Singapore’s Landed Home Market Has Slowed In 2026 — So Why Is It Still A Sellers’ Market?

Nearly a third of the landed properties (valued at more than $10 million each) that sold during the first six months of this year were priced above $15 million. This figure excludes the sale of Good Class Bungalows (GCBs) that were registered in 1H2026.

According to a market report by PropNex Realty, 32.9% of the landed homes sold since January transacted for more than $15 million, and 2.4% of the total landed home sales (excluding GCB deals) were priced at more than $30 million.

The percentage of landed home sales worth more than $15 million has increased compared to the second half of 2025, which saw 25.5% of landed homes going for more than $15 million.

All told, PropNex reports that the landed housing market in 1H2026 was still fairly resilient. Excluding GCB sales, the landed market recorded 82 transactions that amounted to a total sales volume of nearly $1.2 billion, based on transactions up to June 7.

The value of landed home deals closed so far this year grew 19.3% y-o-y compared to the $990 million worth of deals – across 72 transactions – that were recorded in 1H2025.

Across the entire landed property segment (from the lowest value deals to the most expensive GCBs) there were 869 transactions that are worth a combined sales value of $5.4 billion in the first half of this year, up to June 2026.

In contrast, there were 1,009 landed home deals that raked in a combined sales value of $5.78 billion in 1H2025. Sales were also down relative to the 1,139 landed home transactions, with a combined sales value of $6.95 billion, that were recorded in 2H2025.

Henry Benjamin Lim, head of GCB and Prestige Landed at PropNex, says that concerns over higher energy costs, economic uncertainty, and the risk of elevated interest rates may have prompted some landed home buyers to defer their purchase decisions.

He adds that the run-up in the landed housing market last year may lead some prospective buyers to reassess affordability and property value, while a mismatch in buyer-seller price expectations could have contributed to slower sales so far this year.

This price mismatch is also evident in the GCB market. “Some purchasers expect prices to moderate amid prevailing economic headwinds and geopolitical uncertainties, however some GCB owners remain reluctant to lower their price expectations,” says Lim.

According to URA data, landed home prices rose for four consecutive quarters in 2025, which culminated in a 7.6% increase in average landed home price over the entire year. This is a significant price hike compared to the 0.9% price growth that the landed market recorded in 2024.

Although the growth streak was interrupted at the start of this year, when prices fell 0.4% q-o-q in 1Q2026, PropNex still projects that landed home prices could increase by around 2 – 4% for the full year 2026.

Average Unit Prices on Land Area ($PSF)

According to URA caveats, the average price of land in the Core Central Region (CCR) increased by 20.9% on a yearly basis to $2,546 psf. This is the steepest price increase since 2Q2024, when average transacted land prices jumped 43.1% y-o-y to hit $2,278 psf.

Meanwhile, land prices in the Rest of Central Region (RCR) increased 6.4% y-o-y to $2,299 psf in 2Q2026, while prices in the Outside Central Region (OCR) climbed 9.1% y-o-y to $1,909 psf over the first three months of 2026.

Wong Siew Ying, head of research and content at PropNex, says that landed home prices seem to be holding firm despite quieter market activity. “This suggests that demand is still intact, the landed housing market remains fundamentally healthy, and that sellers have the financial power to wait for an offer that could bridge the gap in price expectations,” she says.

With the limited supply of landed homes and the strong financial position of most homeowners, sellers will be under little to no pressure to lower their asking prices, says Wong.

Meanwhile, leasing activity in the landed property market – including GCBs and other high-end properties – remained relatively muted. This follows heightened scrutiny of high-value transactions and the tightening of anti-money laundering checks since August 2023.

The highest-value rental deal in 1H2026 was a contract for a detached house in Dalvey Estate in District 10. The property commanded a monthly rent of $65,000 that translates to an annual outlay of $780,000.

Likewise, another detached house at Cove Way in Sentosa also fetched an average monthly rent of $65,000 when the lease was signed in March. It also translates to an annual outlay of $780,000.

PropNex expects that financing conditions for landed home buyers will remain relatively accomodative, and the market is expected to benefit when buyer confidence gradually recovers. However, buyers are expected to remain selective, focusing on well-located and attractively priced assets amid the uncertain economic backdrop.