HDB resale prices dip 0.1% in third quarter; private home prices rise 1.4%

HDB resale prices fell even as transaction volume rose 19.5 per cent in the third quarter, according to data released on Friday (Oct 23).

Residential housing in Singapore. (File photo: AFP/Roslan Rahman)

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SINGAPORE: Housing and Development Board (HDB) resale flat prices fell 0.1 per cent in the third quarter of 2026 , while private home prices rose 1.4 per cent.

The decline marked the third straight quarter of falling HDB resale prices, while private home price growth accelerated from 0.5 per cent in the previous quarter, according to data from HDB and the Urban Redevelopment Authority (URA) released on Friday (Oct 23).

HDB resale prices fell even as transaction volume rose 19.5 per cent in the third quarter.

Meanwhile, overall private home transactions fell 16.3 per cent to 5,146 units in Q3, with developers selling 1,183 new private homes, excluding executive condominiums (ECs) - down 44.7 per cent from the previous quarter.

HDB RESALE VOLUME JUMPS

Resale volume in the third quarter rose 19.5 per cent to 7,645 transactions, from 6,396 in the previous quarter.

This was also 5.9 per cent higher than the 7,221 transactions recorded in the third quarter of 2025.

It was the highest quarterly resale transaction volume since the third quarter of 2024, said Singapore Realtors Inc (SRI) head of research and data analytics Mohan Sandrasegeran.

The increase in resale activity suggests that underlying demand for resale HDB flats remains relatively healthy as prices entered a more measured phase of adjustment in 2026, he said.

“This could indicate that buyers are continuing to participate actively in the resale market, particularly where flats are appropriately priced and offer attributes that align with their housing needs and financial considerations,” Mr Sandrasegeran added.

HDB said it has not observed a significant increase in either the prices or number of resale flats bought by private residential property owners and former owners since the 15-month wait-out period was removed in July.

The rule had required private property owners and former owners to wait 15 months after selling their property before they could buy a non-subsidised HDB resale flat.

At the upper end of the market, 596 HDB resale flats were sold for at least S$1 million in the third quarter, a new quarterly record, according to ERA's analysis of public transaction data.

That was up 21.6 per cent from 490 such transactions in the previous quarter.

“Despite the growing number of million-dollar deals, the segment remains niche,” ERA Singapore key executive officer Eugene Lim said, noting that such flats accounted for about 7.8 per cent of all resale transactions in the quarter.

As a growing pipeline of HDB flats reaches their minimum occupation period (MOP), the pool of resale flats available in the market is expected to progressively expand, Mr Sandrasegeran said.

HDB will also continue to roll out a steady supply of new flats, with about 7,960 flats to be launched in the upcoming Build-to-Order (BTO) exercise in November.

Mr Lim said a growing supply of flats reaching their MOP and a strong BTO pipeline should help meet demand even if more private property owners choose to right-size into HDB flats.

The monthly household income ceiling for BTO flats, which was raised from S$14,000 to S$16,000 in August , could also steer eligible buyers towards BTO flats, “further easing upward pressure on resale prices”, he added.

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The 1.4 per cent increase was the fastest quarterly rise in nearly two years, with the previous high of 2.3 per cent recorded in the fourth quarter of 2024, said Ms Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC) Group.

Landed property prices increased 2.9 per cent, following a 2.5 per cent increase in the previous quarter. Prices of non-landed properties rose 1 per cent, after falling 0.1 per cent in the second quarter.

Prices of non-landed properties in the Outside Central Region rose 2.3 per cent, reversing a 0.1 per cent decline in the previous quarter.

Non-landed property prices in the Core Central Region increased by 0.3 per cent, while prices of non-landed properties in the Rest of Central Region remained unchanged in the third quarter.

ERA Singapore CEO Marcus Chu said gains in landed homes and non-landed properties in the Outside Central Region had supported the overall increase.

“This suggests that demand remained firm for certain segments and locations, even as fewer homes changed hands overall,” he said.

Developers launched 1,140 private residential units, excluding ECs, in the third quarter, down from 1,783 in the previous quarter. They sold 1,183 units, compared with 2,141 previously.

“The moderation in transaction volumes was largely attributable to a quieter new launch calendar rather than a fundamental shift in underlying buyer demand,” Mr Sandrasegeran said.

Meanwhile, there were 3,801 private home resale transactions in the third quarter, accounting for 73.9 per cent of all private residential sales, up from 62 per cent in the previous quarter.

MORE PRIVATE HOUSING SUPPLY AHEAD

A total of 3,559 private residential units, including ECs, were completed in the third quarter, up from 1,212 units completed last quarter. This was the highest quarterly completion recorded since the third quarter of 2024, URA said.

At the end of Q3, 20,300 of the 44,738 private residential and EC units with planning approval remained unsold. Together with 12,508 unsold units that had yet to receive planning approval, about 32,800 units could be made available for sale over the next one to two years, URA said.

Based on the expected completion dates reported by developers, about 57,200 private housing units are expected to be completed in the coming years.

Including ECs, these comprise about 22,300 units expected for completion by 2028 and about 34,900 units expected to be completed from 2029 onwards.

PROPERTY MARKET OUTLOOK

“We expect private residential property prices to increase by approximately 3.0 per cent to 3.5 per cent for the full year 2026,” said Mr Sandrasegeran.

New private home sales are expected to reach about 7,000 to 8,000 units for the full year, excluding ECs, he added.

SRI also expects HDB resale prices to remain broadly stable for the year, with full-year movements ranging between a 1 per cent decline and a 1 per cent increase.

ERA, meanwhile, expects HDB resale activity to remain healthy through the end of the year.

“Barring any unforeseen circumstances, HDB resale transactions could reach around 26,000 units by year-end,” said Mr Lim.

Both HDB and URA said the macroeconomic outlook remained highly uncertain, including for global and domestic interest rates.

They advised households to exercise prudence when buying property and taking out mortgage loans.

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根据周五（10 月 23 日）公布的数据显示，尽管第三季度交易量增长了 19.5%，但组屋转售价格却有所下降。

新加坡的住宅。 （资料图：法新社/罗斯兰·拉赫曼）

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新加坡：2026年第三季度，建屋发展局（HDB）转售组屋价格下跌0.1%，而私人住宅价格上涨1.4%。

根据建屋发展局 (HDB) 和市区重建局 (URA) 周五（10 月 23 日）公布的数据，这是组屋转售价格连续第三个季度下跌，而私人住宅价格涨幅则从上一季度的 0.5% 加速增长。

第三季度组屋转售价格下跌，尽管交易量增长了 19.5%。

与此同时，第三季度私人住宅交易总量下降 16.3% 至 5,146 套，开发商售出 1,183 套新私人住宅（不包括执行共管公寓 (EC)），比上一季度下降 44.7%。

组屋转售量激增

第三季度二手房交易量增长19.5%，达到7645笔交易，而上一季度为6396笔。

这比 2025 年第三季度记录的 7,221 笔交易高出 5.9%。

新加坡房地产公司（SRI）研究和数据分析主管莫汉·桑德拉塞格伦表示，这是自 2024 年第三季度以来最高的季度二手房交易量。

他表示，转售活动的增加表明，随着价格在 2026 年进入更为平稳的调整阶段，对转售组屋的潜在需求仍然相对健康。

Sandrasegeran 先生补充说：“这可能表明买家仍在积极参与二手房市场，尤其是在公寓价格合适且具备符合其住房需求和财务考虑的属性的情况下。”

建屋发展局表示，自7月份取消15个月的等待期以来，私人住宅业主和前业主购买的转售组屋的价格或数量均未出现显著增长。

该规定要求私人房产所有者和前业主在出售房产后必须等待 15 个月才能购买非补贴的组屋转售组屋。

根据ERA对公开交易数据的分析，在高端市场，第三季度有596套组屋转售价格至少为100万新元，创下新的季度纪录。

与上一季度的 490 笔此类交易相比，增长了 21.6%。

“尽管百万美元的交易数量不断增加，但这一细分市场仍然是小众市场，”ERA Singapore 的主要执行官 Eugene Lim 表示，并指出此类公寓约占该季度所有转售交易的 7.8%。

Sandrasegeran 先生表示，随着越来越多的组屋达到最低居住年限 (MOP)，市场上可供转售的组屋数量预计将逐步扩大。

建屋发展局也将继续稳定供应新组屋，在即将于 11 月推出的预购组屋 (BTO) 计划中，将推出约 7,960 套组屋。

林先生表示，不断增长的达到最低居住年限的组屋供应量以及强劲的预购组屋项目应该有助于满足需求，即使更多的私人房产业主选择将房屋缩小到组屋。

他还补充说，8 月份将预购组屋的家庭月收入上限从 14,000 新元提高到 16,000 新元，这也可以引导符合条件的买家选择预购组屋，“进一步缓解转售价格的上涨压力”。

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Realion（OrangeTee & ETC）集团首席研究员兼策略师孙女士表示，1.4%的增幅是近两年来最快的季度增幅，此前的最高增幅为2.3%，出现在2024年第四季度。

继上一季度上涨2.5%之后，有地住宅价格上涨2.9%。无地住宅价格在第二季度下跌0.1%之后，本季度上涨1%。

中部地区以外非有地房产价格上涨 2.3%，扭转了上一季度 0.1% 的跌幅。

第三季度，核心中部地区的非有地房产价格上涨了0.3%，而中部其他地区的非有地房产价格保持不变。

ERA Singapore 首席执行官 Marcus Chu 表示，中央区域以外地区的有地住宅和非有地住宅的增长支撑了整体房价的上涨。

“这表明，即使整体房屋交易量减少，某些细分市场和地区的房屋需求依然强劲，”他说。

第三季度，开发商共推出1140套私人住宅单元（不包括执行共管公寓），低于上一季度的1783套。其中售出1183套，低于上一季度的2141套。

Sandrasegeran 先生表示：“交易量的放缓主要是由于新房上市计划较为平静，而不是潜在买家需求发生了根本性变化。”

与此同时，第三季度私人住宅二手房交易量为3801笔，占所有私人住宅销售的73.9%，高于上一季度的62%。

未来将有更多私人住房供应

市区重建局表示，第三季度共有3559套私人住宅单位竣工，其中包括执行共管公寓（EC），高于上一季度的1212套。这是自2024年第三季度以来最高的季度竣工量。

截至第三季度末，已获规划批准的44,738套私人住宅和执行共管公寓（EC）单位中，仍有20,300套尚未售出。市区重建局表示，加上尚未获得规划批准的12,508套未售单位，未来一到两年内，约有32,800套单位可供出售。

根据开发商公布的预计竣工日期，未来几年预计将建成约 57,200 套私人住宅。

包括 EC 在内，这些项目包括约 22,300 个单元，预计到 2028 年将完成；约 34,900 个单元，预计从 2029 年开始将完成。

房地产市场展望

Sandrasegeran 先生表示：“我们预计 2026 年全年私人住宅房地产价格将上涨约 3.0% 至 3.5%。”

他补充说，预计全年新私人住宅销售量将达到约7000至8000套，不包括执行共管公寓（EC）。

SRI 还预计，今年组屋转售价格将保持总体稳定，全年波动幅度在 1% 到 1% 之间。

与此同时，ERA预计组屋转售活动将在今年年底前保持健康态势。

林先生表示：“如果没有不可预见的意外情况，到年底组屋转售交易量可能达到约26000套。”

建屋发展局和市区重建局均表示，宏观经济前景仍然高度不确定，包括全球和国内利率。

他们建议家庭在购买房产和申请抵押贷款时要谨慎行事。

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