Private Home Prices Inch Up 0.5% in Q2 While Non-Landed Segment Dips

The URA price index for private residential properties hit 219.4 in Q2 2026, based on flash estimates. Landed home prices surged 2.6%, reaching their highest-ever level, while non-landed prices edged down 0.1%. Within the non-landed segment, the Core Central Region (CCR) bucked the broader trend with a 2% gain, whereas the Rest of Central Region (RCR) fell 1.4% and the Outside Central Region (OCR) dipped 0.2%.

For the first half of 2026, overall private home prices rose just 1.4%, marking the smallest first-half increase since 2020. CBRE head of research for Southeast Asia Tricia Song noted that the easing reflects the cumulative impact of cooling measures and a more cautious buying environment amid global trade uncertainties.

Total transaction volume in Q2 came in at 5,420 units, virtually flat from 5,413 in Q1. New sales (excluding ECs) reached 2,093 units, up 3.5% quarter on quarter, with the average take-up rate improving to 77.5% from 70.5% in Q1. Key launches driving activity included Tengah Garden Residences, which sold 99% of its 863 units at an average price of S$2,120 per square foot (psf), and Hudson Place Residences in one-north, which moved 218 of 327 units at a median of S$2,467 psf.

The secondary market told a different story. Resale transactions fell 18.3% to 2,634 units, the lowest quarterly tally since Q2 2020. Knight Frank senior director Leonard Tay attributed the drop to buyers being drawn to competitively priced new launches, leaving resale properties with less foot traffic.

In the landed segment, around 491 transactions were recorded. ERA key executive officer Eugene Lim noted that the OCR accounted for about 60% of all transactions, and homes priced below S$2 million more than doubled to 1,016 units from 631 in the previous quarter. Units priced under S$2,000 psf also jumped sharply, from 24 to 144, reflecting a flight to affordability.

URA confirmed that 4,745 private homes will be made available under the Government Land Sales (GLS) programme in H2 2026, bringing the full-year total to 9,320 units, more than 50% above the 10-year average. An estimated 61,000 private homes and executive condominiums are expected to be completed over the next few years, adding significant supply to the market.

Several major launches are lined up for the second half. Dunearn House (380 units) and Lentor Gardens (499 units) are slated for July, Lucerne Grand (570 units) for September, and Thomson Reserve (1,240 units) and The Serra Residences (133 units) for September or October.

Market watchers remain cautiously optimistic. Huttons chief executive Mark Yip revised the firm’s full-year transaction volume forecast downward to 7,500 to 9,000 units, from the earlier estimate of 8,000 to 10,000. PropNex chief executive Kelvin Fong expects private home prices to rise 2.5% to 5% for the full year. ERA chief executive Marcus Chu said the market’s direction depends heavily on global trade developments. Mogul.sg chief research officer Nicholas Mak observed that the median resale price for non-landed homes (excluding ECs) rose 1.5% quarter on quarter to S$1,792 psf, suggesting underlying demand remains intact.

Both HDB and URA cautioned that the macroeconomic outlook remains highly uncertain, urging buyers to exercise prudence and plan within their means.