Singapore HDB resale prices dip 0.1% in Q1, first decline in nearly seven years

The last time resale prices dipped 0.2% was in Q2 2019.

Singapore’s HDB resale market saw a marginal price decline in Q1 2026, marking the first quarterly drop in nearly seven years, according to flash estimates from the Housing and Development Board (HDB), with analysis from PropNex.

The HDB resale price index dipped by 0.1% quarter-on-quarter (QOQ) in Q1, following flat growth in Q4 2025. This represents the first decline since a 0.2% drop in Q2 2019. Final figures are scheduled for release on 24 April 2026.

Transaction volumes showed a mixed trend. A total of 6,179 flats were resold in Q1 (as at 30 March), up from 5,256 units in the previous quarter but lower than the 6,590 units recorded in Q1 2025.

Wong Siew Ying, Head of Research and Content at PropNex, said the slight dip could signal a turning point. “The flash estimates for Q1 2026 showed the first quarterly decline – albeit a trim one - in HDB resale prices in nearly seven years,” she said, adding that it may mark a notable milestone if the final data confirms the decline after a prolonged period of sustained price growth.

She noted that the flattening price trend suggests the market is transitioning towards a more sustainable phase, following cooling measures and an increase in new flat supply. “We anticipate that the market performance will remain differentiated,” Wong said, with well-located and newer flats continuing to command stronger demand and prices.

Despite the overall moderation, high-value transactions remained robust. At least 412 resale flats were sold for $1 million or more in Q1, up nearly 18% from 350 such deals in Q4 2025. These included a mix of 4-room, 5-room and executive flats, with a portion being relatively new units that had just met their minimum occupation period.

Several price records were also set during the quarter. Nine towns—including Bukit Merah, Queenstown and Tampines—saw new all-time high resale prices. Notably, a 5-room flat in Dawson Road fetched $1.7 million in February, setting a new benchmark across all flat types, while a 2-room unit at SkyParc @ Dawson achieved a record $695,000.

Looking ahead, PropNex expects resale volumes to be supported by a higher number of flats reaching their minimum occupation period, projecting total transactions of 26,000 to 27,000 units in 2026. Prices are forecast to grow modestly by 2% to 3% for the full year, even as the market continues to stabilise.