Singapore’s property market cooled across the board in the second quarter of 2026. HDB resale prices fell for a second straight quarter. Non-landed private home prices dipped. Overall price growth slowed to its weakest pace in seven quarters.
Landed homes did the opposite.
According to flash estimates from the Urban Redevelopment Authority (URA), released via PropNex Research, landed private home prices climbed 2.6% quarter-on-quarter in Q2 2026 — reversing a 0.4% dip in Q1 and posting the strongest gain of any residential segment in the quarter. It happened with fewer transactions, not more, which is the detail worth sitting with if you’re hunting for a terrace, semi-detached, or detached house.
The numbers, side by side
| Segment | Q1 2026 (QOQ) | Q2 2026 Flash (QOQ) |
|---|---|---|
| Overall private residential | +0.9% | +0.5% |
| Landed | -0.4% | +2.6% |
| Non-landed private | +1.3% | -0.1% |
| Core Central Region (CCR) | +0.6% | +2.0% |
| Rest of Central Region (RCR) | +0.8% | -1.4% |
| Outside Central Region (OCR) | +2.2% | -0.2% |
| HDB resale | -0.1% | -0.3% |
Source: PropNex Research, URA, HDB (Q2 2026 figures are flash estimates; the final URA print lands 24 July 2026.)
Landed was the standout. Every other line either slowed or went negative. (For a district-level view of how this plays out, see what’s moving in District 10’s landed market — one of the enclaves where scarcity is most acute.)
Fewer sales, higher prices — what’s actually going on
URA caveat data shows 491 landed home transactions in Q2 2026 (up to 23 June), a touch lower than the 509 deals in Q1. So volume was flat-to-down. Prices still rose — and rose broadly. The average unit price on land area for detached, semi-detached, and terrace houses each climbed between 3.3% and 5.9% quarter-on-quarter.
That combination — prices up, transactions not — is a supply story more than a demand-surge story. Landed stock in Singapore is small and doesn’t grow (the government isn’t releasing new landed land at any real scale), so when even steady, unspectacular demand meets a fixed pool of houses, price is the variable that moves. PropNex’s read is the same: “the rise in average landed home prices in the absence of a substantial increase in sales volumes suggests that demand for landed homes remained resilient and continued to underpin values in a segment marked by limited supply.” We unpacked this same scarcity dynamic — and why freehold and leasehold landed are starting to behave like two different markets — in our two-part look at Singapore’s landed market at mid-2026.
Worth clarifying one term here, since it trips people up: “average unit price on land area” is price per square foot of the land the house sits on, not the built-up floor area. It’s the standard way landed values are benchmarked, because land — not the structure — is what’s genuinely scarce and what holds long-term value in this segment.
Why this diverges from the rest of the market
Everywhere else, the story was moderation:
- HDB resale fell 0.3% QOQ, its second consecutive quarterly decline — the first back-to-back drop since the first half of 2019. PropNex’s Head of Research Wong Siew Ying called it a “recalibration” after years of appreciation, not a correction: resale volume held steady at 6,268 flats in Q2, and demand from buyers who can’t get a BTO in their preferred location, PRs, and higher-income households ineligible for BTO continues to support the floor. Tellingly, million-dollar flat resales hit a record 491 units in the quarter, 7.9% of all resale transactions — the scarcity premium on standout units hasn’t gone anywhere, even as the broader index softens.
- Non-landed private homes dipped 0.1% QOQ, dragged down by RCR (-1.4%) on the back of heavy new-launch volume at more accessible price points (Hudson Place Residences sold 218 units at an average $2,468 psf). CCR bucked the trend at +2.0% despite no new launches in the quarter — a sign that resale and existing-stock demand in the core is still firm.
Landed sidestepped all of this. It’s a smaller, thinner market that doesn’t move on launch calendars or BTO supply — it moves on how many houses genuinely come up for sale, and this quarter, not many did.
What it means if you’re looking for a landed home
Two things worth taking from this data, not spin:
Waiting for a broad landed price correction isn’t supported by what’s actually happening. The rest of the market is cooling; landed isn’t. If your plan was “prices will soften across the board, I’ll buy when they do,” the data says that logic doesn’t currently apply to landed the way it does to HDB or OCR condos — and it’s a continuation of the trend we flagged in our read of the Q1 2026 landed numbers, not a new development.
The real constraint is find-ability, not affordability sentiment. With only 491 landed deals in a whole quarter across all of Singapore, the binding constraint for most upgraders isn’t whether prices will dip — it’s whether the right house even comes on market while you’re looking. That’s a search and timing problem more than a “when’s the bottom” problem — see our step-by-step buyer’s guide for how to structure the search and financing so you can move fast when it does.
PropNex’s CEO Kelvin Fong expects overall private home prices to rise 3–4% for full-year 2026, with developers staying disciplined on pricing (nearly 70% of new non-landed sales in Q2 came in under $2.5 million). Landed sits outside that new-launch pricing logic entirely — it’s almost all resale, which is exactly why it behaves differently from the headline PPI. If you want to know what quantum your income and CPF actually support before you start looking, our affordability calculator applies the same TDSR, LTV and ABSD rules the banks do.
The bottom line
Landed didn’t dodge the slowdown by accident — it doesn’t have enough houses to correct the way HDB or OCR condos can. Fewer deals, higher prices, and a fixed pool of stock is what resilience looks like in a segment this thin. If you’re waiting for landed to soften the way the rest of the market is, the data says you’re waiting on the wrong signal. What actually decides your outcome here isn’t timing the market — it’s whether you see the right house, on the right road, before it’s gone.
Clarry Au is a Singapore landed property specialist and Co-Founder of HouseHunt.SG, operating within PropNex’s Eminence Landed. His focus is helping landed buyers and upgraders move on genuine opportunities — including those that never reach the portals — through a process built on transparency and district-level market knowledge. Reach him at clarryau.com or via WhatsApp.
Related reading on HouseHunt.SG:
- How to Choose a Landed Property Agent in Singapore — why a specialist reads scarcity and off-market flow better than a generalist.
- Singapore’s Landed Market at Mid-2026, Part 2 — freehold vs leasehold, and why that choice matters more as the buyer pool thins.
- What Does Q1 2026’s Landed Home Numbers Tell You — the quarter before this one, for context.
Sources:
- Private Home Prices Grew At A Slower Pace While HDB Resale Flat Prices Fell For The Second Straight Quarter In Q2 2026, Flash Estimates Showed — PropNex Research, 1 July 2026, citing URA and HDB flash estimates.