More than half of Housing Development Board (HDB) flat owners in Singapore aspire to upgrade to private housing, but budget constraints are a significant factor shaping their choices. The PropNex HDB Flat Owners Sentiment Survey 2026, which surveyed 1,533 flat owners between February and June, found that 55% wish to upgrade, with 92% setting a budget below $2.5m.
The survey highlighted that the most common budget range was $1m to under $1.5m, chosen by 30.1% of respondents. This was closely followed by the below-$1m range at 29.9%. Only 7.9% of respondents indicated a budget of $2.5m or more. This aligns with Urban Redevelopment Authority (URA) data showing that 62.2% of new non-landed private homes sold in the first half of 2026 were priced below $2.5m.
Respondents’ housing aspirations varied, with 18.3% favouring private condominiums in the Rest of Central Region (RCR), 15.7% in the Outside Central Region (OCR), and 7.2% in the Core Central Region (CCR). Wong Siew Ying, Head of Research and Content at PropNex Realty, noted that the RCR is perceived as balancing convenience and affordability.
Affordability remains a challenge, with 66.3% of respondents citing high home prices as a primary hurdle to upgrading. Despite recent declines in HDB resale prices, two-thirds of respondents do not expect further drops in the next year, indicating confidence in the market. Kelvin Fong, CEO of PropNex Realty, suggested that this confidence could support market activity as buyers perceive stable market fundamentals.
The survey also revealed that 73.9% of respondents are satisfied with their current homes, and location familiarity plays a significant role in future housing choices.
