Luxury Home Sales Surge in Singapore Amid Broader Market Slowdown

Sales of luxury homes in Singapore's prime Core Central Region (CCR) have surged in the first half of 2026, increasing by nearly 25% year-on-year. This uptick contrasts sharply with a broader slowdown in the private residential market, where overall sales have declined significantly.

According to Realion (OrangeTee & ETC) Research, 353 homes priced at S$5 million and above were sold in H1 2026, marking a 24.7% increase from the 283 transactions recorded in the same period last year. This growth has been attributed to wealthy investors seeking safe havens amid global economic uncertainties, as well as a notable rise in interest from new Singapore citizens and permanent residents (PRs), who are transitioning from tenancies to home ownership.

Knight Frank Singapore reported that sales of large prime non-landed homes, defined as those with at least 2,500 square feet, reached 128 units with a total sales value of S$1.1 billion in H1 2026. This represents a slight decrease from the previous half-year but an 8.3% increase in average unit price to S$2,689 per square foot. The luxury segment's appeal is further underscored by the fact that new CCR projects have led to a 78% rise in new sales within the S$5 million segment.

“Singapore’s safe-haven status promoted certainty among those granted citizenship and permanent residencies, as some upgraded from tenancies to home ownership.”Nicholas Keong, head of residential and private office at Knight Frank Singapore

Despite the overall private home sales declining by 12% to 10,909 units in H1 2026, the luxury segment has shown resilience. Prices in the CCR have also outperformed the broader market, with CCR condominiums appreciating by 2% in Q2 2026, while prices in the Rest of Central Region (RCR) and Outside Central Region suburbs fell by 1.4% and 0.2%, respectively.

Market analysts suggest that Singapore's status as a safe haven has fostered confidence among new citizens and PRs. Nicholas Keong, head of residential and private office at Knight Frank Singapore, noted that many are now looking to acquire properties as a means of capital preservation. Additionally, inquiries from Singapore citizens and PRs living abroad have increased, indicating a strong desire to invest in Singaporean real estate.

“This suggests that the CCR market may be undergoing a structural shift, with local buyers increasingly filling the gap left by foreign purchasers.”Lee Sze Teck, Huttons Asia senior director of data analytics

However, the luxury market's growth occurs against a backdrop of declining foreign buyer participation, which has dropped to historic lows following the government's introduction of additional buyers' stamp duty on foreign purchases in April 2023. Foreigners accounted for only 4.7% of new home purchases in 2026, down from 10.7% in 2024. Despite this, local buyers appear to be filling the void.

In the ultra-luxury segment, defined as properties priced at S$10 million and above, sales have also seen a remarkable increase, reaching a 15-quarter high in Q2 2026. A total of 23 units were sold, surpassing both Q1 2026 and Q2 2025 figures.

As the luxury market continues to thrive, analysts suggest that the current dynamics may indicate a structural shift in the market, with local buyers increasingly taking the lead in a segment traditionally dominated by foreign investors.