Prices

Private home prices continued to rise in Q3 2026, marking the eighth consecutive quarter of growth. According to the Urban Redevelopment Authority (URA), the overall private residential property price index increased by 1.4 per cent in Q3 2026, faster than the 0.5 per cent growth recorded in the preceding quarter.

Prices rose by approximately 2.8 per cent in the first nine months of 2026, reflecting continued growth in the private residential market. The increase was largely driven by landed properties, which recorded a 2.9 per cent rise, while non-landed property prices grew by 1.0 per cent.

Among the non-landed market segments, prices in the Outside Central Region (OCR) rose by 2.3 per cent, while prices in the Core Central Region (CCR) increased marginally by 0.3 per cent. Prices in the Rest of Central Region (RCR) remained unchanged, reflecting varying market conditions across the different regions.

Sales Volume

Private home sales moderated in Q3 2026. According to URA's Q3 2026 real estate statistics, total private residential sales (excluding ECs) declined by 16.3 per cent from 6,148 units in Q2 2026 to 5,146 units in Q3 2026. Sales were also 30.5 per cent lower than the 7,404 units transacted in the corresponding quarter last year.

The decline was largely driven by fewer new home transactions. Developer sales fell by 44.7 per cent from 2,141 units in Q2 2026 to 1,183 units in Q3 2026, coinciding with a reduction in the number of new units launched for sale during the quarter.

In contrast, resale transactions remained relatively stable, dipping marginally by 0.3 per cent from 3,813 units to 3,801 units. Resales accounted for 73.9 per cent of total transactions in Q3 2026, up from 62.0 per cent in the preceding quarter, reflecting the greater contribution of the secondary market to overall sales.

Rental

Private residential rents increased at a faster pace in Q3 2026. According to URA's rental index, overall private rents rose by 1.3 per cent during the quarter, compared with the 0.7 per cent increase registered in Q2 2026. Rental growth was strongest in the OCR, where non-landed rents increased by 3.1 per cent. This was followed by the RCR, which recorded a 1.5 per cent increase, while non-landed rents in the CCR dipped marginally by 0.3 per cent.

Based on preliminary URA REALIS rental records extracted up to 19 October 2026, approximately 28,423 private residential rental transactions (excluding ECs) were recorded in Q3 2026, an increase of 25.6 per cent from the preceding quarter.

Despite stronger leasing activity, landlords may face greater competition as more completed private residential units enter the market. The overall vacancy rate increased from 6.4 per cent in Q2 2026 to 7.2 per cent in Q3 2026, suggesting that rental market conditions could vary across locations and property types.

Moving forward, we expect overall private residential rents to increase by 2.5 to 3 per cent for the whole of 2026, with approximately 93,000 to 95,000 rental transactions. Rental growth is projected at 3 to 4 per cent in 2027, with around 90,000 to 95,000 rental transactions expected.

Outlook

Amid continued global economic uncertainties and an evolving interest rate environment, prospective homebuyers may remain selective in their property purchases. Nevertheless, demand for private homes could continue to be supported by upcoming project launches and sustained interest from owner-occupiers.

Meanwhile, the substantial supply of private housing units in the pipeline may offer buyers more options and help moderate price pressures. According to URA, approximately 32,800 private residential units (including ECs) could be made available for sale over the next one to two years.

In view of these factors, we expect overall private residential prices to grow moderately by 3 to 4 per cent in 2026, with approximately 21,000 to 22,500 private homes (excluding ECs) transacted during the year.

Looking ahead to 2027, private residential prices are projected to increase by 3 to 5 per cent, while total sales volume could reach 22,000 to 26,000 units (excluding ECs). New home sales are expected to strengthen from around 7,000 to 7,500 units in 2026 to 9,500 to 11,500 units in 2027, supported by the anticipated pipeline of new residential launches.