Singapore Property Market 1Q2026: Latest Housing Stats, Condo Prices, Supply And Demand

The housing statsistics for the first quarter of this year are especially interesting, given the market conditions and sales acrtivity that characterised much of the private residential market in 2025.

Last year, we saw a surge in the the take-up rate of new project launches among Singaporean buyers for projects in the Core Central Region (CCR). This was fueled by the launch of several CCR condos that balanced relatively steep $PSF prices with price quantums that were still palatable to many upmarket buyers. This resulted in a historic shift in buying preferences, as more locals bought properties in a region that was previously dominated by affluent foreigners.

Coupled with the ongoing geopolitical uncertainty, this made 1Q2026 an important test of sentiment in the private residential market. Some buyers may be wondering if the market can sustain the postive sales momentum going forward, and if there’s any chance of improved affordability especially within some city-fringe and suburban markets.

An overall snapshot of the private home market in 1Q2026

Headline prices have continued to increase in over the first three months of this year, with the private residential property price index up 0.9% q-o-q. The rate of increase is higher than the 0.6% growth recorded in 4Q2025, which suggest that the buyers and sellers don’t seem overly-cautious despite rising global geopolitical headwinds. 

Although, overall prices rose, there are hints that an inflection point may be coming on the horizon. The overall take-up rate of new private homes fell 31.5% q-o-q from 2,940 units to 2,013 units. The supply of new developments entering the market also continues to accumulate, increasing 6.8% q-o-q from 35,690 units to 38,133 units.

This is likely to keep competition high in the primary market over the remaining nine months of this year.

On the other hand, the rental market showed signs of a soft recovery, with the rental index inching up 0.3% q-o-q. This is an imprvement compared to the 0.5% decline in 4Q2025, but the slim uptick is unlikely to thrill most investors and landlords. In addition, there was a slight bump to the vacancy rate, which moved from 6% to 6.2%.

Overall, it looks like prices are remaining firm in the face of wider global economic concerns, and the local rental market shows signs of stabilising. But there are signs things may be starting to tilt, such as easing transaction volumes, an uptick in the overall vacancy rate, and a robust supply of new homes expected to enter the market this year.

What happened on the new project launch market in 1Q2026?

In total, developers launched 1,844 uncompleted private residential units (excluding ECs) for sale in 1Q2026, down from the 2,632 units that were released in 4Q2025. Likewise, developers sold 2,013 private residential units, a 31.5% q-o-q decline from the 2,940 units sold in the previous quarter.

However, the context here is that developers launched more than 4,000 new private homes in 3Q2025, which made 4Q2025 appear soft by comparison, but we did still see a good number of launches overall.

Anacdotally, Stacked understands that developers have generaly maintained prices due to rising land and construction costs. This provides little headroom for prices to dip. New home sales continued to exceed the number of launched units in the first quarter of this year, which offers confidence in terms of developers pricing appraoches.

In terms of the three key regions – the CCR, RCR, and OCR – the strongest gains came from the OCR, where non-landed prices rose 2.2% q-o-q, an improcement compared to the quarterly increase of 1% in 4Q205. 

The RCR saw prices rise 0.8% q-o-q, slightly above the 0.7% growth that it clocked in 4Q2025. The CCR also returned to growth, with prices up 0.6% q-o-q after a 3.5% quarterly decline in the previous quarter. This reflects the changing nature of recent CCR launches, where lower pricequantums and more efficient unit layouts are enticing more local buyers.

Meanwhile, prices of landed properties fell 0.4% q-o-q in 1Q2026, after putting in a quarterly increase of 3.4% in the previous quarter.

The latest figures indicate a broad trend of normalisation, that follows an especially active stretch in the private residential market from late-2024 to 2025.

The Executive Condominium (EC) segment was a notable bright spot, thanks to the higher prices set at new projects.

There were two new EC projects which have hit the market so far this year, Coastal Cabana and Rivelle. In total, developers launched 1,320 EC units in 1Q2026 and sold 1,168 units.

As we noted earlier this year,  ECs continue to attract upgraders due to their relatively palatable price quantuam compared to condos. A compact two-bedder in a new proejct may range from $1.8 million to $2 million, given prevailing price benchmarks. In contrast, newer ECs can still offer larger three- or four-bedroom configurations at similar or even lower price points.

This is especially relevant to HDB upgraders who often need to balance sale proceeds, and sufficiently sized homes to accomodate future family needs. This is why we’re likely to keep seeing high demand for ECs going forward, even though they’ve gotten considerably pricier over the decade. 

What about the resale and subsale condo market in 1Q2026?

There were 3,225 resale transactions lodged over the first three months of 2026, down from 3,529 units sold in 4Q2025. This represents an 8.6% q-o-q decline.

Looking at the broader trend, resale volumes have remained very consistent over the past two years, generally ranging between the mid-3,000s and high-3,000s per quarter. There’s a perennial demand in the resale segment from those who, for a variety of reasons, cannot wait out the construction period of a new condo. 

Meanwhile, sub-sale activity in the mmarket was modest. Sub-sale transactions, where uncompleted homes are sold before TOP, totalled 176 units in 1Q2026. This was slightly lower than the 191 units recorded in 4Q2025.

What do stock, vacancy, and supply numbers show?

The total stock of completed private residential units rose from 423,633 units in 4Q2025 to 424,657 units in 1Q2026. This translates to an additional 1,024 completed homes over the quarter. That’s not a particularly large jump, but it does show that completed supply is continuing to expand steadily.

At the same time, the number of vacant completed private residential units edged up very slightly from 25,257 units to 26,194 units, reflecting a 0.2% increase. We should be careful not to read too much into such a small number. However, with more launches in the CCR – a region where foreigners prefer to rent – landlords might face a more competitive environment.

Meanwhile the pipeline of uncompleted private residential units rose from 35,690 units in 4Q2025, to 38,133 units in 1Q2026, a quarterly increase of 6.8%.

As more projects are launched and completed over the next few years, buyers are likely to have more options. Sellers and landlords, meanwhile, will likely find the market less forgiving than the years following the Covid-19 pandemic as the balance between housing supply and demand normmalises.

Conclusion

The latest housing statistics indicate that prices are still rising, demand remains strong for ECs and resale options, and the OCR continues to reassert itself as a key battleground for practical upgrader demand.

However, there are also hints that could suggest the market pivoting. Transaction volumes have softened, vacancy has edged higher, and a larger supply pipeline is beginning to accumulate in the background.

Perhaps the two big changes that are yet to be reflected are the impact of ongoing geopolitical conflicts, and the subsequent impact on interest rates and financing. There’s a chance we’re headed into a more price-sensitive and supply-conscious phase, and this may be reflected in the next quarter or two.