Is Now a Good Time to Buy Property in Singapore? (2026)
Is now a good time to buy property in Singapore? A 2026 guide to market signals, what waiting costs, and the personal tests that matter more than timing.
For a home you will live in, the right time to buy is usually when your finances are ready and you find the right property at a fair price, not when someone says the market has bottomed. In October 2026 the signals are mixed: private prices are at a record but rising slowly, HDB resale prices are dipping, mortgages are cheap and a lot of new supply is coming. That points to a market in the middle of its cycle, with no obvious bargain and no obvious bubble.
At a glance
- Nobody times the market reliably. Even a buyer at the 2013 peak, who waited seven years to break even, is now about 42% up on paper.
- Waiting has a cost. In our example, renting for two years instead of buying costs about S$37,000 more than owning, so prices must fall about 2.5% for waiting to pay off.
- The October 2026 picture: private prices +1.4% in Q3 2026, HDB resale -0.2%, 3-month SORA about 1.24% (bank packages about 1.5–2.2%), sales volumes down about 20%, and record land supply.
- Personal tests matter more than market timing: can you pay at 4%, hold for at least four years and survive six months without income?
- Investors are different. With 20% ABSD on a second home, the entry price matters far more.
Why timing the market is so hard
Property prices move in cycles: a strong rise, a slower rise near the peak, a fall, then a flat or slow fall near the bottom. The pattern is easy to see in hindsight on the URA price index. It is hard to see in real time, for four reasons:
- The data lag. URA’s flash estimate comes out on the first day after the quarter, and the final figures about three weeks later. By then the market has moved on.
- Policy interrupts cycles. Cooling measures in 2013, 2018, 2021, 2022 and 2023 cut short several upswings. Land supply and income ceilings change too.
- Shocks do not announce themselves. The 2008 crisis took prices down 25% in a year. The 2020 pandemic, which many expected to cause a crash, did not.
- Recoveries vary. The index took 2 years to regain its 2008 peak and 14 years to regain its 1996 peak. See our analysis of whether prices always go up.
Here is what that meant for real buyers, using the index:
| If you bought at | Index then | Worst point after | Q2 2026 | Change to Q2 2026 |
|---|---|---|---|---|
| The Q3 2013 peak | 154.6 | 136.6 (Q2 2017), −11.6% | 219.4 | about +42% |
| The Q2 2017 trough | 136.6 | did not fall further | 219.4 | about +61% |
| The Q2 1996 peak | 129.7 | 71.5 (Q4 1998), −44.9% | 219.4 | about +69% after 30 years |
% change
Source: URA private residential price index (data.gov.sg) (Q2 2026). Index levels: Q2 1996 129.7, Q3 2013 154.6, Q2 2017 136.6. Nominal, before costs.
The 2013 buyer felt foolish for seven years and is now well ahead. The 2017 buyer did better, but nobody knew in 2017 that it was the bottom. Most forecasters do not call turning points.
- Policy measures (select one for details)
Latest: Private 219.4 (Q2 2026).
The index is a market average, not the price of any single home. Marked policy measures are shown for context only.
Table view
| Period | Private homes (URA price index) |
|---|---|
| Q2 2026 | 219.4 |
| Q1 2026 | 218.3 |
| Q4 2025 | 216.4 |
| Q3 2025 | 215.1 |
| Q2 2025 | 213.2 |
| Q1 2025 | 211.1 |
| Q4 2024 | 209.4 |
| Q3 2024 | 204.7 |
| Q2 2024 | 206.1 |
| Q1 2024 | 204.3 |
| Q4 2023 | 201.5 |
| Q3 2023 | 196.0 |
| Q2 2023 | 194.4 |
| Q1 2023 | 194.8 |
| Q4 2022 | 188.6 |
| Q3 2022 | 187.8 |
| Q2 2022 | 180.9 |
| Q1 2022 | 174.8 |
| Q4 2021 | 173.6 |
| Q3 2021 | 165.3 |
| Q2 2021 | 163.5 |
| Q1 2021 | 162.2 |
| Q4 2020 | 157.0 |
| Q3 2020 | 153.8 |
| Q2 2020 | 152.6 |
| Q1 2020 | 152.1 |
| Q4 2019 | 153.6 |
| Q3 2019 | 152.8 |
| Q2 2019 | 150.8 |
| Q1 2019 | 148.6 |
| Q4 2018 | 149.6 |
| Q3 2018 | 149.7 |
| Q2 2018 | 149.0 |
| Q1 2018 | 144.1 |
| Q4 2017 | 138.7 |
| Q3 2017 | 137.6 |
| Q2 2017 | 136.6 |
| Q1 2017 | 136.7 |
| Q4 2016 | 137.2 |
| Q3 2016 | 137.9 |
| Q2 2016 | 140.0 |
| Q1 2016 | 140.6 |
| Q4 2015 | 141.6 |
| Q3 2015 | 142.3 |
| Q2 2015 | 144.2 |
| Q1 2015 | 145.5 |
| Q4 2014 | 147.0 |
| Q3 2014 | 148.6 |
| Q2 2014 | 149.7 |
| Q1 2014 | 151.3 |
| Q4 2013 | 153.2 |
| Q3 2013 | 154.6 |
| Q2 2013 | 154.0 |
| Q1 2013 | 152.4 |
| Q4 2012 | 151.5 |
| Q3 2012 | 148.8 |
| Q2 2012 | 147.9 |
| Q1 2012 | 147.2 |
| Q4 2011 | 147.4 |
| Q3 2011 | 147.0 |
| Q2 2011 | 145.1 |
| Q1 2011 | 142.3 |
| Q4 2010 | 139.2 |
| Q3 2010 | 135.5 |
| Q2 2010 | 131.7 |
| Q1 2010 | 125.1 |
| Q4 2009 | 118.4 |
| Q3 2009 | 110.3 |
| Q2 2009 | 95.3 |
| Q1 2009 | 100.0 |
| Q4 2008 | 116.4 |
| Q3 2008 | 123.9 |
| Q2 2008 | 126.9 |
| Q1 2008 | 126.7 |
| Q4 2007 | 122.1 |
| Q3 2007 | 114.4 |
| Q2 2007 | 105.6 |
| Q1 2007 | 97.6 |
| Q4 2006 | 93.1 |
| Q3 2006 | 89.6 |
| Q2 2006 | 87.3 |
| Q1 2006 | 85.8 |
| Q4 2005 | 84.5 |
| Q3 2005 | 83.3 |
| Q2 2005 | 82.3 |
| Q1 2005 | 81.9 |
| Q4 2004 | 81.3 |
| Q3 2004 | 80.7 |
| Q2 2004 | 80.4 |
| Q1 2004 | 80.3 |
| Q4 2003 | 80.6 |
| Q3 2003 | 80.7 |
| Q2 2003 | 81.1 |
| Q1 2003 | 81.6 |
| Q4 2002 | 82.3 |
| Q3 2002 | 82.6 |
| Q2 2002 | 82.2 |
| Q1 2002 | 82.8 |
| Q4 2001 | 83.8 |
| Q3 2001 | 87.6 |
| Q2 2001 | 90.3 |
| Q1 2001 | 91.1 |
| Q4 2000 | 94.9 |
| Q3 2000 | 97.6 |
| Q2 2000 | 100.4 |
| Q1 2000 | 98.9 |
| Q4 1999 | 95.9 |
| Q3 1999 | 91.1 |
| Q2 1999 | 84.3 |
| Q1 1999 | 75.4 |
| Q4 1998 | 71.5 |
| Q3 1998 | 78.3 |
| Q2 1998 | 90.1 |
| Q1 1998 | 98.3 |
| Q4 1997 | 108.4 |
| Q3 1997 | 113.0 |
| Q2 1997 | 118.2 |
| Q1 1997 | 119.2 |
| Q4 1996 | 123.7 |
| Q3 1996 | 127.2 |
| Q2 1996 | 129.7 |
| Q1 1996 | 122.3 |
| Q4 1995 | 117.9 |
| Q3 1995 | 112.7 |
| Q2 1995 | 111.1 |
| Q1 1995 | 109.8 |
| Q4 1994 | 106.9 |
| Q3 1994 | 104.5 |
| Q2 1994 | 93.6 |
| Q1 1994 | 82.1 |
| Q4 1993 | 75.1 |
| Q3 1993 | 71.1 |
| Q2 1993 | 64.9 |
| Q1 1993 | 58.3 |
| Q4 1992 | 55.3 |
| Q3 1992 | 53.8 |
| Q2 1992 | 51.8 |
| Q1 1992 | 49.9 |
| Q4 1991 | 47.6 |
| Q3 1991 | 46.8 |
| Q2 1991 | 45.6 |
| Q1 1991 | 42.1 |
| Q4 1990 | 40.3 |
| Q3 1990 | 42.0 |
| Q2 1990 | 41.8 |
| Q1 1990 | 40.9 |
Policy measures marked on this chart (26)
- 2025-07-03 Seller's Stamp Duty holding period back to four years, rates raised by 4 pp
- 2024-08-19 HDB loan LTV cut to 75% and Enhanced CPF Housing Grant raised
- 2023-04-26 ABSD rates raised, April 2023
- 2023-02-14 CPF Housing Grant raised for first-time resale buyers, Budget 2023
- 2023-02-14 Buyer's Stamp Duty raised for higher-value properties, Budget 2023
- 2022-09-29 Property measures, September 2022: higher TDSR and MSR rate floor, HDB loan LTV 80%, 15-month wait-out
- 2021-12-15 Property cooling measures, December 2021: higher ABSD, TDSR 55%, HDB loan LTV 85%
- 2018-07-05 Property cooling measures, July 2018: higher ABSD and lower LTV limits
- 2018-02-19 Budget 2018: Proximity Housing Grant enhanced
- 2018-02-19 Budget 2018: top BSD rate raised to 4% above S$1m
- 2017-03-10 SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal
- 2013-08-27 HDB loan and resale measures, August 2013
- 2013-06-28 MAS introduces the Total Debt Servicing Ratio (TDSR) framework
- 2013-01-11 Property cooling measures, January 2013
- 2012-10-05 Maximum loan tenure of 35 years and tighter LTV limits, October 2012
- 2011-12-07 Additional Buyer's Stamp Duty introduced, December 2011
- 2011-01-13 Property cooling measures, January 2011
- 2010-08-30 HDB measures after National Day Rally 2010: DBSS income ceiling, 5-year MOP for non-subsidised flats
- 2010-08-30 Property cooling measures, August 2010
- 2010-02-19 Seller's Stamp Duty introduced and LTV limit cut to 80%, February 2010
- 2009-09-14 Interest-only loans and Interest Absorption Scheme disallowed, September 2009
- 2005-07-19 Property policy review, July 2005: LTV limit raised to 90%, CPF housing rules eased, foreign ownership rules eased
- 2001-10-12 Second off-budget package, October 2001: property tax rebate, stamp duty cut, gains tax removed, land sales eased
- 1998-06-29 Off-budget property measures, June 1998: land sales suspended, stamp duty deferred
- 1997-11-18 Property relief, November 1997: seller's stamp duty suspended, land sales deferred
- 1996-05-14 Anti-speculation measures, May 1996: seller's stamp duty, tax on short-term gains, 80% loan limit
What waiting really costs
Many buyers wait for a fall, so it is worth pricing the wait. A worked example, with assumptions labelled:
Say you can buy a S$1.5m condo to live in, with a 75% loan at a 1.75% floating rate (mid-range for packages after the September 2026 US rate hike, as reported by The Business Times and CNA), or rent a similar unit for S$4,500 a month and wait two years.
| Over two years | Buy now | Rent and wait |
|---|---|---|
| Rent paid | — | S$108,000 |
| Mortgage interest (not principal, which is saving) | about S$38,400 | — |
| Owner-occupier property tax, assuming an annual value of S$54,000 | about S$4,240 | — |
| Maintenance fees (assumed S$400 a month) | S$9,600 | — |
| Interest forgone on the S$375,000 downpayment, at the CPF OA rate of 2.5% | S$18,750 | — |
| Money you do not get back | about S$71,000 | S$108,000 |
S$ over two years
Source: The Business Times, mortgage rates after the Fed hike (2 October 2026); IRAS, property tax rates. Illustrative. Buying counts interest, property tax, maintenance and interest forgone on the downpayment, not principal. Waiting pays only if the same home is more than about 2.5% cheaper after two years.
Renting costs about S$37,000 more. So waiting pays only if the same home is more than about 2.5% cheaper two years later. If prices instead rise 3% a year, waiting costs about S$128,000. At higher mortgage rates the gap narrows, because owning costs more. Run your own figures with our mortgage calculator.
This is why, for own-stay buyers, the cost of waiting for a modest fall is often higher than it looks.
The October 2026 dashboard
| Signal | Latest reading | What it suggests |
|---|---|---|
| Private prices | +1.4% q/q in Q3 2026, record high | Firm, but rising slowly |
| HDB resale prices | −0.2% q/q, third dip in a row | Soft; upgraders gain less from selling |
| Private sales volume | 15,857 to mid-September, about −20% y/y | Less urgency; more room to negotiate |
| Supply | 9,320 units on the 2026 GLS, about 60,600 expected to complete, 42,472 with planning approval | More choice in 2027–28 |
| Mortgage rates | 3-month SORA about 1.24%; packages about 1.5–1.8% floating, 2.0–2.2% fixed | Still cheap, but banks raised rates after the US hike in September |
| Rents and vacancy | Rents +0.7% q/q, vacancy 6.4% (Q2 2026) | Stable for now |
| Economy | Real GDP +5.9% y/y in Q2 | Jobs supported; few forced sellers |
| Indicator | Latest | Change | Trend |
|---|---|---|---|
| URA private price index1Q2009 = 100 | 219.4 (Q2 2026) | +1.4% q/q in the Q3 2026 flash estimate; +2.9% y/y to Q2 2026 | Q3 2020 – Q2 2026 |
| Landed homes | 258.4 (Q2 2026) | +2.8% q/q in the Q3 2026 flash estimate | Q3 2020 – Q2 2026 |
| Non-landed: CCR / RCR / OCRTrend line: all non-landed homes | 161.5 / 226.2 / 271.1 | -0.1% / +0.2% / +2.2% q/q in the Q3 2026 flash estimate | Q3 2020 – Q2 2026 |
| New private home sales in the monthFrom developers, excluding ECs. Launch months swing a lot | 296 (Sep 2026) | +16.1% y/y | Oct 2023 – Sep 2026 |
| Private resales in the monthCaveats, excluding ECs | 1,112 (Sep 2026) | -17.0% y/y | Oct 2023 – Sep 2026 |
| HDB resale price index1Q2009 = 100 | 202.4 (Q3 2026 flash estimate) | -0.2% q/q; -0.6% y/y | Q4 2020 – Q3 2026 |
| HDB resale transactions in the month | 2,246 (Sep 2026) | +3.3% y/y | Oct 2023 – Sep 2026 |
| HDB resales at S$1 million or more in the month | 208 (Sep 2026) | +20.9% y/y | Oct 2023 – Sep 2026 |
| Private home vacancy rate | 6.4% (Q2 2026) | +0.2 pp on the quarter before | Q3 2020 – Q2 2026 |
| 3-month compounded SORA | 1.24% (14 Oct 2026) | +0.04 pp since 14 Sep 2026 | Oct 2024 – Oct 2026 |
| Bank home-loan packagesLate Sep to early Oct 2026 | Floating about 1.5–1.8%, fixed about 2.0–2.2% | Up after the 16 Sep US rate hike |
Source: URA, HDB, HDB resale transactions, MAS (SORA), The Business Times, 2 Oct 2026 (loan packages), CNA, 18 Sep 2026 (loan packages). Index levels and changes are from the official series; sales counts and HDB medians are Propwise calculations from URA and HDB transaction data. Provisional (flash) figures are labelled as such. Each trend line shows the period written under it, scaled to its own range; the dot is the latest value.
Propwise’s view: this is neither a frenzy nor a fire sale. Volumes are falling and gains are small, so there is no rush. There are also no signs of distress, so do not expect deep discounts unless the economy turns. Our full view is in the Singapore property market outlook.
- New sales (from developers)
- Resales
- Sub-sales
Latest: New 297 (Sep 2026); Resale 1,112 (Sep 2026); Sub-sale 32 (Sep 2026).
Counts are caveats, as in URA's own quarterly totals, not units. A month appears once it is complete: URA adds late-lodged caveats for about two weeks.
Table view
| Period | New sales (from developers) | Resales | Sub-sales |
|---|---|---|---|
| Sep 2026 | 297 | 1,112 | 32 |
| Aug 2026 | 166 | 1,161 | 43 |
| Jul 2026 | 732 | 1,270 | 45 |
| Jun 2026 | 163 | 1,258 | 56 |
| May 2026 | 438 | 1,215 | 72 |
| Apr 2026 | 1,542 | 1,298 | 51 |
| Mar 2026 | 1,264 | 1,119 | 45 |
| Feb 2026 | 247 | 1,118 | 45 |
| Jan 2026 | 459 | 982 | 58 |
| Dec 2025 | 196 | 1,084 | 59 |
| Nov 2025 | 325 | 1,108 | 67 |
| Oct 2025 | 2,405 | 1,301 | 77 |
| Sep 2025 | 241 | 1,340 | 62 |
| Aug 2025 | 2,120 | 1,309 | 87 |
| Jul 2025 | 904 | 1,280 | 72 |
| Jun 2025 | 266 | 1,143 | 79 |
| May 2025 | 287 | 1,159 | 69 |
| Apr 2025 | 633 | 1,379 | 87 |
| Mar 2025 | 708 | 1,408 | 112 |
| Feb 2025 | 1,567 | 1,177 | 96 |
| Jan 2025 | 1,056 | 1,057 | 94 |
| Dec 2024 | 198 | 1,164 | 109 |
| Nov 2024 | 2,485 | 1,227 | 92 |
| Oct 2024 | 691 | 1,296 | 123 |
| Sep 2024 | 356 | 1,229 | 99 |
| Aug 2024 | 192 | 1,299 | 117 |
| Jul 2024 | 539 | 1,325 | 108 |
| Jun 2024 | 217 | 1,019 | 137 |
| May 2024 | 209 | 1,390 | 123 |
| Apr 2024 | 278 | 1,405 | 158 |
| Mar 2024 | 711 | 1,087 | 102 |
| Feb 2024 | 151 | 885 | 128 |
| Jan 2024 | 292 | 881 | 123 |
| Dec 2023 | 138 | 856 | 150 |
| Nov 2023 | 760 | 975 | 141 |
| Oct 2023 | 196 | 980 | 150 |
| Sep 2023 | 210 | 875 | 117 |
| Aug 2023 | 361 | 1,071 | 141 |
| Jul 2023 | 1,349 | 1,022 | 118 |
| Jun 2023 | 261 | 988 | 91 |
| May 2023 | 984 | 1,120 | 107 |
| Apr 2023 | 843 | 1,013 | 96 |
| Mar 2023 | 450 | 1,291 | 116 |
| Feb 2023 | 391 | 868 | 70 |
| Jan 2023 | 373 | 594 | 48 |
| Dec 2022 | 162 | 786 | 60 |
| Nov 2022 | 238 | 909 | 60 |
| Oct 2022 | 284 | 1,044 | 74 |
| Sep 2022 | 949 | 1,313 | 68 |
| Aug 2022 | 419 | 1,220 | 90 |
| Jul 2022 | 802 | 1,188 | 68 |
| Jun 2022 | 460 | 1,321 | 71 |
| May 2022 | 1,276 | 1,340 | 54 |
| Apr 2022 | 608 | 1,530 | 46 |
| Mar 2022 | 650 | 1,335 | 52 |
| Feb 2022 | 535 | 944 | 34 |
| Jan 2022 | 612 | 1,078 | 41 |
| Dec 2021 | 640 | 1,532 | 62 |
| Nov 2021 | 1,468 | 1,618 | 47 |
| Oct 2021 | 892 | 1,609 | 39 |
Source: URA. Data to Sep 2026.
Signs of a peak, and signs of a bottom
Older Propwise articles listed these, and they still hold:
Late-cycle warning signs: buyers paying record prices because they fear being priced out; small units sold at very high prices per square foot; rental yields below mortgage rates; investors relying only on price growth; new cooling measures; everyone at dinner talking about property.
Bottoming signs: double-digit price falls; rising numbers of forced and mortgagee sales; property out of favour in the media; cooling measures eased; resale volumes recovering after a long fall; rents holding steady while prices fall.
Today’s market shows a few late-cycle features (record prices, falling volumes, yields only a little above loan rates) but none of the bottoming signs. That fits a market in the middle of its cycle.
Personal readiness beats market timing
These tests matter more than any forecast:
- Can you pay at 4%? Banks test you at that rate. A S$1.2m loan over 30 years costs S$5,729 a month at 4%, which needs a gross income of about S$10,420 under the 55% TDSR if you have no other debts.
- Do you have the cash? You need at least 5% in cash for a first bank loan, the rest of the downpayment in cash or CPF, and Buyer’s Stamp Duty (S$32,600 on S$1.2m). Keep six months of instalments in reserve.
- Will you stay at least four years? Seller’s Stamp Duty of up to 16% applies if you sell sooner.
- Is your job stable? A job loss is what turns a falling market into a forced sale. See why unemployment is the real killer.
- Is this the right property at a fair price? Check recent transactions, the remaining lease, and new supply nearby.
HDB buyers have their own timing questions. The family income ceiling rose to S$16,000 from 24 August 2026, and first-timer families buying resale can get grants of up to S$230,000. See when to buy a BTO flat.
Investors: timing matters far more
For an investor, timing is not a side issue. A citizen buying a second home pays 20% ABSD, and in our worked example the property must rise about 25% before a sale breaks even. Buying near a peak can mean a decade of waiting. If you invest, buy only when the price is below recent transactions and the net yield covers your loan at a higher rate. Our guide to whether property is still a good investment works through the numbers.
Bottom line
There is rarely a perfect time to buy, and waiting for one has a real cost. In October 2026 the market is stable, rising slowly, with cheap loans and plenty of supply on the way. That is a reasonable time to buy a home if you pass the personal tests above, and a poor time to stretch. For investors, the 20% ABSD makes price discipline far more important than market timing.
