If you ask many HDB owners whether they would like to upgrade to a private property, the answer is probably not a surprising one.
A recent PropNex Research HDB Flatowners Sentiment Survey 2026, based on 1,533 HDB flat owners and residents, gives us some interesting numbers behind that aspiration.
And personally, I think there is a bigger story here than simply:
“55.1% of HDB owners want to upgrade.”
Because wanting to upgrade and being able to upgrade comfortably are two very different things.
Here are some of the findings that caught my attention.
1. More than half still aspire to upgrade
55.1% of respondents said they aspire to upgrade their homes.
Among their preferred options were:
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Executive Condominiums
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Suburban / city-fringe condominiums
This tells us something important.
Despite all the conversations around high property prices, interest rates and affordability, the aspiration to move from an HDB flat into private housing is still very much alive.
But here’s where it gets interesting.
Because the same survey also tells us that affordability is one of the biggest obstacles.
And that creates a very interesting tension in the market:
People want to upgrade. But many are finding the upgrade increasingly difficult to justify financially.
2. Convenience is still king
If you’re wondering what people actually prioritise when choosing their next home, the answer is pretty straightforward.
77% of respondents said proximity to MRT stations or public transport is important.
And when we look at the other priorities highlighted in the survey, convenience, affordability and space all feature prominently.
This makes a lot of sense in Singapore.
We’re a small country where commuting 45 minutes versus 20 minutes can genuinely change your quality of life.
So when someone says:
“I want a cheaper property.”
That doesn’t necessarily mean they are willing to compromise on location.
And when someone says:
“I want a bigger home.”
They may still want to remain close to an MRT station.
This is why property decisions aren’t as simple as comparing two prices.
You’re always balancing:
Location × Space × Price × Lifestyle
And usually, you can’t maximise all four.
3. Here’s where things get uncomfortable: 1 in 3 think private homes are out of reach
Approximately one-third of respondents believe private homes are beyond their reach.
And the survey also found that around two-thirds identified high private-home prices as a key hurdle to upgrading.
This is probably one of the most important findings in the entire survey.
Because Singapore’s property market has changed considerably over the years.
A household that could comfortably consider a private property 5 or 10 years ago may now look at today’s prices and realise:
“Wait… the numbers don’t quite work anymore.”
This is where I think prospective upgraders need to be careful.
The question isn’t simply be: “Can I get a loan?”
The better question is: “Can I afford this property without putting unnecessary pressure on the rest of my life?”
A bank approving your loan doesn’t automatically mean the property is financially comfortable for you.
4. And buyers don’t seem to expect prices to fall dramatically anytime soon
75.3% of respondents expect private-home prices to stay high over the next 12 months.
That’s a pretty strong sentiment.
Whether prices actually move exactly as respondents expect is another question — sentiment isn’t a crystal ball.
But the finding does tell us something about how people currently perceive the market.
Many HDB owners aren’t sitting around waiting for a massive correction before making a move.
Instead, some appear to be thinking:
“If prices are going to remain high, I need to figure out what I can realistically afford.”
And that is a very different mindset from waiting indefinitely for property prices to become “cheap”.
5. More than 90% are looking below $2.5 million
Another number that stood out to me:
More than 90% of respondents cited a housing budget below $2.5 million for a private home purchase.
This is where the conversation becomes much more practical.
Because when someone tells me:
“I want to upgrade to a condo.”
My next question isn’t:
“Which condo do you like?”
It’s:
“What’s your actual budget?”
And then we work backwards.
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What is the existing HDB worth?
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How much outstanding loan is there?
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How much cash and CPF is available?
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What are the monthly repayments?
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What happens if interest rates change?
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What other commitments does the household have?
And importantly:
How much cash do you still want left over after buying the next home?
Because upgrading shouldn’t mean becoming “property rich, cash poor”.
What about ECs?
This is another interesting part of the survey.
10.9% of respondents felt current EC prices were affordable.
Meanwhile, 51.9% felt new ECs were unaffordable.
Yet ECs remain one of the preferred upgrade options.
That’s an interesting contradiction.
People still see ECs as an attractive bridge between public and private housing.
But rising prices are making that bridge harder to cross.
And now there’s another hurdle:
The 10-year MOP.
Among eligible respondents, 40.5% cited the 10-year MOP as the biggest deterrent to buying an EC.
So even if someone likes the EC proposition, they have to consider the longer commitment.
This is especially important for people who see property as part of a longer-term wealth or upgrading strategy.
An EC isn’t simply:
“A cheaper condo.”
You need to understand the timeline.
You need to understand the MOP.
You need to understand what happens after privatisation.
And you need to understand whether the property still fits your plans 5, 10 or 15 years down the road.
But here’s the part I find most interesting
The survey also found that 73.3% of respondents intending to purchase an EC would consider renting it out or selling it after full privatisation, while 26.7% intend to stay for the long term.
That tells us something about how many buyers view ECs.
For some, it’s a home.
For others, it’s potentially a stepping stone.
And neither approach is necessarily wrong.
The problem happens when buyers purchase without knowing which one they are actually doing.
If your intention is to stay for 15 years, you may evaluate an EC very differently from someone who is thinking:
“I’ll stay through the MOP, then reassess.”
Your priorities, acceptable location, unit size, entry price and exit strategy could all be different.
So what does all of this mean for HDB owners?
For me, the biggest takeaway isn’t:
“Everyone should upgrade.”
In fact, quite the opposite.
The survey shows that the aspiration to upgrade remains strong, but affordability is the reality check.
And I think that’s a healthy thing.
Because upgrading shouldn’t be about keeping up with your friends.
It shouldn’t be because:
“Everyone around me is buying a condo.”
It shouldn’t be because someone tells you:
“HDB prices have gone up so you should cash out.”
And it definitely shouldn’t be because you feel like you’re somehow “behind” if you’re still living in an HDB.
Your next property should make sense for your household, your finances and your timeline.
The real question isn’t “Should I upgrade?”
It’s:
“What does upgrading actually look like for me?”
For one household, that might mean:
4-room HDB → 5-room HDB
Because they need more space.
For another:
HDB → EC
Because they want private facilities while keeping the entry price relatively more manageable.
For another:
HDB → resale condo
Because location and immediate availability matter more.
And for someone else?
Staying put may actually be the smartest financial decision.
That’s something we don’t talk about enough.
Sometimes the best property move is not moving.
The property market isn’t just about prices.
It’s about understanding the trade-offs.
Price. Location. Space. Financing. Timeline. Exit strategy. And most importantly — your life.
So if you’re an HDB owner thinking about upgrading, don’t start by asking:
“Which condo should I buy?”
Start with:
“What can I realistically afford, and what kind of upgrade actually improves my life?”
That’s where the conversation gets much more interesting.
Source: PropNex Research, HDB Flatowners Sentiment Survey 2026. Findings based on 1,533 respondents who are HDB flat owners and residents.
Rach, 92336690
