Between January 2023 and January 2025, the REA Condo Value Index rose by a strong 12.4%. However, from January 2025 to January 2026, price growth slowed dramatically, increasing by just 0.5%. This marked a clear shift from a period of steady appreciation into a more volatile plateau, including a modest dip during the middle of 2025.
A closer look reveals a significant divergence between the resale and new launch segments of the condominium market, which helps explain the relative underperformance vs the HDB market.
HDB Prices Outperformed with Stability
Indeed, during the same period, HDB prices emerged as the strongest performer. Since 2023, HDB prices have risen by 16.9%, with minimal volatility and no meaningful downward movements. This steady upward trajectory highlights the continued strength of owner-occupier demand in the public housing market.
Graph 1: REA Condo Price Index (green) vs HDB Price Index (blue) between 2023 and 2026 (Source: RealInsight – Time Series feature)
Condo Resale vs New Launch: Two Very Different Stories
The resale market remained relatively stable and resilient. Prices in the secondary market increased by 11.1% between January 2023 and January 2025, and continued to rise by a further 2%+ over the course of 2025. Price movements were gradual, with limited volatility, reflecting consistent demand and tighter effective supply.
In contrast, the new launch segment experienced much sharper swings. New sale prices climbed by 18.8% from January 2023 to January 2025, but growth stalled in 2025, with prices rising by less than 1% for the year. A notable price correction occurred during the summer months, briefly bringing prices back to levels last seen in May 2023. This temporary pullback presented a clear buying opportunity for purchasers who were able to act during the dip.
Graph 2: REA Condo Price Resale Index (green) vs Condo New Sale Price Index (blue) between 2023 and 2026 (Source: RealInsight – Time Series feature)
Why Did New Launch Price Growth Stall?
The answer appears to lie largely in supply dynamics. In 2025, the number of new launch units sold reached record levels. The increase in available supply, combined with existing cooling measures, played a key role in stabilising prices and limiting further upside in the new launch market.
Graph 3: REA Condo New Sale Price Index (green) vs Condo New Sale volume (blue) between 2023 and 2026 (Source: RealInsight – Time Series feature)
At the same time, resale transaction volumes remained relatively steady, which helped support prices in the secondary market and prevented similar volatility.
Graph 4: REA Condo Resale Price Index (green) vs Condo Resale volume (blue) between 2023 and 2026 (Source: RealInsight – Time Series feature)
Key Takeaway
The recent market inflection underscores the importance of monitoring incoming supply when assessing future price movements in Singapore’s new launch condominium market. While demand remains present, periods of elevated supply can quickly shift pricing power and create short-term opportunities — or constraints — depending on market conditions.
Understanding where supply is headed may therefore be just as important as tracking headline price trends, as it often explains them. Looking ahead, the pipeline of upcoming project launches will remain a key variable shaping new launch pricing in 2026.
*Disclaimer: Our real-time database is updated every time a transaction is submitted by an agency. While we strive to maintain the accuracy and completeness of the data, please note that transactions may not always be completed, and information provided may be subject to change or error. Please refer to RealAgent App or RealInsight for the most updated transaction data.
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