.5 million. In comparison, most of the landed home deals which closed in 1Q2026 transacted for $2.5 million to $5 million, which contributed to the sharper rebound in price growth.

That said, landed home transactions are relatively small compared to the entire private residential market. Given the low transaction volume, outliers can have a disproportionate impact on the price index. As such, we would caution interpreting the shift towards one higher price band as reflective of a wider trend in the landed property segment.

While price growth slowed for non-landed private homes, transaction volumes remained healthy.

Total private home sales still climbed by 13.6% q-o-q to hit a sales volume of 6,148 units transacted last quarter. The notable difference is that the increase in transaction volume was driven by an 18.2% rebound in resale transactions, while sub-sales also increased by 10.9%.

Meanwhile, developers sold 2,013 new private homes in 1Q2026 versus 3,225 resale private homes transacted in the secondary market during that period. But in 2Q2026, developers sold a slightly higher number of 2,141 new private homes, but the stronger growth came from the resale market where transactions rose to 3,813 units sold.

“Following the bumper crop of new launches that propelled private property price growth in the latter quarters of 2025, we have witnessed a moderation in prices in 2Q2026 and 1H 2026 overall. This can be attributed to a lower volume of launches in the first half of this year amid seasonal factors,” says Marcus Chu, CEO of ERA Singapore.

The slowdown in the volume of private home sales is largely attributed to there being only three new condo launches during the quarter, namely Tengah Garden Residences, Vela Bay, and Hudson Place Residences.

Each of these three new projects saw strong take-up rates when they hit the market at 99%, 72% and 61%, respectively.

Tengah Garden Residences, by Hong Leong Holdings, GuocoLand, and CSC Land, is the first condo to launch in Tengah.

This also partially explains the uptick in resale volumes. Some buyers who were unable to secure units – and also unable to find other new launch alternatives – could have turned to the resale market.

“In 2Q2026, the secondary market benefitted from the limited number of new launches. However, several compelling new launches are expected for the third quarter, which could result in a less active secondary market.,” says Chu, adding: “Resale and sub-sale volumes may remain subdued in the next quarter, but prices are expected to remain stable, bolstered by resilient buyers’ demand”.

Regional differences marked the property market last quarter

Among the three regions key regions in the private residential market – namely the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) – only the city-centre, or CCR, registered an uptick in price at 1.8% last quarter. On the other hand, prices fell by 1.1% in the RCR and 0.3 % in the OCR.

Leonard Tay, Head of Research at Knight Frank Singapore, says that the latest figures point towards a more balanced market overall, after the stronger gains seen over the past two years.“Going forward, this more sustainable and balanced phase of price growth that has been observed from 2024 onwards will likely continue,” he says.

He points out that the CCR continued to see resilient demand for premium homes, while the latest launches in the RCR and OCR were priced more in line with prevailing market expectations.

Meanwhile, Christine Sun, Chief Researcher and Strategist at Realion Group, noted that the latest property statistics are the latest continuation of a broader moderation trend that has been underway since 2022.

“Prices increased by 1.4% in the first half of 2026, representing the weakest half-year growth since 2020. The pace of bi-annual price growth has steadily moderated since 1H 2022, indicating that the market is stabilising, with prices rising but at a more sustainable pace,” she says.

Gearing up for a busier round of market activity in 2H2026

The second half of the year is expected to be considerably busier. The 2H2026 GLS Confirmed List could add another 4,745 new private homes to the mix, bringing the total for the year to 9,320 units. This is more than 50% higher than the 10-year annual average.

Most analysts expect the dominant buyer demographic to be genuine owner-occupiers going forward, with less in the way of investment or speculation driven buying.

“Buyers will continue to gravitate towards well-located projects that offer connectivity and future growth potential in various neighbourhoods, as benign mortgage rates (more favourable than a year ago) support sustained demand from HDB upgraders and genuine owner-occupiers,” says Tay of Knight Frank.

He adds that, at the same time, the pricing gap between new launches and resale homes persists, creating a two-tier market where new projects command a premium and homes that have been completed for some time provide more affordable options for both upgraders and downgraders.

There’s a much larger pipeline of launch-ready new projects yet to come onto the market, and buyers will likely have more choices than they did in the first six months of this year.

This is good news for buyers on two fronts. While prices aren’t dropping (they rarely ever do), the pace of price increases has slowed. This will be a relief for buyers who waited on the sidelines during the first half of 2026, as well as HDB upgraders saving up to afford a new condo.

The second piece of good news is that a range of new launch condos will enter the market in the second half of this year, and we think most preview after the end of the Hungry Ghost Festival, which lasts from Aug 13 to Sept 11 this year.

If you haven’t been able to secure a new home since the start of this year, there’s still plenty of opportunities left before the end of the year.

## Chinese translation

> Translation model: grok_cli

### 新加坡公寓价格录得2020年以来最慢上半年涨幅——这对买家意味着什么

市区重建局（URA）2026年第二季度数据显示，私人住宅价格环比仅上涨0.5%，为2020年以来最弱的上半年涨幅。非有地住宅价格回落，有地住宅则反弹，转售成交推动总成交量上升13.6%。

今年已过半，越来越多迹象显示，私人住宅物业市场正进入更趋稳定的阶段。

对许多买家而言，这或许是一种解脱——他们自2024年末至2025年大部分时间一直面对持续的涨价趋势；在一场又一场重磅新盘的推动下，每个项目似乎都在刷新更高的价格标杆。

但市区重建局（URA）最新住房统计显示，市场活动正在放缓，给买家一些急需的喘息空间。2026年第二季度物业统计显示，尽管今年以来新盘市场表现强劲，今年上半年的价格涨幅仍是自2020年以来最弱的半年表现。

不过，其中仍有诸多细微之处，例如核心中央区（CCR）价格走势的反弹，以及更多政府售地计划（GLS）地段成功招标所带来的影响。以下是2026年第二季度私人住宅市场的表现梳理。

URA 2026年第二季度数据

整体而言，私人住宅市场在2026年第二季度继续录得价格上涨，但增速较今年前三个月放缓。整体私人住宅物价指数（PPI）环比仅上升0.5%，而2026年第一季度的季度涨幅为0.9%。

这使得今年上半年私人住宅市场整体价格涨幅仅为1.4%，是自2020年新冠疫情冲击新加坡以来最慢的半年涨幅。

一个重要的附带说明是：私人住宅市场的整体涨价，很大程度上由有地住宅成交所驱动——有地住宅价格在上一季度表现相对疲软后，于2026年第二季度反弹2.5%。

相比之下，占私人住房成交主体的非有地私人住宅价格，实际上环比微跌0.1%。PropNex首席执行官方智远（Kelvin Fong）表示：“从许多购房者的角度看，鉴于非有地住宅价格偏软，这一季度或可被视为持平的一季。”

价格涨幅回落的一个原因，可归因于季节性扰动。有地住宅价格在今年前三个月有所放缓，这与农历新年假期以及三月学校假期等节庆和假期相吻合。

随后，当市场活动在第二季度的沉寂期后恢复，大部分成交的有地物业价格相对较高，介于500万至750万新元。相比之下，2026年第一季度成交的有地住宅多数介于250万至500万新元，这也促成了价格涨幅的更明显反弹。

话虽如此，有地住宅成交量相对于整个私人住宅市场仍属较小。鉴于成交量偏低，异常值可能对价格指数产生不成比例的影响。因此，我们提醒：不宜将价格带向更高区间的这一转变，解读为有地物业板块的广泛趋势。

尽管非有地私人住宅价格涨幅放缓，成交量仍保持健康。

私人住宅总成交量仍环比上升13.6%，上季度成交达6,148个单位。显著不同的是，成交量增长由转售交易反弹18.2%所驱动，转售再售（sub-sales）亦增加10.9%。

与此同时，发展商在2026年第一季度售出2,013套新私人住宅，同期二手市场转售私人住宅成交3,225套。但在2026年第二季度，发展商售出略高的2,141套新私人住宅，而更强的增长来自转售市场，成交升至3,813套。

ERA Singapore首席执行官朱福兴（Marcus Chu）表示：“在2025年下半年一系列重磅新盘推动私人房价上涨之后，我们在2026年第二季度及2026年上半年整体看到了价格的放缓。这可归因于今年上半年在季节性因素下新盘推盘量较低。”

私人住宅销售量放缓，很大程度上归因于该季度仅有三个新公寓项目入市，即Tengah Garden Residences、Vela Bay和Hudson Place Residences。

这三个新项目入市时认购率均相当强劲，分别达99%、72%和61%。

由丰隆控股（Hong Leong Holdings）、国浩地产（GuocoLand）及CSC Land联合开发的Tengah Garden Residences，是登加（Tengah）首个推出的公寓项目。

这也部分解释了转售成交量的回升。一些未能抢到单位——同时又找不到其他新盘替代选择——的买家，可能转向了转售市场。

朱福兴表示：“2026年第二季度，二手市场受惠于新盘数量有限。不过，第三季度预计将有多个具吸引力的新盘推出，这可能导致二手市场活跃度下降。”他补充道：“下季度转售与转售再售成交量或仍偏淡，但在买家需求坚韧的支撑下，价格预计将保持稳定。”

区域差异是上季度市场的显著特征

在私人住宅市场三个主要区域——即核心中央区（CCR）、中央区其他地区（RCR）以及中央区以外地区（OCR）——中，仅市中心即CCR上季度录得价格上涨1.8%。另一方面，RCR价格下跌1.1%，OCR下跌0.3%。

莱坊新加坡（Knight Frank Singapore）研究部主管Leonard Tay表示，最新数据整体指向一个更趋平衡的市场，此前两年曾出现更强涨幅。“展望未来，自2024年以来所观察到的这一更为可持续且平衡的价格增长阶段，料将延续。”他说。

他指出，CCR对高端住宅的需求依然坚韧，而RCR与OCR最新推盘的定价则更贴近当前市场预期。

与此同时，Realion Group首席研究员兼策略师孙燕清（Christine Sun）指出，最新物业统计是自2022年以来更广泛放缓趋势的最新延续。

她表示：“2026年上半年价格上涨1.4%，为2020年以来最弱的半年涨幅。自2022年上半年以来，半年价格增速已稳步放缓，表明市场正在企稳，价格仍在上涨，但步伐更为可持续。”

为2026年下半年更繁忙的市场活动蓄势

下半年预计将明显更为繁忙。2026年下半年GLS确认名单或再增加4,745套新私人住宅供应，使全年总量达到9,320个单位。这比10年年均水平高出50%以上。

多数分析师预计，未来主导的买家群体将是真正的自住买家，投资或投机驱动的购买将相对较少。

莱坊的Tay表示：“买家将继续青睐区位优越、具备交通便利与各社区未来增长潜力的项目；同时，房贷利率环境较为温和（较一年前更为有利），将支撑组屋（HDB）升级买家与真正自住买家的持续需求。”

他补充说，与此同时，新盘与转售住宅之间的价格差距依然存在，形成双轨市场：新项目享有溢价，而落成已有一段时间的住宅，则为升级与降级买家提供更可负担的选择。

还有更大一批已具备推出条件的新项目尚未入市，买家在今年下半年的选择，很可能比前六个月更多。

这对买家而言是双重好消息。虽然价格并未下跌（它们几乎很少下跌），但涨价步伐已放缓。这对在2026年上半年观望的买家，以及正在攒钱以负担新公寓的组屋升级买家来说，将是一种解脱。

第二则好消息是，一系列新盘公寓将在今年下半年入市；我们认为，多数预览将在中元节结束后进行——今年中元节为8月13日至9月11日。

如果您自年初以来仍未能购得新居，年底前仍有不少机会。