Singapore to record around 27,000 HDB resale transactions in 2026

And resale prices may rise by 3% to 4%.

The HDB resale market is showing signs of normalisation after several years of strong gains, with price growth slowing and transaction volumes easing, according to Wong Siew Ying, Head of Research and Content at PropNex.

Wong noted that resale flat prices rose by 2.9% in 2025 — the slowest pace in six years, following a minimal 0.1% increase in 2019. “Cumulatively, HDB resale prices have climbed by almost 55% from 2019 to 2025,” she said, adding that the total resale flat volume in 2025 fell to 26,169 units, marking a five-year low.

The moderation in prices and transactions, Wong explained, is largely due to an increase in new flat supply and the impact of past cooling measures, which have eased demand pressures and tempered price growth.

Million-dollar resale flats continue to rise

Despite the overall slowdown, sales of million-dollar HDB flats hit a record in 2025, with 1,594 units sold — a 54% jump from the previous high of 1,035 units in 2024. Wong said this reflects market segmentation rather than a contradiction to the broader trend of slower price growth.

“About 91% of these million-dollar flats are in mature towns, including Toa Payoh, Bukit Merah, and Queenstown, which collectively accounted for 691 units,” Wong said. Non-mature towns such as Hougang and Woodlands saw fewer high-value transactions, with 45 and 29 units sold, respectively.

She expects million-dollar resale flat sales to remain elevated in 2026, potentially crossing 1,000 units again, as well-located flats and units with desirable features continue to command strong demand. “These high-end sales are likely to be concentrated in a narrow segment and may not materially affect pricing for the majority of resale flat buyers,” Wong said.

Outlook for 2026

Looking ahead, Wong projects HDB resale transactions may hover around 26,000 to 27,000 units in 2026, supported by a higher number of flats reaching their five-year minimum occupation period (MOP), making them eligible for resale. She estimates that 13,500 MOP flats could enter the market next year, up nearly 69% from 8,000 units in 2025.

Resale prices are expected to grow moderately by 3% to 4% in 2026, reflecting stabilising supply-demand dynamics and a market settling into a more sustainable footing.

While the government plans to further increase new build-to-order (BTO) supply, including projects with shorter waiting times, Wong said there will remain demand in the resale segment from buyers not eligible for BTO flats, families seeking move-in-ready homes, or those targeting specific locations for proximity to schools, workplaces, or relatives.

“The broad HDB resale market is stabilising, but there remain niches of demand, particularly for well-located or move-in-ready flats,” Wong said.