Singapore’s private property market recorded a notable deceleration in Q1 2026, with transaction volumes falling sharply and HDB resale prices declining for the first time in nearly seven years. For foreign buyers, the market remains structurally constrained by the 60% Additional Buyer’s Stamp Duty (ABSD) — a rate that has been in force since April 2023 and was not changed in December 2025, contrary to some media reports.
Foreign Buyer ABSD in Singapore: Confirmed at 60% Since April 2023
The ABSD for foreign nationals purchasing residential property in Singapore has been 60% since April 27, 2023 — a rate confirmed by the Ministry of Finance (MOF), the Monetary Authority of Singapore (MAS), and the Inland Revenue Authority of Singapore (IRAS). No change to the foreign buyer ABSD rate was announced or implemented in December 2025.
Singapore has implemented 13 rounds of property cooling measures between 2009 and 2026. The most recent round — Round 13, implemented in August 2024 — adjusted the HDB loan Loan-to-Value (LTV) ratio from 80% to 75%. No change was made to the foreign buyer ABSD rate at that time, or in any subsequent round. By early 2026, property industry participants were publicly calling for the 60% foreign buyer ABSD to be reduced — a position that itself confirms the rate remained at 60% at that point and had not been adjusted in either direction.
The full ABSD structure as of Q1 2026 is as follows:
| Buyer Profile | ABSD Rate |
|---|---|
| Foreign nationals (any residential property) | 60% |
| Singapore PRs buying 2nd property | 25% |
| Singapore Citizens buying 2nd property | 20% |
Additional financing parameters remain in place: a Total Debt Servicing Ratio (TDSR) cap of 55%, a Loan-to-Value (LTV) ratio of 75% for a first property, and a maximum loan tenure of 35 years.
Singapore Private Residential Prices and Transaction Volume: Q1 2026
Total private home transactions in Q1 2026 stood at 5,413 units, representing a year-on-year decline of 25.45%, according to official URA data cited by the Global Property Guide. ERA’s flash estimates recorded approximately 4,041 private transactions as at March 26, 2026 — a figure representing a 39.7% quarter-on-quarter decline from the 6,699 units transacted in Q4 2025. This sequential drop underscores how sharply market activity pulled back entering 2026.
Private residential prices appear to have risen by approximately 0.9% QoQ in Q1 2026, based on URA final data — a more modest outcome than early flash estimates suggested, and a meaningful deceleration in price growth compared to previous quarters. Breaking this down by segment: the non-landed residential price index rose 1.0% QoQ to 210.2 in Q1 2026, while landed home sales fell 28% quarter-on-quarter to 416 units — a sharper contraction than the broader private market and a further signal of softening demand at the premium end.
HDB Resale Prices Fall for First Time in Nearly Seven Years
Official HDB data confirms that HDB resale prices declined by 0.1% QoQ in Q1 2026 — the first quarterly price drop since Q2 2019, nearly seven years ago. Resale volumes came in at 6,285 units, representing a decline of 4.6% year-on-year and the lowest first-quarter volume since 2021.
This price decline did not arrive suddenly. It followed five consecutive quarters of slower or flat price growth, suggesting a gradual loss of momentum in the HDB resale segment rather than an abrupt correction. For prospective buyers or sellers in the HDB market, this context is worth noting when assessing whether Q1 2026 represents a turning point or the continuation of a longer trend.
Developer Supply Pipeline: 8,500 Units Expected in 2026
Developer launches are expected to total approximately 8,500 units in 2026, a figure that would represent a 40% increase compared to 2025. For prospective buyers, this signals a meaningfully larger pool of new launch options becoming available over the course of the year — a factor that may continue to moderate price growth, particularly in the OCR segment where most new launches are concentrated.
Zagdim Analysis
Foreign buyer activity in Singapore’s private property market has been structurally suppressed since the 60% ABSD took effect in April 2023. While URA’s detailed nationality breakdown by buyer residency status is available only through its paid REALIS system and cannot be independently verified from free public sources, secondary analyses citing URA data suggest that foreign buyers had fallen to under 4% of private new sales by Q1 2026 — a significant compression from the approximately 9% share recorded before the April 2023 cooling measures. The directional trend is clear even where precise quarterly figures remain unconfirmed.
The retreat of foreign buyers is most visible at the premium end of the market. By Q3 2025, Singaporeans already accounted for 76% of all homes sold for S$5 million or more in the Core Central Region — up from 70% the previous quarter — with locals increasingly filling the gap left by withdrawing international buyers. This domestic-led momentum in the CCR is expected to continue shaping the prime market through 2026.
PR buyers have also reduced their activity, though precise transaction share data for Q1 2026 is not available from free official sources. The overall picture is one of a market that has reoriented firmly around citizen and PR demand, with foreign participation remaining a marginal factor under the current ABSD regime.
For prospective foreign buyers, this structural context matters: Singapore remains a liquid, well-governed, and institutionally strong market, but the 60% ABSD means the cost of entry is materially higher than in almost any comparable city. The question is not whether the market is attractive — it is whether the entry cost is workable for a specific buyer’s situation and objectives.
Q1 2026 confirmed a market that is cooling at the edges while remaining structurally firm at the core. For non-residents, the 60% ABSD continues to define the entry calculus — and with HDB prices declining for the first time in seven years and developer supply rising sharply, the conditions shaping Singapore property decisions in 2026 are worth understanding carefully before committing. If you want to think through what this means for your situation, ask us here.
Sources
Urban Redevelopment Authority – Q1 2026 Real Estate Statistics Release / Housing & Development Board – Q1 2026 HDB Resale Statistics / Global Property Guide – Singapore Private Residential Transactions Q1 2026 / ERA Singapore – Q1 2026 Flash Estimates / OrangeTee – Singapore Luxury Property Market Report Q3 2025 / Ministry of Finance Singapore – ABSD Rate Table (MOF/MAS/IRAS)
This article is based on officially verified sources current as of May 29, 2026. Requirements and market conditions change frequently. Always confirm your specific situation with a licensed real estate professional or the relevant Singapore authorities directly before making any property or investment decision.
