Private home prices to rise 5% despite 14.9% volume crash

Lower interest rates are expected to support sales despite years of price growth.

Singapore’s private non-landed residential market is projected to see price increases of up to 5% in 2026, even as the sector faces a double-digit decline in transaction activity.

Total transactions are expected to reach between 20,000 and 23,000 transactions, with new home sales accounting for up to 10,000 units, according to a Knight Frank report.

The outlook follows a contraction in late 2025. Transaction volumes (excluding executive condominiums) fell 14.8% quarter-on-quarter and 14.9% year-on-year to 5,828 units in the fourth quarter.

Despite this drop in activity, private residential prices are expected to rise by 3% to 5% this year, whilst rents are projected to increase by 1% to 3% as supply conditions improve.

Financing conditions are expected to be more supportive as interest rates trend lower. Meanwhile, affordability remains a key consideration following several years of price growth.

Knight Frank said that demand is expected to focus on new launches, particularly amongst younger buyers, amidst limited resale supply and preferences for modern layouts and shared amenities.

A separate JLL report revealeda sharp decline in prime market activity during the final months of 2025. Following a major launch in October, transactions fell significantly in November and December due to seasonal effects and reduced launch activity.

Prime non-landed inventory increased in Q4 2025, as several prime non-landed projects reached completion, contributing to higher vacancy rates.

Despite this, capital values for prime non-landed resale homes continued to rise, whilst rental performance diverged, with luxury prime rents easing and rents in more affordable prime locations increasing.

“Prime home prices are expected to remain supported by declining interest rates and sustained local and safe-haven buying demand. However, escalating geopolitical tensions could temper overall market activity and price gains,” JLL added.

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