With the robust private new home sales in 2025, buyers, sellers, and investors alike are asking the same question: What's next? We spoke with PropNex Executive Chairman Ismail Gafoor and CEO Kelvin Fong who share their insights, predictions, and on-the-ground perspectives on the key trends that will shape the property market in 2026.

1. What do you think are the three big trends that will come to shape the private residential property market in the next year? (e.g. moderating interest rates, cooling measure/policy risk)

ISMAIL: Despite macroeconomic uncertainties, Singapore's private residential property market demonstrated remarkable resilience in 2025, balancing strong home sales with measured price growth amid falling interest rates, positive economic outlook, the bounce in the stock market, and an attractive slate of new launches.

In 2026, we expect some of the key trends may be: 1) a more accommodative interest rate environment with favourable borrowing rates for homebuyers; 2) resilient private housing demand and gradual price upside; and 3) lower supply of new launches in 2026 will help to underpin demand and sales. By our estimates, some 8,400 new private homes (ex. executive condos) may potentially be launched for sale in 2026 - down from around 11,500 units (ex. EC) that were launched in 2025.

In contrast, there may be more EC units launched for sale in 2026, starting off with the 748-unit Coastal Cabana in Pasir Ris and the 572-unit Rivelle Tampines in Q1 2026. Depending on developers' marketing plans and timing in securing the relevant sales approvals, we may potentially see more ECs being launched at the end of 2026, such as the ones in Senja Close and Woodlands Drive 17. To this end, 2026 may be a banner year for new ECs.

2. What is your outlook for the private residential market next year in terms of new home sales and pricing? What is your projection in terms of home prices?

ISMAIL: Overall, we are projecting a year of steady sales and moderate price growth, at about 3% to 4% for the private housing market in 2026. In the first nine months of 2025, the URA property price index rose by a relatively measured 2.7%, and the full year price growth in 2025 may likely come in at around 4%.

In terms of transaction volume, new home sales in 2026 may range from 8,000 to 9,000 units (ex. EC) in view of the tighter supply of launches. Meanwhile, private resale transactions could be stable, hovering at around 14,000 to 15,000 units in 2026.

3. How do you expect buyer demand to evolve across CCR, RCR, and OCR segments in 2026? And which segment of buyers (e.g. investors, upgraders, locals etc.) will drive sales next year, why?

ISMAIL: Looking at 2026, the main buyer group will once again be Singaporeans, comprising first-time buyers, HDB upgraders and investors. Based on caveats lodged, Singaporean buyers made up about 89% of the new non-landed private home sales transactions (ex. EC) in the year-to-23 November 2025 period - among the highest proportion since records started in 1995.

We anticipate the Outside Central Region (OCR), also known as the mass-market to be the key sales driver of developers' sales, owing in part to a larger portion of new launches in this sub-market. The OCR makes up more than 60% of the new units (ex. EC) that may potentially come on in 2026, based on our estimates. In addition, demand for OCR homes is also often spurred by their greater affordability, family-friendly layouts, and sustained interest from HDB upgraders.

Over in the city fringe or Rest of Central Region (RCR), homebuying interest may be stable give that the RCR bridges the gap between prime, luxury homes and suburban housing. A big appeal of RCR projects lie in their relatively central locations coupled with better affordability than CCR units. We expect RCR launches to attract a diverse mix of buyers - HDB upgraders, professionals, and perhaps even some investors looking for a good balance between proximity to the city and keeping within their housing budget.

As for the Core Central Region (CCR), demand has rebounded impressively in 2025, but we observe that the spike in interest is selective, with buyers gravitating towards CCR projects nearer to amenities and within walking distance to an MRT station. Hence, location and realistic pricing will be two key factors that could drive the CCR market in the new year.

Notably, we will likely continue to see the blurring of the distinctions between regions in the market, exacerbated by transport infrastructure improvements shrinking distance, decentralisation taking root outside the city centre, the development of more mixed-use projects in the suburbs, and as developers offer premium projects even outside of the CCR.

4. What do you think are the bright spots for the housing market in 2026? Where do you see the most compelling opportunities for homebuyers? (e.g. CCR narrowing price gap)

KELVIN: Picking up on the earlier point, I agree that CCR will be one to watch in 2026. We reckon the CCR could see sustained demand in 2026, underpinned by the remarkable sales performance achieved in 2025. Developers sold over 1,800 new private homes in the CCR in roughly the first 11 months of 2025 - already far exceeding the 378 units shifted in the whole of 2024. We think recent sales trends bode well for CCR launches in 2026, which include Newport Residences in Anson Road, River Modern in River Valley Green, the Dunearn Road and Holland Link projects.

One driver of the CCR market is the narrowing price gap between non-landed new private homes in the CCR and that of the RCR, and the attractive pricing offered by developers. Based on caveats lodged, the median unit price gap between the new non-landed homes in the CCR and RCR was 9.8% in 2025 (till 23 November) - the narrowest on record. Meanwhile, CCR prices have been calibrated to better suit a wider budget range. In the first 11 months of 2025, about 62% of new non-landed CCR homes were sold for below $2.5 million, the highest proportion in about four years. Apart from the CCR, there are also opportunities in the RCR, OCR as well as the EC segment. The OCR, in particular, could be a market driver in the new year with a number of exciting launches.

As Ismail said, we are expecting a year of steady sales in 2026. In addition, I believe the overall unsold inventory looks to be manageable. Based on figures from the URA, the number of unsold uncompleted private homes (ex. EC) hit the lowest in seven quarters in Q3 2025 at 17,029 units - which may be absorbed by the market in less than three years, even if we take a conservative sales tally of 7,000 units each year. We expect developers to continue to calibrate their pricing strategies to keep price quantum accessible to buyers - with the pricing sweet-spot hovering at around $1.5 million to $2.5 million.

5. What are some highlights in 2026's launch pipeline? What affordability challenges do you expect households to face, and how are developers likely to respond? (e.g. a lot of GLS with higher land cost will be launched, impact on prices)

KELVIN: The new launch pipeline in 2026 will be tighter than that of 2025. Despite that, we do think there are still ample options for prospective buyers, and the launches will offer a wide variety of unit sizes that could fit different budgets.

We will see more projects in familiar areas which have been quite popular with buyers, such as in Dairy Farm Walk, Lentor Gardens, and Chuan Grove. Meanwhile, other highly-anticipated launches in 2026 include the projects in Tengah Garden Avenue, Bayshore Road, and Dunearn Road - which are the first new private homes to hit the market in the new Tengah, Bayshore, and Bukit Timah Turf City housing precincts, respectively. We expect keen interest for these projects among homebuyers owing to the first-mover advantage, and possibly pent-up demand for private homes in these new housing areas.

The spotlight could also be shone on mixed-use developments in 2026, with several projects offering commercial spaces on-site. They include Pinery Residences in Tampines, the upcoming development in Chencharu Close in Khatib, projects in Lakeside Drive and Tengah Garden Avenue, River Modern and Newport Residences in the CCR, and Media Circle (Parcel A) in the RCR. Of note, most of these projects are located close to, or linked to an existing or upcoming MRT station - enhancing their appeal to buyers who value both convenience and strong transport connectivity.

Potential mega developments to look out for could be the redevelopment of the Thomson View en bloc site which will yield 1,240 new units. Meanwhile, the successful tenderers of the two Chuan Grove GLS sites plan to amalgamate the two plots and undertake a single residential development that may offer around 1,055 units, subject to regulatory approvals.

On affordability, we may see some price upside for well-located and potentially in-demand projects in 2026, taking into account that land prices have inched up of late, with some OCR plots fetching more than $1,300 psf ppr in terms of land rate. Having said that, developers are cognizant that most buyers are price sensitive and we expect them to adopt pricing strategies aimed at keeping the overall quantum palatable to buyers, particularly at the initial stages of the project launch.

6. What will be the key demand drivers and factors affecting the HDB resale market in 2026? What is your outlook for the HDB resale market next year in terms of resale volume and pricing?

KELVIN: HDB resale price growth has eased, following a series of demand- and supply-side measures from the government in the past years to curb the exuberance in the resale HDB market. Data showed that resale flat prices climbed by 0.4% QOQ in Q3 2025, easing from the 0.9% QOQ increase in the previous quarter. This marks the fourth straight quarter of slower growth in the HDB resale price index. In the first nine months of 2025 (9M 2025), the HDB resale prices have risen by 2.9% - much slower than the 6.9% increase during the same period in 2024.

The moderation in price growth is a healthy development for the public housing market, as it points to greater stability and affordability. The more measured price increase will help to promote a more sustainable housing market that is aligned with income growth. For the whole of 2025, we project that HDB resale prices could rise by 3% to 4% - slowing significantly from the 9.7% increase in 2024. Similarly, we are maintaining a price growth projection of about 3% to 4% in 2026.

Overall, the broader HDB resale market has witnessed slowing price growth, but there remains a pocket of strength in certain areas, which have pushed up the number of HDB flats resold for at least $1 million. Such sales have hit another new high in Q3 2025, where 480 units of million-dollar resale flats were transacted. Based on sales data retrieved on 4 December, there were 1,484 flats that were resold for at least $1 million - already well exceeding the 1,035 such units resold in the entire 2024 before the year is over.

We expect the million-dollar resale flat phenomenon to persist in 2026 owing to the healthy demand for a select group of flats that are deemed to be more desirable or special by buyers, who are then willing to pay a price premium for them.

On the whole, the steady supply of new flats and the increase in number of units that will reach their minimum occupation period (MOP) in 2026 could work together to soften the resale price growth in the HDB segment. The stock of HDB flats that will meet their 5-year MOP is expected to climb to 13,500 units in 2026 from 8,000 units in 2025 - bumping up the supply of new flats eligible for resale. Meanwhile, an estimated total of 35,000 new build-to-order flats may potentially be launched in 2026 and 2027. These could offer prospective flat buyers more choices, and may help to temper price growth.

The key demand drivers will continue to include new household formations, a growing population, those right-sizing from private homes, and upgraders within the public housing segments, to name a few. In 2026, we forecast that some 26,000 to 27,000 HDB flats may be resold.

7. In your view, what are the biggest risks to the Singapore housing market in 2026?

KELVIN: Some downside risks to watch for may include macroeconomic uncertainties, slowing global growth, geopolitical and trade tensions, and concerns around an AI-bubble which may put potential stress on the tech-related sectors. Uncertainty seems to be the new normal and like always, we encourage homebuyers to do proper due diligence and financial health checks before committing to a property purchase.

While we remain vigilant about policy risks, including the prospect of further cooling measures, the modest price gains in recent years may temper these concerns. In addition, it appears that home prices are still generally aligned with economic fundamentals. The Singapore economy is projected to growth by around 4% in 2025.

8. What is your advice for first-time homebuyers, upgraders and property investors in the new year?

KELVIN: I will briefly summarise three main considerations for each group, but of course the process in making a home buying decision is complex, and buyers ought to work with an experienced and trusted real estate salesperson.

For first-time homebuyers, it is especially important to 1) know your budget and eligibility; 2) think long-term; and 3) understanding your housing needs.

For upgraders, it will involve 1) unlocking capital and assessing the gains from the sale of the current property; 2) planning your finances well as upgrading to a bigger/more expensive home could place a heavier financial burden on the household; and 3) as far as possible align the sale of their existing property with purchase of the new one to minimise bridging gaps or financial strain.

For property investors, the key things to note will centre around 1) thorough evaluation of property's location and rentability; 2) consider yields and potential capital growth; and 3) ensure you have sufficient financial holding power to ride out market down-cycles.

9. Do you expect foreign demand to rebound, remain muted, or decline further in 2026? Why?

ISMAIL: The punitive additional buyer's stamp duty (ABSD) rate of 60% on foreigners will continue to keep foreign investment demand in check, and we anticipate that the Singaporeans and Singapore PRs will remain the main driver of home sales going forward. Based on URA Realis caveat data, foreigners (non-PR) accounted for just 1.5% of the new non-landed private homes sold in 2025 (till 23 November) - fairly on-par with the 1.4% proportion in 2024. Since the tightening of the ABSD measure from April 2023, foreign demand for homes has been muted, and could remain so in 2026.

Certain foreign buyers may still be willing to purchase homes here, in view of ABSD remission under various Free Trade Agreements (FTAs). Nationals and permanent residents of Iceland, Liechtenstein, Norway or Switzerland, as well as nationals of the US are accorded the same stamp duty treatment as Singaporeans.

On the whole, the silver lining is that with less competition from foreign buyers, the local market - Singaporeans and Singapore PRs - may have more buying opportunities, and developers are also likely to price prime units at a level that is accessible to locals.

10. There is a lot of talk around A.I., how will PropTech and data analytics reshape marketing, sales cycles, buyer engagement, or even training for salespersons?

KELVIN: There is no question that technology, such as A.I. and proptech can help to reshape how agencies sell, manage leads, and even train salespersons. Earlier this year, PropNex was honoured at the SBR Technology Excellence Awards 2025 for our advancements in real estate technology - equipping our sales people with innovative digital tools. We are raising the bar and setting new standards in tapping technology for market analysis, client engagement, and to drive greater sales efficiency.

We have a team of more than 40 full-time app developers, who are constantly working to refine and enhance our arsenal of digital tools, such as our proprietary Investment Suite, and Business Suite. Training sessions are held regularly to ensure our salespeople are kept up-to-date on the latest tech features and how to use them effectively.

Investing in technology helps to empower our salespersons, and smarter digital tools will free them to focus on what matters most: serving clients with greater clarity, speed and confidence, as well as delivering an optimal outcome for the clients. It is about making the various touch-points smarter, more seamless and value-adding to salespersons and their clients. I'll like to perhaps think of it this way - technology helps to elevate the salespersons, enabling them to build relationships with clients and perform at their highest level.