1Q 2026 HDB Quarterly Report: Demand for Resale Flats Holds Firm as Prices Moderate

SINGAPORE, 1 April 2026 – According to flash estimates, Resale HDB prices fell in 1Q 2026, with the HDB Resale Price Index (RPI) moderating by 0.1% quarter on quarter (q-o-q). This follows a flat reading in the previous quarter and marks the first decline in resale prices in nearly seven years since 2Q 2019.

“This marginal dip in the HDB RPI suggests that the market may be entering a more balanced phase after several years of sustained growth,” said Eugene Lim, Key Executive Officer, ERA Singapore.

HDB resale applications totalled 6,179 cases in the quarter, up 17.6% from 5,256 in 4Q 2025. However, this is 4.5% lower than the 6,473 resale applications recorded in 1Q 2025.

“Resale activity increased on the quarter in 1Q 2026, coinciding with a quieter February BTO exercise. Demand during the BTO exercise was mainly centred on Shorter Waiting Times (SWT) flats, while overall application figures were more modest at around 15,000, compared to the 33,000-strong response in October last year,” said Lim.

“The resale market continues to act as a crucial outlet for unmet housing demand, especially for buyers who value immediacy,” Lim added. 

“The rise in flats reaching their Minimum Occupation Period (MOP) this year has also enlarged the resale pool, offering buyers broader choices across locations and flat types. This has helped sustain transaction volumes even as price growth stays moderate,” noted Lim.

Sharp Increase in MOP Flats Anticipated in 2026

“Resale supply is set to expand significantly in 2026, with an estimated 13,480 flats reaching their MOP in 2026, nearly double the 6,973 units in 2025.

This influx will expand buyers' choices across locations and flat types, while reducing competition in the resale market.

Coupled with a steady pipeline of BTO launches, the increase in MOP flats is expected to keep price growth at a measured pace, thereby stabilising the market,” said Lim.

Chart 1: Number of MOP Flats by year

Table 1: Distribution of MOP Flats by Town in 2026

“Nearly 70% of flats reaching their MOP this year are located in popular estates such as Punggol, Tampines, Toa Payoh, and Queenstown.

Flats in these locations are likely to command higher asking prices, supported by their strong location appeal and relatively longer remaining leases.

Furthermore, as these flats are not subject to the tighter resale restrictions under the 'Plus' and 'Prime' models, they are expected to attract a broader pool of buyers, further underpinning demand,” Lim added.

Uptick in Million-Dollar Flat Transactions Persists, But Prices Remain Affordable Overall

"Million-dollar HDB resale transactions reached 402 cases in 1Q 2026, based on HDB data as of 30 March 2026. While these headline-grabbing deals continue to rise, they still form a small segment of the overall market.

In fact, most resale flats stay comfortably within reach, with 70.8% of all quarterly transactions priced below the $750,000 mark. 

Million-dollar transactions made up only 6.9% of total resale volume in the quarter, highlighting that such transactions are still the exception rather than the rule.

Most of these high-value transactions are concentrated in mature estates, accounting for 90.8% of all million-dollar deals in 1Q. Towns like Toa Payoh, Bukit Merah, Queenstown, and Ang Mo Kio remain dominant in this segment due to their central locations and established amenities. 

Looking ahead, the number of million-dollar transactions is expected to persist, particularly in sought-after areas like Toa Payoh and Queenstown. This year, both locations are projected to have a substantial number of MOP completions—approximately 1,594 units in Toa Payoh and 2,405 units in Queenstown—with precincts such as Bidadari and Margaret Drive playing a significant role in this trend,” noted Lim.

ERA’s Outlook and Forecast for 2026 

“The ongoing conflict in the Middle East has increased oil prices and disrupted global supply chains. If these conditions continue, higher energy costs may contribute to inflation and slow down the timeline for interest rate cuts. 

In this environment, homebuyers tend to adopt a more cautious approach. Some HDB homeowners might delay their upgrading plans, while those with more flexibility may prefer BTO flats over resale units, as they are willing to wait.

The June 2026 BTO exercise will see 6,900 flats offered across various HDB towns, including Ang Mo Kio, Bishan, Bukit Merah, Sembawang and Woodlands. This will help to meet the underlying demand for new HDB flats in these areas.

Upcoming BTO launches in prime areas like Upper Thomson and Pearl’s Hill are likely to draw significant interest. Besides their desirable locations, they provide a more accessible way for buyers willing to wait to enter popular neighbourhoods.

With HDB planning to launch 19,600 BTO flats across three exercises this year, including over 4,000 Shorter Waiting Time (SWT) flats, the housing supply will grow substantially. This expansion aims to diversify options and support more stable resale price growth.

Overall, we anticipate the HDB resale market to stay resilient in 2026, with transaction volumes around 26,000 to 27,000 units, and annual price growth between 2% and 5%. This indicates a market that is stabilising, aligning with the government’s goal of a sustainable and balanced housing sector,” Lim said.

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: [email protected]

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