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Islandwide HDB resale prices in 2026-Q2 hit a peak but show no growth. Meanwhile, private condo prices remain 33.3% above the 2020 trough, despite broader market dynamics.
Key takeaways
- HDB resale prices in 2026-Q2 are 57.5% above the 2016 trough.
- New private launches trade at a 44% premium over resale units, averaging S$2,304 psf versus S$1,595 psf.
- The government’s 2024 LTV cap cut for HDB resale buyers to 75% aims to curb speculation and boost downpayments.
HDB resale prices: Stagnation masks long-term gains
HDB resale prices in 2026-Q2 show no year-over-year increase, remaining locked at their peak. This contrasts with the 9.6% surge in 2024, which was driven by tight supply and rising demand for larger units. While prices have stabilized, they remain 57.5% above the S$414 psf trough recorded in 2016, reflecting long-term appreciation despite recent cooling efforts.
The stagnation comes as the government tightens borrowing rules. In August 2024, the LTV ratio for HDB resale buyers was reduced from 80% to 75%, forcing buyers to cover 25% of the purchase price upfront. This measure, part of broader cooling efforts, has slowed transaction volumes and dampened price momentum.
Cooling measures: A double-edged sword
The LTV cap cut has had a mixed impact. While it has curbed speculative buying, it has also priced out first-time buyers, who now face higher downpayment hurdles. This aligns with broader affordability challenges: the price-to-income ratio for HDB flats has risen steadily, making ownership harder for lower- and middle-income households.
Private condo prices, meanwhile, continue to outpace HDB growth. At S$2,038 psf in 2026-Q2, they are still 33.3% above the 2020 low. This divergence highlights the growing gap between public and private markets, with new launches commanding a 44% premium over resale units.
Affordability: A ticking time bomb
Despite subsidies and grants, affordability remains a critical issue. The government has warned buyers to avoid overpaying, particularly in the HDB market, where a growing number of units now sell for over S$1 million. The LTV cap is one tool to address this, but analysts argue it may not be enough to stem rising prices without additional supply-side interventions.
FAQ
Why have HDB resale prices stopped rising in 2026?
HDB resale prices have plateaued due to tighter borrowing rules, including the 2024 LTV cap cut to 75%, which has reduced demand from speculative buyers and first-time purchasers.
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
How does the new-sale premium affect buyers?
New private launches trade at a 44% premium over resale units, reflecting higher demand for modern amenities and perceived value.
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Are HDB flats still affordable for first-time buyers?
Affordability is worsening: the price-to-income ratio for HDB flats has risen, and the LTV cap now requires buyers to cover 25% of the purchase price upfront.
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Can the government’s cooling measures reverse the HDB price trend?
The LTV cap has slowed price growth but not reversed it. Without additional measures, such as increasing supply or adjusting grants, affordability challenges are likely to persist.
Statutory Source: Housing & Development Board (HDB) — CPF Housing Grants Framework
What tools can buyers use to assess affordability?
Platforms like 99.co offer affordability calculators that let buyers adjust downpayments, loan terms, and interest rates to see how they affect monthly repayments and long-term costs.
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 have HDB resale prices stopped rising in 2026?
HDB resale prices have plateaued due to tighter borrowing rules, including the 2024 LTV cap cut to 75%, which has reduced demand from speculative buyers and first-time purchasers. Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
How does the new-sale premium affect buyers?
New private launches trade at a 44% premium over resale units, reflecting higher demand for modern amenities and perceived value. Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Are HDB flats still affordable for first-time buyers?
Affordability is worsening: the price-to-income ratio for HDB flats has risen, and the LTV cap now requires buyers to cover 25% of the purchase price upfront. Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Can the government’s cooling measures reverse the HDB price trend?
The LTV cap has slowed price growth but not reversed it. Without additional measures, such as increasing supply or adjusting grants, affordability challenges are likely to persist. Statutory Source:** Housing & Development Board (HDB) — CPF Housing Grants Framework
What tools can buyers use to assess affordability?
Platforms like 99.co offer affordability calculators that let buyers adjust downpayments, loan terms, and interest rates to see how they affect monthly repayments and long-term costs. Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Statutory References & Citations
- Monetary Authority of Singapore (MAS) (2026). Notice 645: Computation of Total Debt Servicing Ratio (TDSR) for Property Loans. Singapore: MAS.
- Housing & Development Board (HDB) (2026). Housing and Development Act (Cap. 129). Singapore: Ministry of National Development.
- Singapore Land Authority (SLA) (2026). Land Titles Act (Cap. 157) & Conveyancing Registration Framework. Singapore: SLA.
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.