While policy tightening has moderated speculative inflows, Singapore luxury apartment sales continue to be underpinned by a large and expanding market base, with the luxury residential real estate sector valued at USD 10.18 billion in 2026 and projected to reach USD 14.57 billion by 2031, implying a 7.42% CAGR over the period. Industry projections also point to a greater than 3% CAGR for the market during 2025-2030.
Against this backdrop, apartments and condominiums, which held 63.25% of market share in 2025, remain the revenue driver, even as landed houses are expected to post the fastest growth at an 8.05% CAGR through 2031.
Luxury non-landed home sales reached $2.6 billion in 2025, and transaction volumes climbed 41.3% to 294 units from 208 in 2024, indicating resilient absorption despite a 60% Additional Buyer’s Stamp Duty hike that curtailed speculative foreign demand in Q1 2025. Sales transactions generated 70.35% of 2025 revenue, with secondary deals accounting for 58.45% of turnover across prime Districts 9, 10, and 11, a pattern consistent with falling sub-sales and a buyer mix weighted toward owner-occupiers and long-horizon investors; in 2024, 85.3% of non-landed private property households were owner-occupied. In the broader private market, home prices are expected to rise a moderate 3%–4% in 2026. New-home sales softened to 311 units in June 2025, and multi-million-dollar bungalow transactions slipped after the ABSD increase, yet political stability and tax consistency continued to reinforce inflows.
Demand conditions are also being shaped by preferences among ultra-high-net-worth individuals, who lease before committing to purchases, supporting rentals that are expanding at an 8.62% CAGR. Core Central Region leases rose 5.7% in 2024, while rents stabilised in 2025 at 2.5–3% growth, and non-landed private rental contracts are expected to reach 82,000 in 2025, up 0.6%; 2026 rental gains are projected to stay stable as supply limits power. Paralleling trends observed in premium coastal markets elsewhere, the ultra-wealthy segment in Singapore has demonstrated resilience unaffected by broader economic headwinds.
On the supply side, 40,000 completions are slated for 2025, and private homes obtaining Temporary Occupation Permit are projected to rise to 7,006 in 2026 from 5,249 in 2025, increasing further to 8,955 in 2027 and 10,195 in 2028. About 8,800 private homes from 23 projects, plus 2,300 executive condominium units, are launchable in 2026, alongside 13,500 HDB flats reaching minimum occupation period, broadening the upgrader pool.
