Singapore’s condo resale market saw a mixed performance in May 2026. While the number of resale transactions fell from the previous month, prices moved higher, suggesting that buyer demand has not disappeared despite affordability concerns and a changing market landscape.
Table of contents
- Condo resale prices climbed in May
- Resale volumes declined, but demand remains stable year-on-year
- OCR continued to account for nearly half of all transactions
- Sub-sale transactions edged higher
- Reflections At Keppel Bay recorded May’s highest-priced resale deal
- Median capital gains increased further
- Returns remained attractive, particularly in the east
- What could the rest of 2026 look like?
Condo resale prices climbed in May
“May 2026 delivered a welcome rebound in overall condo resale prices, with the SRX Price Index registering a 1.3% month-on-month gain, a signal that the market’s underlying demand remains intact,” said Luqman Hakim, Chief Data & Analytics Officer at 99.co.
He added that the 3.7% year-on-year increase in prices is in line with market expectations and sits at the upper end of what major industry players had projected for 2026. Condo resale prices recorded a broad-based recovery in May, although performance differed across market segments.
The Core Central Region (CCR) and Outside Central Region (OCR) led the monthly gains. Resale prices in the CCR increased by 3.7%, while prices in the OCR rose by 1.6%. Meanwhile, the Rest of Central Region (RCR) was the only segment to register a decline, with prices slipping by 0.7%.
Looking at the annual picture, all three market segments posted gains. Year-on-year, resale prices in the OCR increased by 4.6%, making it the strongest-performing region. The CCR followed with a 3.8% increase, while prices in the RCR rose by 3.2%.
The stronger performance in the OCR may suggest that demand for suburban homes remains healthy. Many buyers, particularly HDB upgraders and owner-occupiers, continue to gravitate towards larger homes and relatively lower price points outside the city centre.
At the same time, the recovery in the CCR shows that buyers are still willing to enter the prime segment when opportunities arise.
Resale volumes declined, but demand remains stable year-on-year
Although prices increased, resale activity slowed in May. An estimated 989 condo units changed hands during the month, down 8.9% from April’s 1,086 transactions. However, the decline should be viewed within a broader context.
Compared to May last year, resale volumes were actually 0.7% higher. This suggests that buyer demand has largely been maintained on an annual basis despite economic uncertainties and ongoing affordability pressures.
Hakim noted that the drop in transactions should not be interpreted too negatively. “May historically sees some moderation in secondary market activity, and the fact that volumes came in 0.7% above May 2025 confirms that year-on-year demand momentum is being maintained,” he said.
Even so, transaction volumes remained below longer-term norms. Compared to the 5-year average for May, resale activity was 15.4% lower. This suggests that while buyers are still active in the market, they are likely being more selective and price-conscious when making purchasing decisions.
OCR continued to account for nearly half of all transactions
Suburban condos remained the most active segment of the resale market. In May, almost half of all condo resale transactions, or 47.6%, came from the OCR.
Meanwhile, 32.3% of transactions were recorded in the RCR, while the CCR accounted for the remaining 20.1%. The figures reinforce the growing importance of the OCR within Singapore’s residential market.
As home prices continue to rise, many buyers may be prioritising affordability and space, making suburban locations increasingly attractive. The trend also reflects the large pipeline of homes and established communities that can be found outside the city centre.
Sub-sale transactions edged higher
Sub-sale activity also increased during the month. Sub-sales accounted for 5.7% of all secondary market transactions in May, up from April. Sub-sale transactions refer to homes that are sold before the development has been completed.
The increase, although modest, may indicate that some investors are seeking to monetise gains before receiving their keys. At the same time, some buyers may be turning to sub-sales as an alternative way to secure homes in projects that are nearing completion.
Reflections At Keppel Bay recorded May’s highest-priced resale deal
The luxury segment continued to attract significant transactions in May. The highest transacted price for a resale condo unit during the month was S$19.28 million for a unit at Reflections At Keppel Bay.
Within the CCR, the most expensive transaction involved a unit at Nassim Park Residences, which changed hands for S$15.6 million. Outside the central areas, the highest-priced transaction in the OCR came from Thomson Grove, where a unit was resold for S$4.138 million. These transactions demonstrate that demand remains present across different market segments, including the luxury and high-end suburban markets.
Median capital gains increased further
Condo owners who sold their homes in May generally continued to enjoy healthy profits. The overall median capital gain for resale condos reached S$419,000 in May, up from S$410,000 in April. Capital gains are calculated by comparing a property’s latest transacted price with the previous transaction price of the same unit.
District 10, which covers Tanglin, Holland and Bukit Timah, recorded the highest median capital gain at S$1.02 million. The district’s strong performance is unsurprising given its concentration of prime developments and longstanding appeal among affluent buyers.
At the other end of the spectrum, District 4, which covers Sentosa and HarbourFront, recorded the lowest median capital gain at S$210,000. Even so, the figures suggest that many condo owners across Singapore are still exiting their properties with meaningful gains.
Returns remained attractive, particularly in the east
The overall median unlevered return for resale condos stood at 30.8% in May 2026. Unlevered returns measure the percentage gain generated from a property’s appreciation, excluding the impact of financing or borrowing.
District 16, which covers Bedok and Upper East Coast, recorded the highest median unlevered return at 49.3%. The district has seen growing interest in recent years, supported by transport improvements, ongoing transformation plans and its relatively affordable price points compared to more central locations.
Meanwhile, District 2, which covers Chinatown and Tanjong Pagar, posted the lowest median unlevered return at 7.2%. It should be noted that the rankings only include districts with at least 10 matching transactions. Both capital gains and returns are calculated by comparing each unit’s latest transaction price with its previous sale price.
What could the rest of 2026 look like?
Looking ahead, the second half of the year is expected to bring fresh tests for the property market. Hakim believes the outlook remains positive but measured.
“The outlook for H2 2026 is one of cautious optimism tempered by supply and affordability dynamics. Several large-scale OCR new launches are expected in H2, and strong opening weekends at these projects would validate upgrader demand; weak take-up could signal that affordability limits are being reached,” he said.
For now, May’s data paints a picture of a market that is still holding up. Prices have continued to rise, resale profits remain healthy and year-on-year demand has been maintained. At the same time, softer transaction volumes and upcoming supply will be closely watched as buyers continue to balance their aspirations against affordability considerations.
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