What the first half of 2026 means for your property
Select the section that applies to you.
I own an HDB
HDB resale prices, the upgrade gap, million-dollar transactions and what the latest policy change means for you.
Read the HDB analysis
I own private or landed property
Landed prices hit a record while deals fell. Where the negotiating room is and what it means by property type.
Read the private analysis
H1 2026 Market Report · HDB
HDB, Condos & Your Next Move
What the first half of 2026 did to the market, and what it means if you own an HDB.
The short version
HDB resale prices fell two quarters in a row while condo prices rose 1.2%. The gap between what your HDB fetches and what your next home costs is wider today than it was in January, and it widens every quarter this continues.
Why is HDB softening? Supply. Close to 13,500 HDB flats hit their MOP this year, almost double last year, and another 7,960 BTO flats launch in October. More options for buyers means less urgency to pay top dollar for yours.
What you should do: get your real transaction data before deciding anything. Well-located HDBs with a long lease and a good floor are still setting records. The national index is an average. Whether that average applies to your flat depends on your block, your floor and your remaining lease.
Policy update: the 15-month wait-out period for private property owners buying resale HDB has been removed as of July 2026. Private property owners can now buy a resale HDB immediately after selling, without waiting. This brings a previously restricted pool of buyers back into the resale market.
HDB prices are easing because more supply is coming, not because demand fell
HDB resale prices fell 0.1% in Q1 2026 and 0.3% in Q2, bringing the index to 202.8. Two consecutive dips, the first since 2018 to 2019. Close to 13,500 HDB flats hit their MOP this year, almost double last year. Add 7,960 BTO flats launching in October and buyers have more choices than they have had in years. When supply drives a price dip, prices stay soft until that supply clears. This wave runs into 2027. Transaction volume held steady: 6,396 flats resold in Q2, up 1.8% from Q1. Demand has not disappeared. Competition has arrived.
Policy update: the 15-month wait-out period has been removed
As of July 2026, the government removed the 15-month wait-out period that required private property owners to wait after selling their home before buying a resale HDB. The rule had been in place since September 2022. Its removal adds a pool of buyers back into the HDB resale market immediately. For sellers of well-located HDB units, this widens the buyer pool. For buyers, it means more competition from private property owners who now have direct access to the resale pool.
Well-located HDBs with size and a long lease are still setting records
491 HDB resale flats sold for at least $1 million in Q2 alone, a new quarterly record, beating the previous high of 480 set in Q3 2025. That is up 19.5% from 411 in Q1. Toa Payoh, Bukit Merah and Queenstown led.
The national average is being pulled down by ordinary HDB units facing more supply. Well-located HDBs with a long remaining lease, a good floor and strong attributes are still commanding record prices. Your HDB's value depends on your block's recent transactions, your floor and your remaining lease. The national index does not tell you that.
Condo prices rose 1.2% while HDB prices fell. The price gap widened.
HDB resale prices fell 0.4% cumulatively in the first half of 2026. Condo prices rose 1.2% over the same period. The cost of upgrading from HDB to condo is higher today than it was in January. How much higher depends on your specific HDB and your target condo.
Suburban condos are breaking new benchmark prices. Resale is a different story.
New suburban launches are transacting above $2,100 psf. Tengah Garden Residences sold 99.8% of its 863 units on launch weekend at an average of $2,120 psf, with over 86% of units priced below $2.5 million. Resale condos sit at a median of $1,792 psf. That is a 15 to 18% gap in favour of resale, with resale making up 62% of all private home sales in Q2. If the upgrade maths does not work at new launch prices, run the same numbers on resale before concluding the move is not viable.
What this means for you
1. Know your HDB's real value. Pull the recent transactions in your block and compare by floor and remaining lease. That tells you whether your HDB is in the segment that's holding or the one that's softening.
2. Look at the price gap, not the headline. The decision to upgrade rests on the difference between your sale price and your purchase price. HDB prices falling while condo prices rise means that gap is wider today than it was six months ago.
3. If you're selling within 18 months, plan around October. The BTO launch and the MOP supply wave both hit your buyer pool this quarter. Listing earlier means fewer competing HDBs in the market.
Send us your block number and we'll pull the recent transactions and give you our read. If the numbers say hold, we'll tell you to hold.
The national index fell 0.4% across H1 2026. That figure is an average of 26 towns moving in very different directions. Serangoon fell 7.9% in Q2 while the Central Area rose 19.7% in the same quarter. → Find your estate on the interactive map
Town
Median Q4 2025
Median Q1 2026
Q4 to Q1
Q1 to Q2
Vol Q1
Woodlands
$580,000
$579,000
-0.17%
Pending
466
Tampines
$690,000
$710,000
+2.90%
Pending
448
Sengkang
$665,000
$660,000
-0.75%
Pending
421
Yishun
$538,000
$549,000
+2.04%
-2.7%
406
Punggol
$673,500
$670,000
-0.52%
Pending
403
Jurong West
$555,944
$565,000
+1.63%
Pending
380
Bukit Batok
$600,000
$630,000
+5.00%
Pending
336
Bedok
$528,888
$550,000
+3.99%
Pending
301
Hougang
$616,944
$628,000
+1.79%
Pending
292
Choa Chu Kang
$600,000
$600,000
0.00%
Pending
262
Toa Payoh
$688,000
$778,000
+13.08%
Pending
238
Sembawang
$608,888
$603,944
-0.81%
-3.3%
238
Bukit Merah
$778,000
$772,500
-0.71%
Pending
224
Ang Mo Kio
$482,500
$549,000
+13.78%
-5.1%
209
Bukit Panjang
$602,000
$605,000
+0.50%
Pending
202
Pasir Ris
$710,000
$720,000
+1.41%
Pending
194
Queenstown
$888,000
$825,000
-7.09%
+4.0%
182
Kallang/Whampoa
$669,000
$800,000
+19.58%
Pending
167
Geylang
$556,944
$630,000
+13.12%
-6.9%
167
Jurong East
$530,000
$515,000
-2.83%
+4.0%
125
Clementi
$638,000
$592,500
-7.13%
+4.5%
124
Bishan
$860,000
$840,444
-2.27%
Pending
88
Serangoon
$651,000
$661,888
+1.67%
-7.9%
87
Central Area
$578,000
$655,888
+13.48%
+19.7%
45
Marine Parade
$560,000
$574,000
+2.50%
-7.6%
28
Bukit Timah
$995,000
$1,020,000
+2.51%
Pending
13
Lim Chu Kang
--
--
--
No transactions
0
Tengah
--
--
--
No transactions
0
Q4 2025 to Q1 2026 data from PropNex Investment Suite, 1 July 2026. Q1 to Q2 movements reflect towns reported so far; full town-level data to be published by HDB. Lim Chu Kang and Tengah: no resale transactions in Q1.
Vanessa Lim
I'm Vanessa, a property agent with PropNex Realty Pte Ltd. I work mostly with families making their next move, plus investors building wealth through property. I've gone through my own family upgrades, clearing at least $400k profit on each one, so I know these decisions from both sides of the table. I believe in data-driven moves when it comes to property. That's why I write these notes.
I'm Jin Yan, a property agent with PropNex Realty Pte Ltd. I work with HDB upgraders and investors on portfolio consultation, not just the next move, but how each property fits the bigger picture across shares and assets. I've bought and managed my own properties, which taught me that every investment carries risk, and that a macro view is what actually manages it. There is no universally good property. Only one that fits your specific needs and goals. When Vanessa and I work on cases together, clients get both a market analyst and a portfolio strategist in the same conversation.
Record prices on falling volume, and where the room to negotiate actually is.
The short version
Landed prices hit a record high in Q2, up 2.5%, while the number of deals fell 14% from a year ago. When buyers hesitate, landed owners do not cut their asking price. They withdraw the property. So buyer caution is producing fewer listings, not cheaper ones.
Condo upgrading to terrace or semi-D: the owner of that home has the upper hand. The $4M to $6M quantum draws consistent demand and sellers are not under pressure. Waiting is unlikely to help you on price.
Condo upgrading to large detached: median prices for that segment fell from $14.2M in Q4 2025 to $10.9M in Q1 2026. The gap between what you hold and what you want moved in your favour this half. Worth measuring now.
HDB upgrading to landed: entry terraces start around $4M. That quantum has held firm and sellers are not discounting at this end. Your HDB sale proceeds are one part of the equation. Know that number first before looking at anything else.
Already own landed, looking to upsize: the repricing in larger detached homes works in your favour as a buyer. More room to negotiate than a year ago.
Landed sellers are not cutting prices. They are taking their homes off the market instead.
The first half of 2026 saw 869 landed deals worth $5.4 billion, down from 1,009 deals worth $5.78 billion a year earlier, while the price index hit an all-time high. Landed transactions in Q2 were 568 units, up from 512 in Q1, but still well below the pace of 2024 and 2025. Most landed owners carry low borrowings and have long time horizons. When buyers hesitate, landed owners do not cut their asking price. They withdraw the property. The deals that close, close high. The rest do not happen.
So buyer caution is producing fewer listings in the market, not cheaper ones.
Sellers of large detached homes in the city fringe have started negotiating
Within the landed market, one segment moved differently. Median prices for large detached homes in the city fringe fell from $14.2 million in Q4 2025 to $10.9 million in Q1 2026, as sellers adjusted their asking prices to get deals done. Terrace prices held at a median of $4.44 million and semi-detached at $5.75 million, both broadly unchanged. The $4M to $6M quantum is where most condo-to-landed upgraders can stretch, and that demand has stayed consistent.
The smaller the landed home, the stronger the seller position. The bigger the home, the more room to negotiate. One thing worth knowing: when only a handful of large homes sell in a quarter, one unusually priced deal can shift the median significantly. The direction of movement is meaningful. The exact number is less so.
The market is splitting into two tiers that no longer move together
Of landed deals above $10 million this half, excluding GCBs, 32.9% crossed $15 million, up from 25.5% in the second half of 2025. Landed is splitting into a $4M to $6M tier driven by upgrader affordability, and a $15M-plus tier driven by wealth concentration. They no longer follow the same rules. For owners in the $7M to $12M range, this segment sits between two demand pools. Most upgraders cannot stretch this far, and most trophy buyers want something rarer. If you are selling in this range, recent transactions in your specific estate are the only reliable guide to what a buyer will actually pay.
By district
Area
What the data says
D10 (Bukit Timah / Holland / Nassim)
Largest GCB concentration. $6M terraces to $100M-plus trophy homes. Prime GCBs indicatively $40M to $80M and above.
D11 / D21 (Bukit Timah belt, King Albert Park)
GCBs indicatively $15M to $40M. The schools corridor gives this belt permanent family demand, making it the most defensible landed money in Singapore.
D4 (Sentosa Cove)
Highest medians, driven by waterfront bungalows. The only landed enclave open to approved foreign buyers. Thin, headline-driven market.
D15 / D16 (East Coast, Bedok, Upper East Coast)
D16 is the 4th most active landed district nationally, around 211 transactions in the past year. Easiest to exit, which matters in a standoff.
D22 (Jurong)
Consistently the most accessible entry point into landed. Relevant if the goal is landed ownership rather than a specific postcode.
Landed pays you in capital growth, not rental income
Landed home rents rose 2.7% in Q2 2026, the strongest segment of the leasing market. Non-landed rents rose 0.4% over the same period. Overall private home rentals are up 1.0% for the first half of 2026, with 22,290 rental contracts signed in Q2, up 5.1% from Q1. Leasing demand is holding up. That said, gross yields for detached and semi-detached homes run around 1.9 to 2.0%, against 3 to 4% on suburban condos. Landed rewards you through capital growth, not rent.
Condo prices: the prime district rose, suburbs and city fringe softened
Non-landed private home prices edged down 0.1% overall in Q2 2026, after rising 1.3% in Q1. Within that, the prime district (CCR) rose 1.8%. The city fringe (RCR) fell 1.2%, largely because Hudson Place Residences, priced at accessible levels, dominated new sales there. The suburbs (OCR) dipped 0.1% after a strong Q1. For the half year as a whole, non-landed prices are still up 1.2% cumulatively. The Q2 softness in the suburbs and city fringe reflects the mix of launches, not a broad retreat.
Resale condos sit at a median of $1,792 psf against new launch prices above $2,100 psf in the suburbs. Resale made up 62% of all private home sales in Q2. If your upgrade or repositioning maths does not work at new launch prices, resale is where the gap is.
What this means for you
Terrace or semi-detached owner: you hold the strongest performing residential asset in the country and your buyer pool is intact. No urgency, but worth getting a current read on your value.
Larger detached owner: the median shift is your market talking. If a sale matters in the next year, price against current data. The sellers who adjusted are the ones transacting.
Condo owner looking at landed: your condo held its value while larger homes repriced downward. The gap between what you hold and what you want moved in your favour this half. Worth measuring properly.
Landlord: rents are still rising, especially in landed. Leasing demand is resilient near-term. The larger supply pipeline in 2027 and 2028 is worth watching if you are planning a lease renewal or exit.
Send us your estate or condo name and we'll pull the recent transactions with our read on where you sit. If the numbers say your best move is to hold, that's what we'll tell you.
I'm Vanessa, a property agent with PropNex Realty Pte Ltd. I work mostly with families making their next move, plus investors building wealth through property. I've gone through my own family upgrades, clearing at least $400k profit on each one, so I know these decisions from both sides of the table. I believe in data-driven moves when it comes to property. That's why I write these notes.
I'm Jin Yan, a property agent with PropNex Realty Pte Ltd. I work with HDB upgraders and investors on portfolio consultation, not just the next move, but how each property fits the bigger picture across shares and assets. I've bought and managed my own properties, which taught me that every investment carries risk, and that a macro view is what actually manages it. There is no universally good property. Only one that fits your specific needs and goals. When Vanessa and I work on cases together, clients get both a market analyst and a portfolio strategist in the same conversation.
This report is our personal read of publicly available data from URA, HDB and PropNex Research, prepared for past clients as a courtesy. HDB figures reflect Q2 2026 data released 24 July 2026. Landed type and district detail reflects Q1 2026 and first-half transaction data. It is not a substitute for advice specific to your situation.
