Fresh flash estimates released this week give the clearest look yet at where Singapore's housing market stands at mid-year: a public resale market showing its first back-to-back quarterly declines in nearly seven years, alongside a private residential sector still growing, but at a visibly slower pace. Together, the data point to a market that regulators and analysts increasingly describe as entering a more "balanced" phase after years of rapid appreciation.
Price Trends
According to HDB and URA flash estimates reported by outlets including Malay Mail and 99.co on July 1, the HDB Resale Price Index slipped 0.3% in the second quarter of 2026, following a 0.1% decline in the first quarter — the first time in nearly seven years that public housing resale prices have fallen for two consecutive quarters. Resale transaction volume also cooled, with 6,268 deals recorded in the quarter, down 10.2% from the previous quarter.
Private residential prices told a different story, rising 0.5% quarter-on-quarter, though that pace moderated noticeably from the 0.9% increase seen in Q1 2026. The slowdown was concentrated in the non-landed segment, where prices actually dipped 0.1% quarter-on-quarter after climbing 1.3% in the first three months of the year. Taken together, both the public and private segments are showing clear signs of cooling momentum compared with the sharper gains of the past couple of years.
Notable Recent News
1. HDB resale prices post a rare two-quarter losing streak. As detailed in the July 1 flash estimates covered by Malay Mail, the back-to-back quarterly declines in the HDB Resale Price Index are notable precisely because they haven't happened in almost seven years. Combined with a double-digit drop in transaction volume, the data suggests buyers in the public housing resale market are becoming markedly more selective and price-sensitive.
2. A large new BTO supply wave is coming this fall. Coverage from 99.co notes that an October Build-To-Order (BTO) exercise will introduce close to 8,000 new flats, adding meaningfully to the pipeline of housing options available to buyers in the second half of 2026. Alongside a growing slate of private residential launches, this expanded supply is expected to reinforce the current shift toward a more balanced, buyer-friendly market.
3. The 60% Additional Buyer's Stamp Duty on foreign buyers remains unchanged. Multiple property-guide sources, including Redbrick.sg and PropertyNet.SG, confirm that Budget 2026 made no change to Singapore's Additional Buyer's Stamp Duty (ABSD) regime: foreign buyers continue to pay a flat 60% ABSD on any residential property purchase, a rate that has held since the government's cooling-measures announcement in April 2023. Combined with the standard Buyer's Stamp Duty (up to 6%) plus legal fees and agent commissions, total upfront transaction costs for foreign buyers can reach 63–68% of the purchase price. Notable exceptions remain in place for US nationals (under the US-Singapore Free Trade Agreement) and for nationals and permanent residents of Iceland, Liechtenstein, Norway, and Switzerland (under the EFTA-Singapore FTA), who are taxed at the same rate as Singapore citizens.
Outlook
Singapore's housing market appears to be settling into a more measured rhythm after a long stretch of strong appreciation, with public resale prices actually retreating for the first time in years and private price growth losing steam. The incoming wave of nearly 8,000 BTO flats in October, layered on top of an already-growing private launch pipeline, should give buyers more choice and continue to temper price pressure through year-end. For foreign investors, the unchanged 60% ABSD continues to make Singapore one of the most expensive global markets to enter from a transaction-cost standpoint, keeping non-FTA foreign buyer activity relatively muted regardless of where underlying prices head next.
Track Singapore real estate daily: For up-to-date listings, price trends, and market data on the Singapore housing market, visit https://singaporehousingmarket.com/.
