PropAce
- HDB resale prices in 2026-Q2 are flat compared to their 2024 peak but remain 57.5% above the trough.
- HDB resale flats sold for over S$1 million in 2024, raising affordability concerns for first-time buyers.
Cooling measures and their impact
The government’s 2024 LTV ratio reduction forced buyers to pay a larger downpayment, directly cooling the HDB resale market. This policy, paired with higher interest rates in 2024, reduced demand and kept prices from rising further. However, HDB resale prices still outperformed private home prices, which fell 6.8% from their 2024 peak of S$2,186 psf.
The jump in HDB resale prices in 2024 — nearly double the 2023 growth — was driven by tight supply and strong local demand. Yet this momentum has stalled, with 2026-Q2 prices showing no growth compared to 2024’s peak.
Affordability under pressure
The price-to-income ratio for HDB flats has climbed steadily, making ownership harder for lower- and middle-income buyers. Despite subsidies and grants, the rise in million-dollar HDB flats has forced the government to warn buyers against overextending.
New-launch private homes remain 44% more expensive than resale units, with private prices averaging S$2,304 psf versus S$1,595 psf for resale. This gap highlights the resilience of the private market, even as HDB prices stagnate.
A worked example: The Clementi conundrum
Take a 3-room HDB flat in Clementi. In 2024, it sold for S$896,000 — a record for the area. By 2026-Q2, similar units are priced at S$652 psf, or roughly S$780,000 for a 1,196 sq ft unit. While this represents a 13% drop from the 2024 peak, it’s still 57.5% above the trough. Buyers who entered in 2024 now face a 13% loss in value, but the flat remains 33.3% above the trough.
FAQ
Why did HDB resale prices stall in 2026?
Higher interest rates and reduced demand have kept prices flat despite strong local demand.
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Are HDB prices still rising overall?
Yes — prices in 2026-Q2 are 57.5% above the trough, but they’ve stopped growing compared to the 2024 peak.
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
What’s the biggest affordability challenge for HDB buyers?
The price-to-income ratio has risen, making it harder for first-time buyers and lower-income families to afford flats, even as subsidies exist.
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Why are private home prices falling while HDB prices stagnate?
Private prices dropped 6.8% from their 2024 peak, but HDB prices remain 57.5% above the trough, showing different market dynamics.
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
How does the LTV ratio change affect buyers?
By requiring a larger downpayment, the 2024 LTV cut increased upfront costs, deterring some buyers and slowing price growth.
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
By the numbers
``` HDB PSF momentum by town — QoQ %
Queenstown +7.3% ██████████████████████ Toa Payoh +7.0% █████████████████████ Marine Parade +3.6% ███████████ Pasir Ris +2.9% █████████ Bedok +2.9% █████████ Bukit Merah +2.4% ███████ Serangoon +1.8% █████ Choa Chu Kang +1.1% ███ Clementi +0.4% █ Punggol +0.4% █ ```
| Town | Median PSF | QoQ | YoY | Txns (3mo) |
|---|---|---|---|---|
| Queenstown | $956 | ▲ 7.3% | ▲ 6.6% | 219 |
| Toa Payoh | $829 | ▲ 7.0% | ▲ 7.2% | 256 |
| Marine Parade | $710 | ▲ 3.6% | ▲ 5.7% | 37 |
| Pasir Ris | $599 | ▲ 2.9% | ▲ 1.5% | 238 |
| Bedok | $644 | ▲ 2.9% | ▲ 2.9% | 385 |
| Bukit Merah | $824 | ▲ 2.4% | ▲ 1.2% | 238 |
| Serangoon | $667 | ▲ 1.8% | ▲ 0.6% | 117 |
| Choa Chu Kang | $533 | ▲ 1.1% | ▲ 0.2% | 297 |
| Clementi | $763 | ▲ 0.4% | ▲ 4.5% | 133 |
| Punggol | $689 | ▲ 0.4% | ▲ 0.7% | 518 |
_Data: PropAce Institutional Advisory analysis of URA/HDB transaction data — rolling 3-month average PSF, HDB, 2026-06..2026-08. Directional; confirm before acting._
Sources
- URA caveat data, compiled by PropAce Institutional Advisory— 2026-Q2.
- URA caveat data, compiled by PropAce Institutional Advisory.
References
- Channel NewsAsia (2026) 'NDR 2026: Demand in November BTO exercise set to rise with higher income ceiling, say analysts'. Available at: https://www.channelnewsasia.com/singapore/income-ceiling-raised-bto-exercise-demand-hdb-ec-ndr-2026-6336231 (Accessed: 29 August 2026).
- Stacked Homes (2026) '18,425 HDB Flats Could Reach MOP In 2026 — Here’s Where Buyers Will Have The Most Choice'. Available at: https://stackedhomes.com/18425-hdb-flats-could-reach-mop-2026-where-buyers-will-have-most-choice/ (Accessed: 29 August 2026).
- Stacked Homes (2026) 'A Singapore Billionaire Bought This Freehold Farrer Park Building For $55.1M — Now It’s Asking $82M'. Available at: https://stackedhomes.com/singapore-billionaire-bought-freehold-farrer-park-building-55-1m-now-asking-82m/ (Accessed: 29 August 2026).
- Stacked Homes (2026) 'I Compared 80+ Condos From Serangoon To Punggol For Rental Yield — The Best Performers Weren’t The Newest Or Closest To The MRT'. Available at: https://stackedhomes.com/compared-80-condos-from-serangoon-to-punggol-for-rental-yield-best-performers-werent-newest-closest-mrt/ (Accessed: 29 August 2026).
- Stacked Homes (2026) 'We Ranked 67 Prime District Condos By Rental Yield — Here’s What The Best Performers Have In Common'. Available at: https://stackedhomes.com/we-ranked-67-prime-district-condos-by-rental-yield-heres-what-the-best-performers-have-in-common/ (Accessed: 29 August 2026).
- Stacked Homes (2026) 'Why Osaka Property Is Drawing More Singapore Investors, According To FMI Japan'. Available at: https://stackedhomes.com/osaka-property-drawing-singapore-investors-according-to-fmi-japan/ (Accessed: 29 August 2026).
- Stacked Homes (2026) 'Why Rental Prices In Singapore Are Still Climbing Despite More Homes Coming This Year'. Available at: https://stackedhomes.com/why-rental-prices-in-singapore-are-still-climbing-despite-more-homes-coming-this-year/ (Accessed: 29 August 2026).
- The Business Times (2026) 'Apac Realty H1 net profit falls 16.8% to S$9.4 million; special divided of S$0.036 a share proposed'. Available at: https://www.businesstimes.com.sg/companies-markets/apac-realty-h1-net-profit-falls-16-8-s9-4-million-special-divided-s0-036-share-proposed (Accessed: 29 August 2026).
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Frequently Asked Questions
Why did HDB resale prices stall in 2026?
Higher interest rates and reduced demand have kept prices flat despite strong local demand. Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Are HDB prices still rising overall?
Yes — prices in 2026-Q2 are 57.5% above the trough, but they’ve stopped growing compared to the 2024 peak. Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
What’s the biggest affordability challenge for HDB buyers?
The price-to-income ratio has risen, making it harder for first-time buyers and lower-income families to afford flats, even as subsidies exist. Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Why are private home prices falling while HDB prices stagnate?
Private prices dropped 6.8% from their 2024 peak, but HDB prices remain 57.5% above the trough, showing different market dynamics. Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
How does the LTV ratio change affect buyers?
By requiring a larger downpayment, the 2024 LTV cut increased upfront costs, deterring some buyers and slowing price growth. Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Statutory References & Citations
- Housing & Development Board (HDB) (2026). Housing and Development Act (Cap. 129). Singapore: Ministry of National Development.
Statutory Disclaimer: This guide is published for strategic, educational, and institutional planning purposes only and does not constitute formal legal, taxation, or financial advice. All property transactions, stamp duty remissions, and financing structures should be formally verified with qualified Singapore legal counsel and certified tax advisors.