Singapore's $5m homes keep selling despite punishing stamp duties

Wealthy buyers completed 353 luxury deals in H1, the most in four years.

Singapore's luxury properties remain an attractive market for investors, as high-net-worth individuals continue to pursue capital preservation through prime real estate.

“Singapore remains a preferred investment destination among high-net-worth individuals, underpinned by its robust financial and regulatory framework, strong currency, political stability and track record of long-term capital appreciation,” Realion (OrangeTee & ETC) Research said in an analysis.

Citing Urban Redevelopment Authority (URA) data, Realion said that luxury home sales in the first half (H1) of 2026 reached their highest first-half volume in four years. This was thanks to wealthy investors seeking prime assets as safe havens amid global macroeconomic uncertainties.

URA data showed that a total of 353 landed and non-landed homes in the Core Central Region (CCR) changed hands for at least $5m each in H1, excluding bulk transactions involving more than one unit. Luxury home transactions rose 24.7% from 283 transactions in H1 2025.

When it comes to costs, URA's flash estimates showed that the non-landed private residential price index in the CCR increased 2.6% in H1 from the 3.8% growth in the corresponding period last year.

“Whilst price appreciation has eased, the continued increase underscores the resilience of Singapore's prime residential market amid a gradually expanding supply pipeline and evolving buyer preferences,” said Mohan Sandrasegeran, head of research & data analytics at Singapore Realtors Inc. (SRI)

SRI noted that the moderation in price growth comes as the market transitions to a healthier balance between supply and demand. He noted that newer residential properties have reached their launch phase following the push for Government Land Sales (GLS) supply over recent years.

For the coming months, Sandrasegeran expects demand to remain supported by “resilient domestic buyers, particularly affluent owner occupiers and investors seeking long-term wealth preservation through prime residential assets.”

Experts also see Singapore’s safe-haven appeal to continue attracting investors, specifically global capital and high-net-worth individuals.

“Singapore's continued reputation as a global financial centre and safe haven destination is likely to sustain interest from high-net-worth international buyers despite elevated Additional Buyer's Stamp Duty (ABSD) rates,” Sandrasegeran said.

Realion also said that the “current euphoria over the growth prospects of artificial intelligence and expansion of semiconductor and chip manufacturing will boost hiring in certain industries.”

“These sectors will bolster the economy and continue to prop up demand for housing, including luxury homes,” it added.

When it comes to location, Sandrasegeran said CCR will likely continue seeing a healthier flow of new supply as more GLS sites are expected to be launched over the coming quarters. One of the key developments expected to enter the market is the 380-unit Dunearn House, which attracted 5,900 visitors during its first preview weekend.