For the first time in nearly seven years, resale flat prices in Singapore have seen a slight decline, according to flash estimates released by the Housing & Development Board (HDB).
The Resale Price Index (RPI) for the first quarter of 2026 stands at 203.4, marking a 0.1% decrease compared to the fourth quarter of 2025.
This is the first drop since the second quarter of 2019 and follows five consecutive quarters of slower or stagnant price growth.
HDB also reported a decrease in resale transactions for the first quarter of 2026.
As of 30 March, there were 6,179 resale transactions, which is 4.5% lower than the 6,473 recorded during the same period last year.
This suggests the resale market may be cooling after a period of rising prices and strong demand.
HDB also announced that around 6,900 Build-To-Order (BTO) flats will be offered in the upcoming June sales exercise.
The flats will be located in Ang Mo Kio, Bishan, Bukit Merah, Sembawang, and Woodlands, with more details to be released during the June BTO exercise.
HDB reminded flat buyers that they must have a valid HDB Flat Eligibility (HFE) letter to apply for both new and resale flats.
“We encourage all flat buyers to apply for an HFE letter early and submit all required documents by 15 May 2026, to ensure that they can obtain their HFE letter in time,” HDB added.
HDB also noted that the current macroeconomic outlook has become more uncertain.
It thus advised households to continue to exercise prudence when purchasing properties and taking out mortgage loans.
The news sparked mixed reactions online, with some netizens feeling the 0.1% drop wasn’t significant enough to celebrate, especially after a long period of rising prices.
On Facebook, one commenter described the 0.1% decrease as “miserable” and hardly worth noting after such a prolonged upward trend.
Source: The Straits Times on Facebook
Others described the market as more “stagnant” than declining, noting that prices may only fall meaningfully if demand weakens.
Source: The Straits Times on Facebook
Meanwhile, some welcomed the dip, hoping that it would lead to further price corrections. One user argued that current HDB prices are unsustainable for future generations.
Source: CNA on Facebook
Others were less optimistic. One Facebook user pointed out that external factors, such as the ongoing oil crisis, could disrupt construction and ultimately push prices back up.
Source: CNA on Facebook
Another user took a more laid-back view, saying price fluctuations are normal after many quarters of growth.
Source: CNA on Facebook
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Featured image adapted from MS News.