{"id":95393,"date":"2026-04-24T18:50:17","date_gmt":"2026-04-24T10:50:17","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=95393"},"modified":"2026-04-24T18:50:17","modified_gmt":"2026-04-24T10:50:17","slug":"q1-2026-hdb-resale-market-first-price-decline-in-7-years","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/q1-2026-hdb-resale-market-first-price-decline-in-7-years\/","title":{"rendered":"Q1 2026: HDB resale market sees first price decline in 7 years"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\n<p>While the <a href=\"https:\/\/www.99.co\/singapore\/insider\/ura-private-housing-q1-2026-prices-edge-up-activity-slows\/\" target=\"_blank\" rel=\"noreferrer noopener\">private market saw a measured price growth<\/a>, the HDB resale market recorded a slight pullback in prices in the first quarter of 2026. While the decline is marginal, it marks a shift after several years of steady growth and could point to more balanced market conditions ahead.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2>Table of contents<\/h2><ul><li><a href=\"#h-hdb-resale-prices-ease-by-0-1-quarter-on-quarter\" data-level=\"2\">HDB resale prices ease by 0.1% quarter-on-quarter<\/a><\/li><li><a href=\"#h-resale-transactions-pick-up-as-prices-stabilise\" data-level=\"2\">Resale transactions pick up as prices stabilise<\/a><\/li><li><a href=\"#h-the-million-dollar-flat-segment-remains-resilient\" data-level=\"2\">The million-dollar flat segment remains resilient<\/a><\/li><li><a href=\"#h-rental-market-remains-stable-with-a-slight-0-1-decline\" data-level=\"2\">Rental market remains stable, with a slight 0.1% decline<\/a><\/li><li><a href=\"#h-upcoming-flat-supply-in-the-pipeline\" data-level=\"2\">Upcoming flat supply in the pipeline<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-hdb-resale-prices-ease-by-0-1-quarter-on-quarter\">HDB resale prices ease by 0.1% quarter-on-quarter<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"858\" height=\"540\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/04\/download-2026-04-24T172801.187.png\" alt=\"\" class=\"wp-image-95400\"\/><\/figure>\n\n\n\n<p>According to the Housing and Development Board (HDB), the Resale Price Index (RPI) came in at 203.4 in Q1 2026, reflecting a 0.1% quarter-on-quarter decline. This follows a flat performance in Q4 2025 and marks the first drop in resale prices since Q2 2019.<\/p>\n\n\n\n<p>This moderation comes after five consecutive quarters of slower or no price growth, suggesting that price momentum has been gradually easing. On a year-on-year basis, prices still rose 1.2%, but this is significantly lower than the growth rates seen in previous years.<\/p>\n\n\n\n<p>Commenting on this shift, Mr Luqman Hakim, Chief Data &amp; Analytics Officer at 99.co, noted that the decline marks a meaningful inflexion point for the resale market. &#8220;The 0.1% dip in Q1 2026 suggests that past cooling measures and the ramp-up in BTO supply are starting to work through the market,&#8221; he explained.<\/p>\n\n\n\n<iframe loading=\"lazy\" style=\"border: none; width: 350px !important; box-shadow: 0px 2px 12px rgb(11 17 52 \/ 15%); border-radius: 16px;\" src=\"https:\/\/www.99.co\/property-value-widget?contentSource=insider-blog&amp;contentId=q1-2026-hdb-resale-market-first-price-decline-in-7-years\" width=\"350\" height=\"370\" scrolling=\"no\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><\/span><\/iframe><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-resale-transactions-pick-up-as-prices-stabilise\">Resale transactions pick up as prices stabilise<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"904\" height=\"271\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/04\/download-2026-04-24T172734.208-1.png\" alt=\"\" class=\"wp-image-95402\" style=\"width:742px;height:auto\"\/><\/figure>\n\n\n\n<p>While prices have softened slightly, resale activity increased notably during the quarter. A total of 6,285 HDB resale flats were transacted in Q1 2026, up 19.6% from 5,256 units in Q4 2025. This rebound suggests that more buyers may be re-entering the market as prices stabilise and become easier to assess. <\/p>\n\n\n\n<p>However, compared to the same period last year, transactions were still 4.6% lower than Q1 2025, indicating that demand has not fully returned to previous levels.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-million-dollar-flat-segment-remains-resilient\">The million-dollar flat segment remains resilient<\/h2>\n\n\n\n<p>The easing prices, however, should not be read as a broad-based weakening of the market. Rather, the market appears to be becoming more selective amid a more uncertain global outlook. <\/p>\n\n\n\n<p>&#8220;While overall price momentum has softened, buyers are still prepared to pay a premium for rare, well-located flats with desirable attributes,&#8221; Mr Luqman added. This selectivity is most evident in the higher-end resale segment.<\/p>\n\n\n\n<p>There were 413 HDB flats transacted at S$1 million or more in Q1 2026, up nearly 18% from the previous quarter. A notable transaction during the quarter was a 5-room flat in Dawson Road, Queenstown, which <a href=\"https:\/\/www.99.co\/singapore\/insider\/national-hdb-record-2026-5-room-loft-queenstown\/\" target=\"_blank\" rel=\"noreferrer noopener\">sold for S$1.7 million<\/a>, setting a new record for HDB resale prices.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-median-hdb-resale-prices-by-town-and-flat-type\">Median HDB resale prices by town and flat type<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"856\" height=\"643\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/04\/download-2026-04-24T174035.815.png\" alt=\"\" class=\"wp-image-95407\"\/><figcaption class=\"wp-element-caption\">Based on resale cases registered in Q1 2026 (Source: HDB)<\/figcaption><\/figure>\n\n\n\n<p>At the same time, median prices in certain mature towns have reached notable levels. For instance, 4-room flats in Queenstown and Toa Payoh recorded median prices of S$1 million, while 5-room flats in Ang Mo Kio, Bukit Merah, and Toa Payoh have also crossed the million-dollar benchmark.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rental-market-remains-stable-with-a-slight-0-1-decline\">Rental market remains stable, with a slight 0.1% decline<\/h2>\n\n\n\n<p>As of the end of the quarter, there were 58,698 HDB flats rented out, a marginal 0.1% decrease from the previous quarter, indicating that rental demand has largely plateaued.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-median-hdb-rental-prices-by-town-and-flat-type\">Median HDB rental prices by town and flat type<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"853\" height=\"647\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/04\/download-2026-04-24T172048.845.png\" alt=\"\" class=\"wp-image-95397\"\/><figcaption class=\"wp-element-caption\">Based on approved applications in Q1 2026 (Source: HDB)<\/figcaption><\/figure>\n\n\n\n<p>The number of approved applications to rent out flats dipped slightly by 0.2%, from 9,557 in Q4 2025 to 9,535 in Q1 2026. Compared to a year ago, this figure was 1.3% lower.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-upcoming-flat-supply-in-the-pipeline\">Upcoming flat supply in the pipeline<\/h2>\n\n\n\n<p>In particular, about 13,500 flats are expected to reach their Minimum Occupation Period (MOP) in 2026, up from around 8,000 units in 2025, which could add more options for buyers in the resale market. &#8220;This should support transaction volumes while keeping price growth more measured,&#8221; Mr Luqman added.<\/p>\n\n\n\n<p>On the longer horizon, the new BTO supply will continue to play a key role in shaping the market.<\/p>\n\n\n\n<p>The upcoming June 2026 BTO exercise will feature about 6,900 flats across Ang Mo Kio, Bishan, Bukit Merah, Sembawang, and Woodlands. All flat buyers who wish to participate are encouraged to apply for a Flat Eligibility (HFE) letter early and submit all required documents by <strong>15 May 2026<\/strong>, to ensure that they can obtain their HFE letter in time.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the private market saw a measured price growth, the HDB resale market recorded a slight pullback in prices in the first quarter of 2026. While the decline is marginal, it marks a shift after several years of steady growth and could point to more balanced market conditions ahead. HDB resale prices ease by 0.1%&hellip;<\/p>\n","protected":false},"author":142,"featured_media":95406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53631,53643,57131,53590],"tags":[53636,53644,59175],"persona":[57125,57127,57126,57128],"class_list":{"2":"type-post","18":"entry","19":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Q1 2026: HDB resale market sees first price decline in 7 years - 99.co<\/title>\n<meta name=\"description\" content=\"While the decline is marginal at 0.1%, it could point to more balanced market conditions ahead. 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