Singapore’s HDB resale market has seen a modest uptick in buyer interest following a recent policy change, even as prices continued to decline for the third straight quarter in Q3 2026. According to Realion (OrangeTee & ETC) Research, the removal of the 15-month wait-out period for private property owners purchasing non-subsidised resale flats has sparked renewed activity among potential buyers looking to right-size their living arrangements.
Price Trends and Policy Shift
Flash estimates from the Housing & Development Board (HDB) showed that resale prices fell 0.2% quarter-on-quarter (QoQ) and 0.6% year-on-year (YoY) in Q3 2026. Over the first three quarters of the year, prices dropped 0.6%, reversing the 2.9% increase seen during the same period in 2025.
The policy change, effective 28 July 2026, eliminated the 15-month wait-out period previously imposed on private homeowners buying non-subsidised resale flats. Originally introduced in 2022 to cool surging prices, particularly for larger units like five-room and executive flats, the restriction aimed to curb demand from cash-rich private buyers and improve access for first-time purchasers.
Mixed Results Across Flat Types
Realion noted a noticeable rise in buying inquiries and sales interest from private homeowners since the policy adjustment. While this additional demand may help stabilise the market, the research firm cautioned that resale transactions typically take two to three months to finalise, meaning the full impact has yet to materialise.
Price movements varied significantly across flat types. Data from data.gov.sg revealed that multi-generation flats saw the largest gains at 9.9%, followed by one-room units at 6.7%, executive flats at 0.5%, and five-room flats at 0.1%. Conversely, four-room flats declined 0.9%, two-room units fell 0.4%, and three-room flats dipped 0.3%.
Town-Level Gains Show Signs of Recovery
At the town level, 16 areas recorded quarterly price increases, surpassing the 10 towns that posted declines. This marked a shift from the previous quarter, where 14 towns had experienced price drops against 12 gains. Marine Parade led with a 22.7% surge, followed by Serangoon at 12.8% and Bukit Timah at 7.3%.
Despite ongoing market pressures in Q3, Realion suggested that the easing of restrictions could offer some support in the coming months as accumulated buyer interest translates into completed sales. However, the timing and scale of any recovery remain uncertain, depending on broader economic conditions and housing supply trends.
