Hdb Resale Prices Dip 02 Q O Q 3q2026 While Transaction Volumes Surge Hdb Flash Estimates
HDB Resale Market Trends in 3Q2026
The Housing and Development Board (HDB) of Singapore reported a modest decline in resale flat prices for the third consecutive quarter in 3Q2026. According to the latest flash estimates, the Resale Price Index (RPI) decreased by 0.2% quarter-on-quarter, a slight improvement from the 0.3% drop seen in the previous quarter.
Despite the dip in prices, market dynamics showed positive signs, partially influenced by recent adjustments in housing policies. Christine Sun, the chief research and strategist at Realion (OrangeTee & ETC) Group, pointed out that the removal of the 15-month waiting period for private property owners and former private property owners to purchase non-subsidized resale flats, effective from July 28, has buoyed the market sentiment. This change has notably increased enquiries and buying interest among private homeowners aiming to downsize.
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Transaction Volumes and Market Response
Evidence of renewed interest was clear in the transaction numbers, with a significant 17.7% quarter-on-quarter increase, totaling 7,528 resale transactions in 3Q2026. Lee Sze Teck, senior director of data analytics at Huttons Asia, commented that even though private and ex-private property owners have been actively purchasing larger flats since the policy revision, the price effects remained muted, alleviating concerns about potential price spikes caused by these buyer groups.
Surge in Larger Flat Transactions
The sales of larger flat types like five-room and executive flats have seen a notable uptick, driving the overall resale volume. Eugene Lim, key executive officer at ERA Singapore, highlighted that sales of 1,822 five-room flats and 535 executive flats marked increases of 23.7% and 39% respectively over the previous quarter. Additionally, the resale market saw 597 transactions of million-dollar flats, making up 8.5% of the total transactions during the quarter.
Million-Dollar Flat Market Dynamics
The demand for high-priced flats has been particularly robust, driven likely by cash-rich private homeowners now facing fewer entry barriers into the HDB resale market. This segment saw prices climbing to an average of $1.16 million in 3Q2026, a 1.1% increase from the previous quarter. Notably, the proportion of such transactions in non-mature estates reached 11.4%, the highest recorded so far.
The peak of this trend was marked by the sale of a five-room flat at The Pinnacle @ Duxton for a record $1.72 million in September, surpassing the prior record set days earlier.
Outlook and Government Policies
Looking forward, the resale market might encounter challenges due to the recent raise in income ceiling for Built-To-Order (BTO) flats, which could divert potential buyers towards newer, possibly more affordable BTO flats. However, changes in school allocation policies could benefit resale flats near certain schools, potentially buoying market sentiment in those areas.
As the year progresses, Huttons estimates that transactions could range between 22,000 to 26,000, with price movements hovering between -1% and 1%. Conversely, ERA projects a volume around 26,000 transactions with a potential annual price increase of 2% to 5%, aligning with the government’s goal for a stable and sustainable HDB resale market.
