SINGAPORE – Prices of Housing Board resale flats dropped for the third straight quarter, even after a cooling measure imposed on private property downgraders was lifted.
Early estimates published on Oct 1 showed that HDB resale prices fell by 0.2%. Prices dipped 0.1% in the first quarter – the first time in close to seven years – followed by 0.3% in the second quarter.
There were 7,528 transactions in the third quarter of 2026, up 5.2% from 7,157 units in the same period in 2025.
HDB said it has not seen a significant increase in the prices and number of resale flats purchased by private property downgraders following the lifting of the 15-month wait-out period on July 28.
“Nonetheless, we will continue to monitor the resale market,” it said.
Introduced in September 2022, the 15-month wait-out period was aimed at curbing demand from cash-rich private home owners looking to buy a resale HDB flat.
National Development Minister Chee Hong Tat said rules were eased because market conditions have improved and HDB resale prices have moderated significantly.
Prices in the private home market rose 1.4% in the third quarter, up from the 0.5% in the previous quarter.
But transaction volume was down by about 30% compared with the previous quarter, falling to 4,296 units from 6,148 units.
Across all areas in Singapore, prices of non-landed properties rose 0.9% in the third quarter, compared with the 0.1% decrease in the previous quarter.
Price movements were mixed, with those in the core central region dipping by 0.1% after a 1.8% increase in the previous quarter.
In the city fringe, prices were up by 0.2%, and those in the suburbs increased by 2.2%.
Landed home prices rose by 2.8%.
The Urban Redevelopment Authority (URA), in a statement, said property prices increased by an average of 0.9% per quarter for the first three quarters of 2026, unchanged from the average quarterly increase over the same period in 2025.
Property analysts said the increase in HDB transactions coincided with the lifting of the 15-month wait-out period.
Eugene Lim, key executive officer of property agency ERA Singapore, said despite the stronger demand, resale prices fell due to factors like the 13,480 flats that will reach their minimum occupation period in 2026. This means that more flats could come on the market, helping to meet demand.
A strong pipeline of Build-To-Order (BTO) flats and the broader eligibility criteria for first-time buyers applying for such flats will also help to dampen the impact on prices, he added.
In August, Prime Minister Lawrence Wong said the BTO income ceiling will be raised from $14,000 to $16,000 for families and from $7,000 to $8,000 for singles to allow more Singaporeans access to subsidised public housing.
Christine Sun, chief researcher and strategist at property firm Realion (OrangeTee & ETC) Group, however, said the removal of the 15-month wait-out period may not have fully taken effect in the market as it takes time for transactions to be completed.
“Following the policy adjustment, there was a noticeable increase in buying interest and sales inquiries from private home owners for HDB resale flats looking to right-size,” she said.
Despite the drop in resale prices, the number of million-dollar flat transactions rose to 597 in the third quarter of 2026, up from 491 in the previous quarter.
In total, 1,499 million-dollar flats were sold in the first nine months of 2026.
Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia, said there were more five-room and larger flats among the million-dollar transactions, likely driven by private home downgraders.
Before cooling measures were eased, buyers aged 55 and above were exempted from the wait-out period if they bought a four-room or smaller resale flat.
About 353 larger flats were sold for at least $1 million in the third quarter, up from the 277 units in the previous quarter, Lee said. Overall, most of the million-dollar transactions were in Toa Payoh, Queenstown and Bukit Merah.
As for the private housing market, Leonard Tay, research head of real estate consultancy Knight Frank Singapore, attributed the increase in prices to the landed home market.
Prices of landed homes went up by 4.9% in 2026 so far, as home buyers look to upgrade from condominiums, he said.
“The removal of the 15-month wait-out period could increase transaction activity in the months ahead as retirees living in landed homes are incentivised to right-size and downgrade to HDB homes,” Tay added.
Marcus Chu, chief executive of ERA Singapore, said the private market could pick up in the fourth quarter as more condo projects are launched.
About 2,000 new condo units are expected from Lucerne Grand, The Serra Residences and Thomson Reserve, he added.
URA added that 4,745 private homes will be launched under the Government Land Sales programme in the second half of 2026.
This will bring the confirmed supply for the whole year to 9,320 units, more than 50% higher than the average number of units launched each year over the past 10 years.
In total, about 60,600 private homes, including executive condominiums, are expected to be completed in the next few years, it added.
HDB and URA said the macroeconomic outlook remains highly uncertain, and advised households to exercise prudence when purchasing property and taking out mortgage loans.
“The Government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market,” HDB added.
In November, HDB will roll out about 7,960 flats in Bedok, Geylang, Sembawang, Tengah, Toa Payoh and Yishun.
Assisted living flats, also known as community care apartments, will also be offered in Toa Payoh. These flats come with senior-friendly fittings, such as wheelchair-accessible bathrooms, and other health and community services.
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