Singapore private home prices up by a modest 0.5%; rents edge up 0.7%

Private home prices in Singapore edged up 0.5% q-o-q in 2Q2026, slowing down from the 0.9% growth registered in the previous quarter, data released by URA on July 24 showed.

For the first half of the year, prices of private residential properties in 1H2026 were up by a marginal 1.4%, dipping below the 1.8% gain during the same period last year.

The updated 2Q2026 price growth is unchanged from the flash estimates released earlier this month.

“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 1H2026 overall,” says Marcus Chu, CEO of ERA Singapore. “This can be attributed to a lower volume of launches in the first half of this year amid seasonal factors like the Chinese New Year holidays, as well as the June School Holidays.”

Read also: Non-landed private home prices fell by 0.1% in second quarter, with 1.4% drop in RCR: flash estimates

Landed homes gain momentum

“The headline price growth in 2Q2026 was mainly carried by the landed housing segment,” says Kelvin Fong, CEO of PropNex.

The segment posted the strongest price growth during the quarter with prices of landed properties increasing by 2.5% in 2Q2026, reversing from the 0.4% decline in 1Q2026. This brought cumulative price growth for the first half of 2026 to 2.1%.

Meanwhile, the non-landed segment saw prices fall by 0.1% in the quarter after a 1.3% increase in the previous quarter.

Within the Core Central Region (CCR), non-landed properties’ prices rose 1.8% in 2Q2026, gaining pace from the 0.6% increase in 1Q2026.

Leonard Tay, head of research at Knight Frank Singapore, attributes part of the growth to newly minted citizens and permanent residents (PRs), following the government's efforts to increase the number of citizenships and PRs granted in recent years to mitigate demographic challenges caused by low birth rates.

Conversely, the Rest of Central Region (RCR) saw prices for non-landed properties drop 1.8%, compared with the 0.8% increase in the first quarter. As for the Outside of Central Region (OCR), prices of non-landed homes inched down by 0.1%, reversing from the 2.2% gain recorded in 1Q2026.

Read also: Prices of non-landed private homes inched down 0.1% m-o-m in April: NUS estimates

URA private property price index

Rental growth remains steady

The overall private residential rental index saw a marginal increase of 0.7% during the quarter, outpacing the 0.3% growth registered in 1Q2026.

Rental transactions of non-landed private homes rose 0.4% in 2Q2026, maintaining the same rate of growth in the previous quarter.

By region, non-landed rents in the CCR recorded the strongest growth, rising 1.2%, following a 0.5% increase in 1Q2026. This was followed by the RCR, where rents remained unchanged, compared with a 0.2% drop in 1Q2026.

In contrast, rents in the OCR slipped 0.3%, reversing the 1.0% gain made in the previous quarter.

Looking ahead, PropNex expects leasing demand to remain relatively resilient, with rents staying fairly stable amid a moderate pipeline of 5,012 new private homes expected to be completed in the second half of the year.

Primary market demand boosts resale activity

In terms of transaction volume, the primary market observed developers moving 2,141 new private homes in, excluding executive condos (ECs), during the quarter. This was up from the 2,013 units sold in 1Q2026.

Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that the robust sales were driven by three non-landed projects — Hudson Place Residences, Tengah Garden Residences and Vela Bay — which accounted for 67.5% of the developer sales during the quarter.

Read also: Private residential property prices inch up 0.3% q-o-q in 1Q2026: URA flash estimate

Breakdown of private home transactions (excluding ECs) by type of sale

Meanwhile, the resale market saw transaction volume climb 18.2% q-o-q to 3,813 units.

“Robust demand in the primary market spilled over into the secondary segment,” says Lee. “Buyers who were unsuccessful during the balloting phases of major new launches increasingly redirected their attention to the resale market.”

As for sub-sales, there were 194 transactions, making up about 3.2% of total secondary-market deals for the quarter. This marked a 10.9% q-o-q increase in sub-sale volume from 175 units in 1Q2026.

Resale volume and prices in 2Q2026

Tight supply and economic growth to underpin buying demand

The Singapore economy expanded by a stronger-than-expected 6% in the first half of the year, which could bolster market confidence and buying demand, says Huttons' Lee.

At the same time, supply remains tight, with about 7,000 private residential units expected to be launched in 2026 — the smallest launch pipeline since 2023.

The third quarter is expected to see several “highly anticipated launches”, including Dunearn House, the first project within the new Turf City precinct, and Amberwood at Holland. The OCR will also welcome Lucerne Grand, the first project to launch near Lakeside MRT Station since 2015.

Against this backdrop, Huttons forecasts full-year new home sales of between 7,500 and 9,000 units, while private home prices are expected to register moderate growth of 2% to 5%.

Knight Frank's Tay shares a similar view, saying Singapore's non-landed private residential market should remain resilient through the rest of 2026, supported by what he describes as "indomitable" domestic demand at new launches.

With demand stemming from local buyers, professionals, and business owners, private home prices are expected to rise by about 3% to 5% for the whole of 2026, says Tay.

That said, Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC Group), cautions that rising mortgage rates and a subdued hiring outlook could result in homebuyers exercising greater caution with big-ticket purchases, which could impact housing demand and slow price growth.

Against this backdrop, she projects overall prices to edge up by 2.5% to 3.5% in 2026.