2Q 2026 URA Quarterly Report: Resale Transactions Rebound in the Quarter Due to Fewer New Launches

According to the Urban Redevelopment Authority (URA), private home prices rose by 0.5% quarter-on-quarter (q-o-q) in 2Q 2026, continuing a steady pace of growth, comparable to the previous quarterly increase of 0.9%. The Private Property Price Index (PPI) now stands at 219.4.

The culminative 1.4% increase in the price index witnessed in 1H 2026 is slightly lower than the 1.8% recorded across the same period in 2025. However, with highly anticipated new launches primed to drive transactions in 2H 2026, ERA remains confident in the private residential property sector.

The total volume of private home transactions in 2Q 2026 rose by 13.6% q-o-q to 6,148 units. This comes after a fairly lacklustre first quarter, which saw a reduced launch pipeline and the typical resale slowdown due to the Lunar New Year seasonal lull.

“Following the bumper crop of new launches that propelled private property price growth in the latter quarters of 2025, we have witnessed a moderation in prices in 2Q 2026 and 1H 2026 overall. This can be attributed to a lower volume of launches in the first half of this year amid seasonal factors like the Chinese New Year holidays, as well as the June School Holidays,” said Marcus Chu, Chief Executive Officer, ERA Singapore.

“This quarter, the secondary market benefitted from the limited number of new launches. However, several compelling new launches are expected for the third quarter, which could result in a less active secondary market. Hence resale and sub-sale volumes may remain subdued in the next quarter, but prices are expected to remain stable, bolstered by resilient buyers’ demand,” added Chu.

“We are seeing is a more selective market. While buyers remain active, they are more deliberate in their decisions,” adds Chu.

An additional 4,745 private residential units (which is 50% above the average half-yearly Confirmed List) were announced in the 2H 2026 GLS confirmed list will bring the 2026 GLS supply to a total of 9,320 units which will continue to support the Government’s aim to stabilise land prices and ensure a steady flow of new homes over the coming years. This aligns with efforts to maintain a stable and sustainable property market.

In 2Q 2026, resale and sub-sales for non-landed residential properties were observed to reverse from previous quarter’s decline. Resale volume rose by 18.2% q-o-q to 3,813 transactions while sub-sale volume increased by 10.9% q-o-q to 194 transactions. The combined total of 4,007 transactions for the secondary market this quarter is also 2.3% higher than the total of 3,916 transactions recorded in 2Q 2025.

Chart 1: Breakdown of private home transactions (excluding ECs) by type of sale

Source: URA as of 24 July 2026, ERA Research and Market Intelligence 

Prices

The All-Residential Private Price Index rose 0.5% q-o-q in 2Q 2026. This is a moderation from the 0.9% increment in 1Q 2026.

The performance of new launch projects supported the steady price growth witnessed in the quarter. While there were only three projects launched in 2Q 2026; they saw a strong reception upon launch. The take up rate reported at these new projects were impressive, at 99% for Tengah Garden Residences, 72% at Vela Bay, and 61% at Hudson Place Residences on their respective launch weekends. The positive reception for these projects fuelled the slight uptick in prices for the quarter.

Transaction Volume

New Sale and Supply Pipeline

In total, developers sold 2,141 new homes in 2Q 2026, a 6.4% increase from 2,013 units in the previous quarter. Developers also launched fewer homes, totalling 1,783 units, down from 1,844 units in the previous quarter, a continued downward trend from 2,632 units in 4Q 2025.

However, amid a smaller pipeline of new launches in 2Q 2026 and 1H 2026 as a whole, buyers’ interest remained firm, signalling the strength of and consumer’s confidence in Singapore’s new home market.

Despite a fairly tepid new supply and volume, underlying demand remained firm, with projects continuing to attract strong take-up. Projects entering the market continued to attract substantial interest, reflecting sustained buyer confidence despite global uncertainty. This has contributed to the 0.5% increase in the price index.

Chart 2: New Homes Launched and Sold (Excluding ECs)

Source: URA as at 24 July 2026, ERA Research and Market Intelligence

Buyers who were unable to secure their preferred option during the launches in 1Q 2026 could also have turned to projects launched this quarter, which featured new homes in emerging precincts such as Bayshore, which has not seen a new launch in over two decades.

No ECs were launched in 2Q 2026, which contrasted the fanfare for the launches of Coastal Cabana and Rivelle Tampines in the previous quarter. Therefore, we observed that EC transactions that took place in 2Q 2026 mainly consisted of buyers snapping up balance stock from these aforementioned projects.

In May 2026, measures were implemented by the Ministry of National Development (MND) that is expected to impact the launch pricing and performance of future EC projects. These measures included the extension of the Minimum Occupation Period (MOP), the removal of the Deferred Payment Scheme (DPS) and an increase in wait-time for second-time buyers.

With the changes directly impacting future EC launches and GLS sites, EC homebuyers that may have been sitting on the fence might have been prompted to make a move on EC projects currently on the market, which offer greater flexibility as they are still under the previous EC regulations.

Unsold stock fell a further 2.5% q-o-q to 15,810 units in 2Q 2026. This follows the successful launch of three new projects during the quarter, and a total of eight projects (including EC) for 1H 2026. Strong take-up rates also signal sustained market confidence and have created a ripple effect, boosting sales momentum in previously launched developments.

A further 700 private residential units (including ECs) were completed in 2Q 2026. Excluding ECs, the full-year total for 2026 is expected to be 6,282 units, marginally higher than 2025’s count of 6,123 units.

Resale & Sub Sale

During the second quarter, 3,813 resale transactions for non-landed residential properties were recorded, representing a 18.2% q-o-q increase from the 3,225 transactions in the previous quarter. This marks a rebound from the 8.6% q-o-q decline in the first quarter.

The increase in resale volume this quarter could be due to the limited number of new condominium launches, resulting in buyers turning to the resale housing market.

Meanwhile, sub-sale volume increased by 10.9% q-o-q to 194 transactions in 2Q 2026, reversing from a 23.9% q-o-q decline in 1Q 2026. Despite the increase in sub-sales this quarter, the number of such transactions still significantly lower than the 269 sub-sales in 2Q 2025, indicating a decline of speculative buys.

“This quarter, the secondary market benefitted from the limited number of new launches. However, several compelling new launches are expected for the third quarter, which could result in a less active secondary market. Hence resale and sub-sale volumes may remain subdued in the next quarter, but prices are expected to remain stable, bolstered by resilient buyers’ demand,” added Chu.

Landed

Based on caveats, the sales volume for landed homes increased from an islandwide total of 447 transactions in 1Q 2026 to 502 transactions in 2Q 2026. Prices for landed homes also increased by 2.5% q-o-q in 2Q 2026, rebounded from a decline of 0.4% in 1Q 2026. The price increase could have contributed to the increase in the number of landed homes that fetched at least $5 million which increased from 245 in the first quarter to 303 this quarter.

Notably, 203 (40.4%) of the landed homes were sold for $5 million to $7.5 million in 2Q 2026, accounting for majority of the quarter’s transactions. In contrast, 182 (40.7%) landed homes were sold for $2.5 million to $5 million in 1Q 2026.

“Given their prestige factor and long-term value, buyers’ demand for landed homes remains strong. Additionally, the prevailing low interest rates environment boosts affordability and buying confidence, thereby supporting demand for landed homes,” added Chu.

Chart 2: Landed Price Quantum 1Q 2026 versus 2Q 2026

Source: URA as of 23 July 2026, ERA Research and Market Intelligence

Rental

The All-Residential Rental Price Index recorded a 0.7% q-o-q increase in 2Q 2026, doubling the rate of growth seen in the last quarter. Overall rents for non-landed properties also inched up 0.4% q-o-q in the same period, consistent with the previous quarter.  Meanwhile, landed property rents recorded an increase of 2.7% after the flattish 0.1% in 1Q 2026.

Among market segments, only the OCR non-landed market saw a decline, falling 0.3% q-o-q. This can be attributed to the higher base from 1Q 2025, after the significantly larger increase of 1.0% the last quarter.
This quarter saw just 700 private non-landed units completed, resulting in tighter competition for new private homes on the rental market This may result in higher rents as tenants are usually more willing to pay more for a newly completed development, due to the unit’s condition and new features in the development.

“The growing supply pipeline is expected to keep rent growth in check. In 2026, non-landed private home completions are also set to reach 6,282 units, with a further 8,489 units forecast for 2027 (excluding ECs). With this fresh supply, tenants may expect more stable rents for the foreseeable future,” Chu said.

Upcoming Launches

2Q 2026 saw the successful launch of Vela Bay (D16, OCR), Tengah Garden Residences (D24, OCR) and Hudson Place Residences (D05, RCR). This paled in comparison to 1Q 2026, which delivered six project launches, inclusive of two Executive Condominium (EC) projects. The entirety of the quarter yielded 1,783 units, which brings the total amount of non-landed private homes sold in 1H 2026 to 3,627 units.

“For the whole of 2026, we can expect another 18 new private developments and five ECs to be launched. These projects are located across all regions, offering a range of product niches that cater to buyers’ varied needs, such as affordability and locational preferences,” added Chu.

Table 2: New Home Launches in 3Q 2026

Source: ERA Project Marketing

Market Outlook

Based on the 2Q 2026 URA quarterly report, overall private property prices increased by 0.5%. It remains on track to reach ERA’s earlier forecast of 3% to 5%.

Due to the on-going geopolitical tensions, stability may be further challenged by conflicts involving Israel, Iran, and the United States, heightening concerns about economic instability. So far, oil prices have risen, and financial markets have shown volatility. If supply disruptions persist, this could result in higher costs for energy, construction, and living expenses.

Singapore is recognized as a safe haven amid global uncertainties thanks to stable governance, a strong Singapore Dollar, and a resilient property market. Despite global market challenges, the residential property sector in Singapore maintains a predominantly optimistic outlook for the near future. Over time, Singapore has built a reputation as a leading wealth hub in the region, with its real estate regarded as a high-quality asset that provides steady rental income for investors and strong capital appreciation for investors.

With Singaporeans' strong belief in real estate investment, much of the expected increase in wealth transfer will likely benefit this market. We already see this as older homeowners downsize to unlock housing equity for liquidity, and younger buyers receive parental support for property acquisitions. Consequently, this flow of capital will sustain long-term demand and price growth across Singapore's residential market.

In 2026, the private residential market is expected to remain resilient, supported by moderate price growth driven by strong owner-occupier demand and ongoing right-sizing trends. Healthy take-up rates from recent project launches reinforce this positive outlook. This underlying demand has also encouraged developers to commit to new projects, suggesting that the development pipeline and future housing supply will continue to be supported by strong market fundamentals.

Buyers can also look forward to a pipeline of 18 private residential projects, including one landed project, and 5 EC launches this year. Barring any unforeseen circumstances, ERA Singapore projects new home sales to be between 9,000 and 10,000 units, while the secondary market is expected to record 13,000 to 14,000 transactions, indicating stable underlying demand in the year ahead.

“Looking ahead, we expect market momentum to pick up in the coming quarters as more projects are launched. Singapore’s property market remains underpinned by strong local demand, disciplined supply, and stable economic fundamentals. Barring major external shocks, we remain confident in achieving our full-year projections,” noted Chu.