If you've been watching this market from the sidelines, wondering whether it's still worth trying to negotiate on price or push back on terms, here's your answer: yes, it is. And the data is backing you up right now in a way it hasn't for years. The balance of power in Singapore property has quietly but meaningfully shifted, and if you're a buyer today, that matters directly to your next move.
According to analysis from Singapore Business Review and Moomoo, buyers are increasingly dictating the terms of property transactions, including price negotiations, deposit conditions, and contractual clauses. That's a reversal of what we saw during the pandemic boom years, when sellers held almost all the cards. This isn't just anecdotal chatter. It's showing up in hard data.
HDB resale transaction volumes dropped to 26,042 deals in full-year 2025, a 9.8% decline from 28,876 in 2024, based on HDB data. That volume contraction tells you buyers are pushing back on price, and some deals simply aren't happening because sellers are still anchored to peak-market expectations. On the private side, new launches are still averaging above S$2,100 PSF while resale condos sit above S$1,600 PSF, meaning absolute prices remain elevated even as negotiating conditions improve.
The forward-looking figure that I think deserves more attention is the MOP pipeline. Approximately 13,500 HDB flats are expected to reach their Minimum Occupation Period in 2026, up from around 8,000 in 2025, a 69% surge in a single year according to the research. That's a substantial wave of potential sellers entering the HDB resale market, which will only add to buyer leverage as competition among sellers increases.
In my view, the headline "buyers call the shots" is real, but it needs a bit of context. The leverage isn't uniform across all segments. In 25 years I've watched this pattern before: the shift starts at the top end, filters through the mid-range, and only later makes itself felt in the mass market. That's exactly what's happening right now.
The luxury and CCR segment is where buyer power is most pronounced. A search on PropertyGuru reportedly shows over 200 luxury condo listings priced above S$10 million in the Orchard area alone, with multiple agents often marketing the same units. The 60% Additional Buyer's Stamp Duty imposed on foreign buyers since April 2023 has structurally reduced the addressable market for high-end sellers. That's not a temporary dip. That's a permanent shrinkage of the foreign buyer pool unless policy changes. What I'm seeing on the ground is that domestic high-net-worth buyers are stepping in, with Singaporeans accounting for 76% of all homes sold at S$5 million or above from July to September 2025 according to the research, but they're doing it at their own pace and on their own terms.
Here's the thing most people miss: the window of buyer leverage doesn't stay open forever. If interest rates fall faster than expected, if the MOP wave gets absorbed quickly by strong upgrader demand, or if global sentiment stabilises, sellers will regain confidence. Right now that window is open. I'm telling my clients to use it, not to wait for an even better deal that may not come.
If you're an HDB upgrader, the next 12 to 18 months are genuinely interesting for you. The MOP wave hitting in 2026 means more HDB resale supply competing for the same buyers, which gives you negotiating room if you're buying into that segment first before selling. On the private condo side, developers are holding firm above S$2,100 PSF for new launches, but resale condo sellers are more exposed, and that's where I'd focus your search for value. The removal of the 15-month wait-out period for condo owners re-entering the HDB resale market also widens competition in that pool, so time your sale and purchase carefully.
If you're a private condo investor, you need to do the yield math honestly before committing. With URA median rents at S$5.13 PSF and new launch prices above S$2,100 PSF, implied gross yields are around 2.9 to 3.0%, with net yields likely below 2.5% after expenses, according to the research data. That's not a deal-breaker if you're playing a capital appreciation game in a specific location, but it means you're not buying for income. Go in eyes open, focus on districts with genuine rental demand, and factor in the spread between new launch and resale PSF. A gap of over S$500 PSF between the two carries depreciation risk if market sentiment softens.
If you're a luxury buyer or looking at CCR properties above S$5 million, this is probably your best negotiating environment in a decade. Sellers in this segment are facing a structurally reduced buyer pool and an oversupply of listings. Domestic luxury buyers drove a 20% jump in that segment in Q3 2025 according to the research, which shows genuine demand exists. But with over 200 competing listings in Orchard alone, you don't need to chase anything. Take your time, get independent valuation advice, and negotiate hard on both price and terms.
The Singapore property market hasn't crashed, and I don't think it will. The fundamentals here are too solid, domestic demand is still active, and the government has consistently shown it will manage supply carefully. But the frothy, sellers-take-all conditions of 2021 and 2022 are gone. DBS Research anticipates moderated price growth of 4 to 7% in 2025, which is a healthy and sustainable trajectory, not a collapse. What's changed is that buyers now have genuine room to negotiate, to push on terms, and to walk away if the deal isn't right. If you want to talk through whether your specific situation fits this market window, WhatsApp me directly at +65 97501055 or visit keithtanboonkee.com. I've seen enough cycles to help you read this one clearly.
25 years experience · 1,000+ transactions · 4,379 TOP units managed
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