Early official estimates showed prices of prices continuing to retreat despite lifting of the 15-month wait-out period in late July.
Introduced in September 2022, the 15-month wait-out period was aimed at curbing demand from cash-rich private home owners looking to buy a resale HDB flat.
HDB resale prices fell by 0.2% in the third quarter. Prices dipped 0.1% in the first quarter – the first time in close to seven years – followed by 0.3% in the second quarter.
Quarterly transactions increased 5.2% on-year to 7,528.
Prices in the private home market rose 1.4% in the third quarter, up from the 0.5% in the previous quarter. But transaction volume was down by about 30% compared with the previous quarter, falling to 4,296 units from 6,148 units.
Property analysts said the increase in HDB transactions coincided with the lifting of the 15-month wait-out period.
Eugene Lim, key executive officer of property agency ERA Singapore, said despite the stronger demand, resale prices fell due to factors like the 13,480 flats that will reach its minimum occupation period in 2026. This means that more flats could come on the market, helping to meet demand.
A strong pipeline of Build-To-Order (BTO) flats and the broader eligibility criteria for first-time buyers applying for such flats will also help to dampen the impact on prices, he added.
In August, Prime Minister Lawrence Wong said BTO income ceiling will be raised from $14,000 to $16,000 for families and from $7,000 to $8,000 for singles to allow more Singaporeans access to subsidised public housing.
Christine Sun, chief researcher and strategist at property firm Realion (OrangeTee & ETC) Group, however, said the removal of the 15-month wait-out period may not have fully taken effect in the market as it takes time for transactions to be completed.
“Following the policy adjustment, there was a noticeable increase in buying interest and sales enquiries from private homeowners for HDB resale flats looking to right-size,” she said.
Despite the drop in resale prices, the number of million-dollar flat transactions rose to 597 in the third quarter of 2026, up from 491 in the previous quarter. In total, 1,499 million-dollar flats were sold in the first nine months of 2026.
As for the private housing market, Leonard Tay, research head of real estate consultancy Knight Frank Singapore, attributed to the increase in prices to the landed home market.
Prices of landed homes went up by 4.9% in 2026 so far, as homebuyers look to upgrade from condominiums, he said. THE STRAITS TIMES
