Demand Holds Firm.
Prices Find Their Balance.
A grounded look at Singapore’s HDB resale market — what shifted in Q1 2026, and what it means for your next move.
“For the first time in nearly seven years, HDB resale prices eased — not out of weakness, but out of balance. Volume surged 17.6%. The market is breathing, and opportunity is opening.”
A Historic Inflection Point
In Q1 2026, the HDB Resale Price Index (RPI) dipped a marginal 0.1% quarter-on-quarter to 203.4 — the first such dip since 2Q 2019, nearly seven years ago. This follows a sustained period of slowing price growth, shaped by ample Build-to-Order (BTO) supply and a growing resale pipeline.
But here’s the context that matters: this is not a market in retreat. Resale volume rose sharply to 6,179 transactions — up 17.6% from 5,256 in Q4 2025. Buyers are active. The market is simply recalibrating after years of strong price momentum.
What this means for buyers: A stabilising RPI, combined with a larger resale supply pipeline, suggests better negotiating room and a wider selection of units — especially for those who’ve been waiting on the sidelines.
What this means for sellers: The market remains liquid. High transaction volumes confirm genuine buyer interest. Well-positioned, well-priced flats are still moving decisively.
The MOP Wave Is Here — And It Changes Everything
One of the defining stories of 2026 is the surge in flats exiting their Minimum Occupation Period (MOP). After an 11-year low of just 6,973 MOP units in 2025, the number nearly doubles to 13,480 units in 2026 — a 93.3% year-on-year increase.
Nearly double the 11-year low of 6,973 units in 2025 — the largest MOP injection into the resale market since 2023.
Of 2026’s MOP flats are in sought-after towns — Punggol, Tampines, Toa Payoh, and Queenstown — with long remaining leases.
Crucially, these newly-MOP flats are not subject to the more restrictive “Plus” and “Prime” classifications, making them attractive to buyers who want location without the additional resale restrictions. For upgraders and investors alike, this is a window worth paying attention to.
Key Towns to Watch in 2026
These towns are seeing the largest injections of new MOP supply this year:
Million-Dollar Flats: A Consistent Premium Segment
Despite price moderation at the broad market level, the premium end of the HDB resale market remains active. In Q1 2026, 402 million-dollar flat transactions were recorded — concentrated in mature, well-connected estates.
Million-Dollar Transactions in Q1 2026
Concentrated in Mature Estates
Flats Aged 15 Years or Below
Toa Payoh, Bukit Merah, Queenstown, and Ang Mo Kio dominate this segment. Over half of all million-dollar deals involved newer flats aged 15 years or below — confirming that buyers in this segment are prioritising remaining lease and condition, not just location.
The Affordability Picture
Despite the headlines around premium deals, the overall market remains grounded. In Q1 2026, the transaction spread tells a reassuring story for the average homebuyer:
70.8% of all Q1 2026 resale transactions fell below $750,000 — confirming that HDB resale housing remains accessible and relevant to the broad Singaporean buyer population.
What to Expect for the Rest of 2026
Global headwinds — including geopolitical tensions in the Middle East and oil prices exceeding US$100/barrel after the Strait of Hormuz closure — have introduced a note of caution. Some homeowners may defer upgrading decisions; some buyers may opt for BTO over resale while evaluating the macro picture.
That said, Singapore’s structural fundamentals remain intact. HDB is maintaining its supply of 19,600 BTO flats across three sales exercises in 2026, including over 4,000 Shorter Waiting Time units. The expanded MOP supply will broaden resale options and keep price growth measured.
The million-dollar segment, underpinned by newer MOP supply in Toa Payoh and Queenstown, is expected to remain resilient.
Thinking About Your Next Property Move?
Whether you’re selling your MOP flat, upgrading to a condo, or buying your first resale HDB — let’s have a conversation about what this market means for you specifically.
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Data sourced from HDB flash estimates released 1 April 2026, supplementary data from data.gov.sg as of 30 March 2026, and ERA Research & Market Intelligence. This content is provided for informational purposes only and does not constitute financial, investment, or legal advice. ERA Realty Network Pte Ltd (L3002382K). Figures may be subject to revision upon release of full quarterly statistics. Please conduct independent due diligence or consult a qualified professional before making any property decisions.
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