Singapore’s Prime Property Market: Early Signs of a Comeback

After a two-year lull caused by increased stamp duties, Singapore’s high-end housing market is beginning to stir again. While it’s not a full rebound, recent trends point to growing confidence and steady demand, particularly from local buyers.

Singapore's luxury property market shows recovery with local buyer confidence.

Local Buyers Driving the Market

With foreign interest falling sharply due to higher Additional Buyer’s Stamp Duty (ABSD), Singaporeans and permanent residents are stepping in. In Q1 2025, they made up the majority of transactions in the Core Central Region (CCR), highlighting their long-term confidence in the property market.

Luxury Sales Still Lagging

Though sales have picked up slightly, ultra-luxury transactions—especially those above S$10 million—remain subdued. Buyers in this segment are more selective and cautious, likely waiting for better global clarity before committing.

Mass Market Steals the Spotlight

Outside of the prime areas, the mass market is thriving. New launches in the Outside Central Region (OCR) have seen overwhelming demand, with projects like Lentor Central Residences nearly sold out. Executive condominiums are also setting new price records, with many units transacting above S$2 million.

Cautious Optimism Ahead

Despite recent momentum, analysts warn that global uncertainties and investor caution could dampen sales in the next quarter. However, strong household balance sheets and resilient end-user demand may keep the market stable in the near term.