URA Q2 2026 Property Market Review: How Singapore Compares with Major Global Cities
Singapore’s private residential market continued to grow in the second quarter of 2026, but the latest Urban Redevelopment Authority figures point to a market that is becoming more selective.
The overall private residential property price index rose by 0.5% quarter on quarter in Q2 2026. This was slower than the 0.9% increase recorded in the first quarter and reflected significant differences across property types and locations.
Rather than a broad-based rise across the entire market, price growth was concentrated in landed homes and selected prime non-landed properties. At the same time, city-fringe and suburban condominiums experienced weaker momentum.
When compared with major global cities, Singapore remains relatively resilient. However, its recent price performance has been less forceful than the rebounds recorded in markets such as Hong Kong and New York. Singapore increasingly appears to be following a path of policy-managed growth, supported by continued demand but constrained by affordability, incoming housing supply and cautious financing conditions.
Singapore Private Home Price Growth Slowed in Q2 2026
URA’s overall private residential price index increased by 0.5% in Q2 2026, compared with 0.9% in the preceding quarter.
Although prices continued to rise at the headline level, the underlying market was far from uniform.
Landed residential property prices increased by 2.5% during the quarter, reversing the 0.4% decline recorded in Q1 2026. By comparison, non-landed residential prices declined marginally by 0.1%, following a comparatively strong 1.3% increase in the previous quarter.
This divergence suggests that landed homes remained well supported by buyers seeking scarce, higher-value residential assets, while the broader condominium and apartment market encountered greater affordability resistance.
The latest figures therefore do not indicate a market-wide acceleration. Instead, they point towards increasingly differentiated demand across property segments.
Landed Homes Drove the Quarter’s Price Growth
The 2.5% quarterly increase in landed property prices was one of the most notable features of the Q2 2026 data.
Landed homes represent a limited and structurally scarce segment of Singapore’s housing market. Their restricted supply, larger living spaces and long-term wealth-preservation appeal may continue to support demand from affluent owner-occupiers and buyers with stronger purchasing power.
The landed segment’s performance also contrasts sharply with the softer non-landed market. While condominium buyers generally have more alternatives across new launches, resale developments and upcoming supply, the number of landed homes available in established neighbourhoods remains comparatively constrained.
As a result, landed prices can continue to perform strongly even when the broader private residential market begins to moderate.
Prime Condominiums Remained Resilient
Within the non-landed segment, performance varied considerably across the Core Central Region, Rest of Central Region and Outside Central Region.
Prices of non-landed properties in the Core Central Region rose by 1.8% in Q2 2026, following a 0.6% increase in the previous quarter.
This suggests that prime residential demand remained comparatively resilient. Buyers in the CCR may be less affected by affordability pressures than those purchasing homes in the city fringe or suburban regions.
Prime developments may also benefit from limited supply in established central locations, stronger rental demand from expatriates and affluent professionals, and interest from buyers looking for long-term capital preservation.
However, the strength of the CCR should not be interpreted as evidence that the entire condominium market is accelerating. The results from the RCR and OCR reveal a more cautious picture.
City-Fringe Property Prices Recorded the Largest Pullback
Non-landed prices in the Rest of Central Region fell by 1.2% in Q2 2026, reversing the 0.8% increase recorded in Q1.
This was the weakest performance among Singapore’s three non-landed market regions.
The RCR has historically attracted buyers seeking a compromise between central accessibility and lower prices than those typically found in the CCR. However, prices in many city-fringe developments have increased substantially over recent years.
As the price gap between RCR projects and selected central developments narrows, buyers may become more selective. New launch buyers may also compare projects against resale condominiums, future Government Land Sales sites and upcoming developments in nearby districts.
The quarterly decline does not necessarily indicate a prolonged correction. Nevertheless, it shows that city-fringe demand is increasingly sensitive to launch pricing, unit efficiency, location and overall affordability.
Suburban Condominium Momentum Also Cooled
Prices of non-landed properties in the Outside Central Region declined by 0.1% in Q2 2026. While the decrease was modest, it followed a strong 2.2% rise in the first quarter. The change therefore represents a clear loss of momentum.
The OCR remains important because it serves a broad pool of HDB upgraders, first-time private property buyers and families seeking larger homes at more manageable prices.
However, this segment is also highly sensitive to mortgage affordability and total purchase quantum. Buyers may be willing to pay a premium for projects near MRT stations, reputable schools and major employment centres, but they are unlikely to pursue every launch indiscriminately.
The latest figures indicate that suburban buyers are still active, but they are becoming more disciplined in comparing prices, layouts and available alternatives.
Private Residential Rents Continued to Rise Modestly
Singapore’s overall private residential rental index increased by 0.7% quarter on quarter in Q2 2026, compared with a 0.3% rise in the preceding quarter.
Rental growth remained positive, but the regional breakdown again showed a divided market.
Non-landed rents in the CCR rose by 1.2%, while RCR rents were unchanged. OCR rents declined by 0.3%.
The stronger CCR performance may reflect continued leasing demand for centrally located homes among expatriates, senior executives and tenants who prioritise proximity to the Central Business District and established lifestyle amenities.
By contrast, tenants in the city fringe and suburban markets may have become more price-sensitive as more completed homes entered the leasing market.
The private residential vacancy rate increased from 6.2% to 6.4%, reinforcing the view that rental conditions are no longer tightening uniformly.
The rental market remains supported, but landlords may face greater competition, particularly in locations with a growing concentration of newly completed projects.
Resale Transactions Dominated Market Activity
The transaction mix in Q2 2026 provides another indication of changing buyer behaviour. Developers launched 1,783 private residential units during the quarter, compared with 1,844 units in Q1. New private home sales increased from 2,013 to 2,141 units.
However, resale activity was significantly higher. A total of 3,813 resale transactions were recorded in Q2, up from 3,225 in the previous quarter. Resale transactions accounted for 62% of all private residential sale transactions, compared with 59.6% in Q1.
Sub-sales remained a relatively small part of the market, increasing from 175 to 194 transactions. The increasing share of resale activity does not necessarily signal market weakness. Instead, it suggests that buyers are evaluating a wider range of available properties rather than concentrating solely on new launches.
Resale homes may offer larger floor areas, immediate occupation, established facilities and lower prices than comparable new projects. In some locations, resale condominiums may also provide better value on a price-per-square-foot basis.
A resale-led market generally produces more price discovery because buyers can compare multiple developments, unit conditions and seller expectations before committing.
New Launch Buyers Are Becoming More Selective
Developers sold more units than they launched during Q2 2026, showing that the new private housing market continued to absorb inventory.
Nevertheless, the softer performance of the RCR and OCR indicates that buyers are not chasing every project or unit type.
Demand is likely to remain concentrated in developments offering a strong combination of location, efficient layouts, manageable purchase prices, transport connectivity and long-term rental or resale potential.
Projects with aggressive pricing, weaker layouts or less differentiated locations may take longer to sell, even when the overall market remains stable.
This suggests that launch performance in the coming quarters may depend less on broad market optimism and more on project-specific fundamentals.
Singapore’s Housing Supply Pipeline Remains Substantial
Housing supply remains one of the most important factors shaping Singapore’s residential property market.
There were 42,472 private residential units in the approved supply pipeline during Q2 2026. This included approximately 15,810 approved but unsold units.
An additional 18,153 unsold units had not yet received planning approval.
URA also indicated that approximately 60,600 private residential units could be completed over the coming years.
The Government is expected to release 4,745 private residential units through the Confirmed List of the second-half 2026 Government Land Sales Programme. This would bring full-year confirmed-list supply to 9,320 units, more than 50% above the annual average over the preceding decade.
This forward supply serves as an important moderating force. It gives buyers more future options and reduces the likelihood that limited inventory alone will cause prices to rise rapidly across all market segments.
The supply pipeline also sets Singapore apart from global cities, where housing construction is more severely constrained.
Singapore Is Experiencing Managed Resilience Rather Than Overheating
Taken together, the Q2 2026 figures are more consistent with a market undergoing late-cycle normalisation than one experiencing broad-based overheating.
Prices continued to rise, but growth narrowed considerably. Landed homes and CCR properties remained strong, while RCR and OCR non-landed prices softened. Rents increased, but vacancy also rose. Developer sales remained healthy, but resale transactions represented the majority of overall activity.
These conditions suggest that Singapore’s property market remains resilient, although demand is increasingly selective and sensitive to affordability.
The large supply pipeline, continued Government Land Sales releases and prudent mortgage framework appear to be preventing a generalised surge in prices.
How Singapore Compares with Other Global Cities
To compare the direction of residential property prices across major cities, we normalised each available index to a base level of 100 in the fourth quarter of 2024.
| Quarter | Singapore | London | New York | Hong Kong | Paris |
|---|---|---|---|---|---|
| 2024Q4 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 2025Q1 | 100.8 | — | 102.5 | 98.4 | 100.5 |
| 2025Q2 | 101.8 | 102.4 | 103.8 | 98.6 | 100.5 |
| 2025Q3 | 102.7 | 101.3 | 103.8 | 99.8 | 102.5 |
| 2025Q4 | 103.3 | 100.4 | 105.5 | 102.4 | 101.5 |
| 2026Q1 | 104.3 | — | 106.8 | 106.1 | 101.5 |
| 2026Q2 | 104.8 | 100.7 | 107.0 | 110.8 | — |
This approach does not make the markets directly identical. Each city uses different property definitions and index methodologies. However, normalisation provides a useful indication of relative price momentum.
By Q2 2026, Singapore’s normalised residential index had increased to approximately 104.8, representing cumulative growth of about 4.8% from Q4 2024.
This placed Singapore ahead of London and Paris, but behind New York and Hong Kong.
New York’s normalised index reached approximately 107.0, while Hong Kong’s reached around 110.8 based on the latest available monthly reading within Q2 2026.
London remained comparatively flat at approximately 100.7, while Paris stood at around 101.5 based on its latest available Q1 2026 reading.
Hong Kong Recorded the Strongest Recent Rebound
Among the core markets studied, Hong Kong recorded the largest increase from the Q4 2024 base.
Its normalised residential price index increased to approximately 110.8 by the latest available Q2 2026 observation.
However, this result should be interpreted cautiously. The Q2 figure was based on a partial-quarter monthly observation and followed a relatively weak market period in early 2025.
Hong Kong’s recent increase may therefore represent a cyclical rebound from a depressed base rather than the beginning of a sustained period of rapid appreciation.
Its price path has also been more volatile than Singapore’s, reflecting different financing conditions, economic dynamics and market sentiment.
New York Continued Its Steady Upward Trend
New York’s residential price series showed a more consistent rise.
Its normalised index increased from 100 in Q4 2024 to approximately 107 by Q2 2026, based on the latest available Case-Shiller reading.
Unlike Hong Kong’s sharper rebound, New York’s performance appeared to reflect a steadier upward trend.
The New York market remains influenced by local employment conditions, financing costs, housing shortages and the characteristics of the metropolitan housing stock.
Its recent price growth has been stronger than Singapore’s, although the two markets operate under very different regulatory and supply conditions.
London and Paris Remained Comparatively Flat
London’s normalised housing index was approximately 100.7 by the latest Q2 2026 observation, indicating little cumulative growth from the Q4 2024 base.
Paris also experienced relatively limited momentum, with its normalised index at approximately 101.5 in Q1 2026.
These results suggest that both European markets remained in a period of stabilisation following earlier affordability pressures, higher interest rates and weaker transaction activity.
Singapore’s performance therefore appears stronger than London and Paris, even though its own rate of growth has slowed.
Singapore Occupies a Middle Position Among Global Cities
The international comparison places Singapore in a middle position. It is not experiencing the relatively flat market conditions observed in London and Paris. However, it also does not match the stronger recent gains recorded in New York or Hong Kong.
This makes Singapore’s current market distinct. Its price growth is positive but increasingly controlled by policy, supply and affordability. The Government’s active release of residential land and the substantial pipeline of future homes reduce the likelihood of the severe shortages found in some global cities.
At the same time, Singapore’s stable economy, constrained land supply and continuing housing demand continue to support the market.
The result is a residential market that remains firm without displaying the characteristics of an uncontrolled price boom.
Global Housing Markets Are Not Moving in the Same Direction
One of the most important conclusions from the comparison is that there is no single global housing cycle driving all cities in the same way.
Hong Kong’s recent performance reflects a volatile rebound. New York has followed a steadier upward trajectory. Paris and London have remained relatively flat, while Singapore has continued to grow under a tightly managed housing and credit system.
Short-term correlations between the cities were also found to be low and unstable. This means local factors continue to dominate property market performance. Government policies, housing supply, mortgage conditions, employment trends, foreign-buyer rules and local affordability constraints all shape each city differently.
For investors and homeowners, global headline trends should therefore not replace detailed analysis of local market fundamentals.
What the Q2 2026 Figures Mean for Singapore Homebuyers
For homebuyers, the latest figures suggest that the market offers more room for careful comparison.
The increase in resale activity means buyers can consider completed developments alongside new launches. They may be able to compare larger resale units with newly launched homes that offer newer amenities but smaller interior space.
Buyers should also recognise that performance varies considerably by segment. Landed and prime central homes may continue to command strong demand because of their scarcity. However, city-fringe and suburban projects may face greater price sensitivity, particularly when several launches compete within the same locality.
Purchasers should therefore assess the total price, layout efficiency, surrounding supply, transport connectivity and long-term suitability of each property rather than relying solely on general market expectations.
What the Figures Mean for Property Investors
Investors may need to adopt a more selective strategy as rental and price growth become less uniform. Prime properties may continue to benefit from stronger tenant demand, but their higher purchase prices can affect rental yields.
City-fringe and suburban properties may offer lower entry prices, although investors must consider upcoming completions and competition from other landlords.
The increase in vacancy to 6.4% also means rental assumptions should remain realistic. Investors should not automatically project the rapid rental growth seen during earlier periods of limited supply.
Resale properties with attractive entry prices, efficient layouts and established tenant demand may become more competitive against new launches, especially when new homes are priced at substantial premiums.
What the Figures Mean for Sellers and Developers
Sellers can still benefit from a generally firm market, but pricing expectations need to reflect the growing number of choices available to buyers. Properties in scarce segments or highly desirable locations may continue to achieve strong interest. However, homes competing with multiple resale listings or nearby new launches may require more realistic pricing.
Developers are also likely to encounter a more segmented launch market. Projects with efficient layouts, sensible pricing and strong accessibility may continue to perform well. Developments that rely heavily on general market momentum may experience slower absorption.
The ability to differentiate a project through its location, design, facilities or unit mix will become increasingly important.
Singapore’s Likely Property Market Outlook
Based on the Q2 2026 data, Singapore’s most plausible near-term scenario is continued moderate price growth rather than either a broad correction or a return to rapid acceleration. Landed and prime residential properties may remain resilient because of their scarcity and buyer profiles.
The broader non-landed market is likely to be more constrained by affordability, rising vacancy, a large supply pipeline and increasingly selective buyers. Rental growth may remain positive in well-located developments, but projects facing substantial new supply could encounter greater competition.
Transaction activity may continue to be supported by both resale homes and selected new launches, although performance is likely to vary significantly between projects.
Conclusion: A Firm but Increasingly Differentiated Market
Singapore’s private residential market remained resilient in the second quarter of 2026, but the underlying picture was more complex than the headline 0.5% price increase suggested.
Landed property prices rose strongly, while non-landed prices declined slightly. Prime CCR homes remained resilient, but RCR and OCR properties experienced weaker momentum. Rents continued to increase, although vacancy also edged higher.
Resale transactions accounted for 62% of all private residential sales, indicating that buyers were comparing more options and becoming more selective. At the same time, Singapore’s substantial housing pipeline and continued Government Land Sales supply provided an important buffer against broad-based overheating.
Compared with global cities, Singapore outperformed the flatter London and Paris markets but recorded weaker recent growth than New York and Hong Kong.
The overall picture is therefore not one of a market losing support. Instead, it is a market transitioning towards slower, more selective and more policy-shaped growth.
Singapore property remains firm, but future performance is likely to depend increasingly on property type, location, pricing, incoming supply and the financial position of individual buyers rather than on broad market momentum alone.
Disclaimer: This article is intended for informational and educational purposes only and should not be construed as financial, investment, legal, tax or property advice. While every effort has been made to ensure the accuracy of the information at the time of publication, market conditions, exchange rates, government policies and property prices may change without notice.
The international property price comparisons presented in this article are based on publicly available data from various sources. Differences in methodology, property types, market composition, currency movements, taxation, transaction costs, financing conditions and local regulations may affect direct comparisons between countries and cities. As such, the analysis should be regarded as a broad market comparison rather than a definitive assessment of relative property values.
Any opinions expressed are those of the author based on available data and should not be interpreted as predictions or guarantees of future market performance. Readers should conduct their own independent research and seek advice from qualified professionals before making any property or investment decisions.
Article contributed by Jerry Wong.
Jerry Wong is a realtor at Propnex Realty, bringing a rich background in interior and lighting design to his work. He loves exploring diverse spaces and observing the transformative power of real estate. Beyond his professional role, Jerry finds his greatest fulfillment in connecting people with the right properties, gaining immense satisfaction from helping clients achieve their dreams.
