Singapore''s HDB Resale Market Records First Price Decline in Nearly Seven Years Amidst Increased Supply and Geopolitical Uncertainties (CEFR Compare)

Apr 24, 2026, 06:18

Singapore''s HDB Resale Market Records First Price Decline in Nearly Seven Years Amidst Increased Supply and Geopolitical Uncertainties

Introduction

The price of HDB resale flats went down a little in the first three months of 2026. This is the first time prices fell in almost seven years. The HDB said this happened after five periods of slow or no price growth.

Main Body

More people bought and sold HDB resale flats in the first quarter. The number of sales went up by 19.6% to 6,285. But this number was 4.6% lower than the same time in 2025. Mr. Lee Sze Teck said this was the lowest number of sales for a first quarter since 2021. He thinks the market may be slowing down in 2026. He said the increase in sales was normal for this time of year. Analysts gave reasons for the price change. Ms. Christine Sun said there are now more flats for sale. Many flats are now old enough to sell. She thinks more flats will come to the market in the next few years. This will push prices down. In June 2026, the government will build about 6,900 new flats in five areas. World problems also affect the market. Ms. Sun said if the war in the Middle East gets worse, interest rates may go up. Business costs will increase. Jobs may be harder to find. People will then have less money to buy flats. Mr. Mohan Sandrasegeran agreed. He said higher energy costs and problems with moving goods are making prices go up. Private homes showed different results. Prices of non-landed homes (like apartments) went up by 1.3%. This was a change from a 0.2% drop before. Prices in the Outside Central Region (OCR) went up by 2.2%. Ms. Wong Shanting said this was because of new projects like Pinery Residences. But prices of landed homes (houses with land) went down by 0.4%. Ms. Wong said prices for these homes were very high last year. So fewer people wanted to buy them. Analysts said the market is not weak. Mr. Sandrasegeran thinks private home prices will grow slowly by 2.5% to 3.5% this year.

Conclusion

The HDB resale market is seeing a price drop for the first time in almost seven years. More flats are for sale, and world problems are making people careful. Sales went up in the first quarter, but they were still lower than last year. The private home market showed different results. Prices for apartments went up, but prices for houses with land went down.

Vocabulary Learning

build

To make something new, like a house or a road建造，興建

Example:They will build a new school near my home.

market

A place or system where people buy and sell things市場

Example:The fruit market is open every morning.

price

The amount of money you pay for something價格

Example:The price of a cup of coffee is five dollars.

sales

The number of things people buy銷售量

Example:Sales of shoes are high in summer.

went down

Became less or lower下跌，減少

Example:The price of bread went down yesterday.

Sentence Learning

This is the first time prices fell in almost seven years.

This sentence uses the past tense 'fell' to talk about a completed action.本句使用過去式'fell'來描述一個已完成的動作。

More people bought and sold HDB resale flats in the first quarter.

The verbs 'bought' and 'sold' are in the past tense, showing actions that happened.動詞'bought'和'sold'是過去式，表示已經發生的動作。

He thinks the market may be slowing down in 2026.

The phrase 'may be slowing down' uses 'may' to show possibility and 'be slowing down' for a continuous action.片語'may be slowing down'使用'may'表示可能性，並使用'be slowing down'表示持續的動作。

Ms. Christine Sun said there are now more flats for sale.

The word 'now' shows the present situation, and 'there are' is used to say something exists.單詞'now'表示現在的情況，而'there are'用來表示某物存在。

People will then have less money to buy flats.

The word 'will' is used for the future, and 'less money' means a smaller amount of money.單詞'will'用於未來式，而'less money'意思是較少的金錢。

Singapore''s HDB Resale Market Records First Price Decline in Nearly Seven Years Amidst Increased Supply and Geopolitical Uncertainties

Introduction

The Housing and Development Board (HDB) resale price index fell by 0.1% in the first quarter of 2026 compared to the previous quarter. This marks the first such decrease in almost seven years. According to an official statement from the HDB, this decline follows five consecutive quarters of either slower growth or no change in prices.

Main Body

The price drop was accompanied by a 19.6% increase in transaction volume during the first quarter, reaching 6,285 cases, up from 5,256 in the fourth quarter of 2025. However, analysts pointed out that this volume was 4.6% lower than the 6,590 transactions recorded in the same period of 2025. Mr. Lee Sze Teck, senior director of data analytics at Huttons, described this as the lowest first-quarter volume since 2021. He suggested the market may be approaching a ''soft landing'' in 2026. He attributed the quarterly volume increase to seasonal factors, as the first quarter typically sees higher activity than the fourth. Analysts offered several explanations for the price moderation. Ms. Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, pointed to a ''substantial increase'' in the supply of public housing flats. She noted that more resale flats have reached their minimum occupation period and are being listed for sale. She projected that supply would continue to rise significantly in the coming years, putting downward pressure on prices. An upcoming Build-To-Order (BTO) exercise in June 2026, offering approximately 6,900 new flats in Ang Mo Kio, Bishan, Bukit Merah, Sembawang, and Woodlands, was cited as a specific example of this increased supply. Geopolitical factors were also highlighted as potential contributors to the subdued market conditions. Ms. Sun stated that an escalation of the conflict in the Middle East could lead to higher interest rates, increased business costs, and negative effects on employment. All of these factors would reduce consumer confidence and housing affordability in the HDB resale market. Mr. Mohan Sandrasegeran, head of research and data analytics at SRI, agreed with this view. He noted that recent inflation data suggested price pressures could broaden due to higher energy costs and supply chain disruptions linked to ongoing geopolitical tensions. Data from the Urban Redevelopment Authority (URA) provided a contrasting picture for the private residential market. Prices of non-landed properties rose by 1.3% in the first quarter, a rebound from a 0.2% decline in the previous quarter. This increase was led by the Outside Central Region (OCR), where prices rose 2.2%. Ms. Wong Shanting, director and head of research at Newmark, attributed the OCR''s performance to benchmark pricing at recent launches, such as the Pinery Residences in Tampines. In contrast, prices of landed properties fell by 0.4%, reversing a 3.4% increase in the prior quarter. Ms. Wong suggested that steep price increases over the past year had reduced affordability and weakened buyer demand for landed properties. Despite the moderation in overall housing demand, analysts warned against interpreting it as a sign of market weakness. Mr. Sandrasegeran projected that private residential property prices would grow at a steady pace of 2.5% to 3.5% for the full year, indicating a shift towards a more sustainable growth phase.

Conclusion

The HDB resale market has entered a period of price correction for the first time in nearly seven years. This is driven by increased supply and tempered by macroeconomic uncertainties and geopolitical risks. While transaction volumes rose seasonally in the first quarter, they remained below the levels of the same period in the previous year. The private residential market, meanwhile, showed different trends, with non-landed property prices rising and landed property prices falling.

Vocabulary Learning

affordability

The degree to which people have enough money to buy something, such as a house.負擔能力，指人們有足夠金錢購買某物（如房屋）的程度。

Example:All of these factors would reduce consumer confidence and housing affordability in the HDB resale market.

downward pressure

Forces or influences that cause prices, values, or amounts to decrease.下行壓力，指導致價格、價值或數量下降的力量或影響。

Example:She projected that supply would continue to rise significantly in the coming years, putting downward pressure on prices.

price correction

A decline in the price of an asset or market after a period of increases, often seen as a natural adjustment.價格修正，指資產或市場在連續上漲後的下跌，通常被視為自然調整。

Example:The HDB resale market has entered a period of price correction for the first time in nearly seven years.

soft landing

A situation where an economy or market slows down gradually to avoid a sudden, severe downturn.軟着陸，指經濟或市場逐漸放緩以避免突然、嚴重的衰退。

Example:Mr. Lee suggested the market may be approaching a 'soft landing' in 2026.

subdued

Describes a market or activity that is quiet, less active, or showing little growth.低迷的，形容市場或活動不活躍、增長緩慢。

Example:Geopolitical factors were also highlighted as potential contributors to the subdued market conditions.

Sentence Learning

This marks the first such decrease in almost seven years.

Simple present tense with 'this marks' to introduce a significant event.簡單現在式用「This marks」引入一個重要事件。

According to an official statement from the HDB, this decline follows five consecutive quarters of either slower growth or no change in prices.

Uses 'According to' to cite a source, and 'either...or' to present two alternatives.使用「According to」引用來源，並用「either...or」列出兩個可能性。

The price drop was accompanied by a 19.6% increase in transaction volume during the first quarter, reaching 6,285 cases, up from 5,256 in the fourth quarter of 2025.

Passive voice 'was accompanied by' to show a related event, and a present participle 'reaching' to add detail.被動語態「was accompanied by」表示相關事件，並用現在分詞「reaching」補充細節。

She noted that more resale flats have reached their minimum occupation period and are being listed for sale.

Uses 'noted that' to report an opinion, and present perfect 'have reached' with present continuous passive 'are being listed'.用「noted that」報告觀點，並用現在完成式「have reached」及現在進行被動式「are being listed」。

Despite the moderation in overall housing demand, analysts warned against interpreting it as a sign of market weakness.

Uses 'Despite' + noun phrase to show contrast, and 'warned against' to express caution.用「Despite」+ 名詞短語表示對比，並用「warned against」表達警告。

Singapore''s HDB Resale Market Records First Price Decline in Nearly Seven Years Amidst Increased Supply and Geopolitical Uncertainties

Introduction

The Housing and Development Board (HDB) resale price index experienced a 0.1% decline in the first quarter of 2026 compared to the previous quarter, marking the first such decrease in close to seven years. This development follows five consecutive quarters of either slower growth or stagnation in prices, according to an official statement from the HDB.

Main Body

The price decline was accompanied by a 19.6% increase in transaction volume during the first quarter, reaching 6,285 cases, up from 5,256 in the fourth quarter of 2025. However, analysts noted that this volume was 4.6% lower than the 6,590 transactions recorded in the same period of 2025. Mr. Lee Sze Teck, senior director of data analytics at Huttons, characterized this as the lowest first-quarter volume since 2021 and suggested the market may be approaching a ''soft landing'' in 2026. He attributed the quarterly volume increase to seasonal factors, as the first quarter typically sees higher activity than the fourth. Analysts offered several explanations for the price moderation. Ms. Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, pointed to a ''substantial increase'' in the supply of public housing flats, including more resale flats reaching their minimum occupation period and being listed for sale. She projected that supply would continue to rise substantially in the coming years, exerting downward pressure on prices. An upcoming Build-To-Order (BTO) exercise in June 2026, offering approximately 6,900 new flats in Ang Mo Kio, Bishan, Bukit Merah, Sembawang, and Woodlands, was cited as a specific example of this increased supply. Geopolitical factors were also highlighted as potential contributors to subdued market conditions. Ms. Sun stated that an escalation of the conflict in the Middle East could lead to higher interest rates, increased business costs, and adverse effects on employment, all of which would dampen consumer confidence and housing affordability in the HDB resale market. Mr. Mohan Sandrasegeran, head of research and data analytics at SRI, echoed this view, noting that recent inflation data suggested price pressures could broaden due to higher energy costs and supply chain disruptions linked to ongoing geopolitical tensions. Data from the Urban Redevelopment Authority (URA) provided a contrasting picture for the private residential market. Prices of non-landed properties rose by 1.3% in the first quarter, a rebound from a 0.2% decline in the previous quarter. This increase was led by the Outside Central Region (OCR), where prices rose 2.2%. Ms. Wong Shanting, director and head of research at Newmark, attributed the OCR''s performance to benchmark pricing at recent launches, such as the Pinery Residences in Tampines. In contrast, prices of landed properties fell by 0.4%, reversing a 3.4% increase in the prior quarter. Ms. Wong suggested that steep price appreciation over the past year had weighed on affordability and tempered buyer demand for landed properties. Despite the moderation in overall housing demand, analysts cautioned against interpreting it as a sign of market weakness. Mr. Sandrasegeran projected that private residential property prices would grow at a measured pace of 2.5% to 3.5% for the full year, indicating a transition towards a more sustainable growth phase.

Conclusion

The HDB resale market has entered a period of price correction for the first time in nearly seven years, driven by increased supply and tempered by macroeconomic uncertainties and geopolitical risks. While transaction volumes rose seasonally in the first quarter, they remained below the levels of the same period in the previous year. The private residential market, meanwhile, showed divergent trends, with non-landed property prices rising and landed property prices falling.

Vocabulary Learning

dampen

To make less strong or intense; to diminish or deaden.抑制；減弱；使沮喪

Example:An escalation of the conflict in the Middle East could lead to higher interest rates, increased business costs, and adverse effects on employment, all of which would dampen consumer confidence and housing affordability.

divergent

Tending to be different or develop in different directions; diverging.分歧的；不同的；背道而馳的

Example:The private residential market, meanwhile, showed divergent trends, with non-landed property prices rising and landed property prices falling.

measured pace

A slow, deliberate, and controlled rate of progress; not rushed or extreme.審慎的步伐；穩步；有節奏的速度

Example:Mr. Sandrasegeran projected that private residential property prices would grow at a measured pace of 2.5% to 3.5% for the full year, indicating a transition towards a more sustainable growth phase.

subdued

Of low intensity; reduced in force or effect; not lively or vibrant.低迷的；受抑制的；不活躍的

Example:Geopolitical factors were also highlighted as potential contributors to subdued market conditions.

temper

To moderate or mitigate; to bring to a desired consistency or condition by adding a counterbalancing element.緩和；調節；使溫和

Example:Despite the moderation in overall housing demand, analysts cautioned against interpreting it as a sign of market weakness.

Sentence Learning

Ms. Sun stated that an escalation of the conflict in the Middle East could lead to higher interest rates, increased business costs, and adverse effects on employment, all of which would dampen consumer confidence and housing affordability in the HDB resale market.

This sentence features a complex noun phrase ('an escalation of the conflict in the Middle East') as the subject of a nominal clause. It uses a non-restrictive relative clause ('all of which would dampen...') to provide a summative comment on the preceding list, a sophisticated rhetorical device. The conditional modality ('could lead to', 'would dampen') expresses hypothetical outcomes with high precision.此句包含一個複雜的名詞短語（「中東衝突的升級」）作為名詞從句的主語。它使用非限制性關係從句（「所有這些都將抑制……」）對前面的列舉進行總結性評論，這是一種精妙的修辭手法。條件情態動詞（「可能導致」、「將抑制」）以高度精確性表達了假設性結果。

Mr. Sandrasegeran projected that private residential property prices would grow at a measured pace of 2.5% to 3.5% for the full year, indicating a transition towards a more sustainable growth phase.

The sentence employs a present participle phrase ('indicating a transition...') as a free modifier, which provides a consequential result without forming a separate finite clause. This reduces syntactic redundancy and increases lexical density. The main clause uses a future-in-the-past construction ('would grow') within a projected context, a hallmark of advanced reported speech.此句使用現在分詞短語（「表明向……的過渡」）作為自由修飾語，在不形成獨立限定從句的情況下提供因果結果。這減少了句法冗餘並提高了詞彙密度。主句在預測語境中使用了「過去將來時」結構（「將增長」），這是高級間接引語的典型特徵。

Despite the moderation in overall housing demand, analysts cautioned against interpreting it as a sign of market weakness.

This sentence begins with a concessive prepositional phrase ('Despite the moderation...'), which sets up a contrastive relationship with the main clause. The main clause uses a complex verb pattern ('cautioned against interpreting it as'), where 'against' governs a gerund phrase, and 'as' introduces a predicative complement. This structure demonstrates mastery of non-finite complementation.此句以讓步介詞短語（「儘管整體住房需求放緩」）開頭，與主句建立對比關係。主句使用複雜的動詞模式（「告誡不要將其解讀為」），其中「不要」支配一個動名詞短語，而「為」引入表語補足語。此結構展示了對非限定補足關係的掌握。

This development follows five consecutive quarters of either slower growth or stagnation in prices, according to an official statement from the HDB.

The sentence uses a fronted demonstrative subject ('This development') to create textual cohesion, linking back to the previous sentence. It contains a complex noun phrase with a correlative conjunction ('either...or') modifying 'quarters', which adds syntactic balance and precision. The final prepositional phrase ('according to...') acts as a disjunct, providing the source of information without disrupting the main clause structure.此句使用前置的指示代詞主語（「這一發展」）來建立篇章連貫性，與前一句形成銜接。它包含一個帶有相關連詞（「要麼……要麼」）修飾「季度」的複雜名詞短語，增加了句法平衡性和精確性。末尾的介詞短語（「根據……」）作為分離狀語，在不干擾主句結構的情況下提供了信息來源。

He attributed the quarterly volume increase to seasonal factors, as the first quarter typically sees higher activity than the fourth.

This sentence features a causative verb pattern ('attributed X to Y'), which is lexically dense and requires precise argument structure. The subordinate clause introduced by 'as' functions as a causal adverbial, but uses a personification ('sees higher activity')—a subtle rhetorical device that attributes agency to a time period. The comparative structure ('higher...than') is embedded within this clause, adding further complexity.此句包含一個因果動詞模式（「將X歸因於Y」），詞彙密集且需要精確的論元結構。由「因為」引導的從句充當原因狀語，但使用了擬人手法（「看到更高的活動」）——這是一種將主動性賦予時間段的微妙修辭手法。比較結構（「高於……」）嵌入在此從句中，增加了進一步的複雜性。