Singapore Private Home Prices Rise 0.9% in Q1 2026 as Market Steadies Amid Global Uncertainty

Singapore’s private residential property price index (PPI) climbed 0.9 per cent quarter on quarter in Q1 2026, according to flash estimates released by the Urban Redevelopment Authority (URA) on 25 April. The gain marks a step-up from the 0.6 per cent increase recorded in Q4 2025 and extends the price recovery that began after a brief cooling in mid-2024.

The headline figure masks a nuanced picture across market segments. Non-landed properties posted a stronger 1.3 per cent rise, with the Outside Central Region (OCR) leading the charge at 2.2 per cent – a sign that mass-market buyers are responding to fresh launches in suburban locations. Core Central Region (CCR) prices, by contrast, saw more moderate appreciation as buyers weighed the impact of geopolitical risks on luxury demand.

Developer sales fell to 2,013 units in Q1 2026, a notable decline from the 2,940 units transacted in Q4 2025. Market watchers attributed the drop largely to fewer major project launches during the quarter rather than a pullback in buyer appetite. The median transacted price for new homes held firm at approximately S$2,660 per square foot, suggesting that developers have maintained pricing discipline.

In the resale market, transaction volumes slipped to 3,225 units – the lowest since Q1 2024 – as potential sellers opted to hold rather than accept lower bids. Rental demand remained positive, with the overall rental index rising 0.3 per cent quarter on quarter, reflecting continued demand from expatriate professionals and the still-tight supply of completed units in popular districts.

Unsold inventory stood at 16,219 units at the end of Q1 2026, providing developers with a comfortable buffer but not yet reaching levels that would trigger aggressive discounting. The government’s calibrated approach to land sales through the Government Land Sales (GLS) programme continues to keep supply growth measured.

Analysts noted that the ongoing Middle East crisis and elevated global interest rates remain headwinds. While Singapore’s domestic fundamentals – low unemployment, a resilient economy, and constrained land supply – continue to underpin demand, buyers are becoming more selective. Properties in well-connected OCR locations with strong amenity access are expected to outperform in the quarters ahead.