Luxury home sales grew in 1H2026, supported by new launches in the CCR and investors seeking prime residential assets for wealth preservation (Picture: Samuel Isaac Chua/EdgeProp Singapore)
Singapore’s luxury housing market saw steady performance in the first half of 2026, backed by demand for both prime condo and landed properties, according to analysts.
Research by Realion (OrangeTee & ETC) Group published on July 8 shows that a total of 353 landed and non-landed residential properties in the Core Central Region (CCR) sold for at least $5 million in 1H2026. The figure, which excludes bulk transactions involving more than one unit, represents a 24.7% jump y-o-y and the highest first-half volume in four years.
Luxury home sales for first half of the year
Luxury home sales also outperformed the broader private residential market. While 1H2026 luxury residential transactions were 54.8% higher compared to the 228 units sold in 1H2025, overall private home sales (excluding executive condos or ECs) across the same period fell nearly 12% y-o-y to 10,909 units.
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Realion’s report highlights that investment appetite for luxury homes remains robust, likely supported by high-net-worth individuals (HNWIs) seeking assets for wealth preservation. In addition, the onset of the war in the Middle East, higher oil prices and other global uncertainties may have prompted investors to shift their wealth from riskier investments to properties.
In a July research report, Knight Frank Singapore highlights that prime non-landed homes — which the firm defines as condo units of at least 2,500 sq ft located in Districts 1, 2, 4, 9, 10 and 11 — saw a total of 128 transactions in 1H2026.
While the number of deals is slightly below the 136 homes sold in 2H2025, average prices have grown by 8.3%, going from $2,483 psf in 2H2025 to $2,689 psf in 1H2026. As a result, total sales value in 1H2026 stayed on par with $1.1 billion logged in 2H2025.
For Nicholas Keong, head of residential and private office at Knight Frank Singapore, the higher prices reflect growing demand from new citizens and permanent residents (PRs).
In recent years, the government has increased the number of citizenships and permanent residencies granted to counter Singapore’s falling birthrates, he says.
This, in turn, has expanded the prime housing buyer pool. “Singapore’s safe haven status promoted certainty among those granted citizenship and permanent residencies, as some upgraded from tenancies to home ownership,” Keong notes.
Read also: Luxury condo sales volume down 3.5% q-o-q in 3Q2024: Huttons Asia
Singapore citizens and PRs based overseas are also showing increasing interest in acquiring Singapore properties as a means of “safe haven capital preservation”, he adds. “As a store of wealth, such properties can be leased until such time as the owners wish to return to Singapore.”
A key driver of the luxury housing market for the first six months of the year was the primary market, with CCR new home sales getting a boost from fresh launches.
According to a July research report by SRI, 761 new private non-landed homes were sold by developers in the CCR in 1H2026. This is the highest half-yearly sales volume since the 986 units shifted in 1H2023, says Mohan Sandrasegeran, head of research and data analytics.
The sales were underpinned by new projects, with SRI estimating 701 homes launched in the CCR in 1H2026. This is the highest number of new homes since 1H2022, when 847 units were launched. It is also over seven times higher than the 96 units launched in the first half of last year.
The launches in 1H2026 comprise the 246-unit Newport Residences, City Developments’ freehold development on Anson Road, and the River Modern, a 455-unit, 99-year leasehold condo by GuocoLand in River Valley. The projects launched in January and March, respectively.
Resale transactions of non-landed private homes in the CCR also stayed relatively resilient in 1H2026. Based on caveats as of July 6, 1,219 such homes changed hands in the first half of the year. While this is marginally lower than the 1,315 units sold in 1H2025, the volume remains above the 1,084 units sold in 1H2023, SRI’s Sandrasegeran points out.
Read also: GCB and luxury residential transactions declined in 2H2023 but prices remained stable: CBRE
According to SRI, overall transaction volumes for CCR condos (comprising both new and resale deals) increased across all price segments in 1H2026. The $2 million to just under $3 million price segment saw the biggest increase, jumping 59.1% y-o-y to 627 units.
Activity in the ultra-luxury condo segment also saw a significant increase in the last quarter. Condo units in the CCR that fetched at least $10 million rose to 40 in 1H2026, up from 31 across the same period the year before.
Notwithstanding the overall growth across the different price segments, SRI observes differing trends between the new sale and resale markets.
“While newly launched projects attracted stronger demand within the mid-luxury price segments, the resale market continued to demonstrate resilience across the higher value price brackets despite an overall moderation in transaction volumes,” says Sandrasegeran.
The higher number of mid-luxury transactions in the primary market was largely supported by the launches of River Modern and Newport Residences, which introduced more units within these price brackets.
On the other hand, the steady demand for higher priced properties in the resale market point to affluent buyers seeking larger homes, immediate occupancy and unique properties in mature prime districts, where new supply remains limited, Sandrasegeran observes.
Demand for Singapore luxury homes among foreigners is also showing signs of recovery, following a drop after Additional Buyer’s Stamp Duty (ABSD) rates were raised in April 2023. According to SRI, the proportion of CCR condo purchases by foreign buyers saw a small uptick this year, rising from 3.3% in 1H2025 to 4% in 1H2026.
The improvement may reflect Singapore’s appeal as a safe haven destination amid ongoing geopolitical uncertainty, including the US-Iran conflict, notes Sandrasegeran.
Chinese buyers continued to make up the most number of CCR condo purchases by foreigners, with 104 units in 1H2026. The figure is higher than the 94 units in 1H2025.
US buyers were the second-largest cohort, with 51 deals, followed by Malaysia (35), Indonesia (33) and India (22).
The landed housing market also stayed resilient, with a total of 544 landed homes worth $4.9 billion sold in 1H2026, according to Knight Frank. In comparison, 522 homes were sold for about the same total value in 2H2025.
Average prices saw slight growth, increasing by 1.7% from $2,067 psf in 2H2025 to $2,103 psf in 1H2026.
However, the Good Class Bungalow (GCB) market saw more muted performance. Based on Knight Frank’s analysis, eight GCBs were sold in the first half of the year, with a total sales value of $474.6 million, significantly below the 16 GCBs sold for $764.3 million in 2H2025.
Knight Frank notes buyers in the landed market are becoming more selective, resulting in longer negotiation periods. Price mismatches between buyers and sellers have contributed to the slower momentum.
Looking ahead, tensions in the Middle East and persistent inflationary pressure may continue prompting investors to channel funds into Singapore’s residential market. “Global capital and HNWIs are expected to continue allocating funds to Singapore’s residential market, supported by the country’s safe-haven appeal,” Realion’s report states.
Knight Frank expects sales activity of prime non-landed homes to stay consistent. “Despite the 60% ABSD rate inhibiting foreign demand, upcoming new projects in the CCR could sell well if they are priced sensibly, with the added support of new citizens and PRs,” says Keong.
Knight Frank also expects the landed home market to stay fairly resilient, with most deals closing within the $5 million to $10 million price band.
Upcoming CCR launches include the 380-unit Dunearn House by Frasers Property, CSC Land and Sekisui House in Bukit Timah Turf City. The 99-year leasehold project will preview on July 10, with sales bookings to begin on July 25.
Other expected CCR launches include Sim Lian Group’s Amberwood at Holland, located on Holland Link, which will have around 230 units, and the 133-unit The Serra Residences on Bassein Road in District 11 by Far East Organization.
“Demand is expected to remain supported by resilient domestic buyers, particularly affluent owner-occupiers and investors seeking long-term wealth preservation through prime residential assets,” says SRI’s Sandrasegeran.