Luxury home sales rise 38% in Q2 as UHNWIs drive demand

Transaction value climbed to $728.1m, up 28.6% YoY.

Singapore's luxury non-landed residential market recorded stronger sales and leasing activity in the second quarter of 2026, driven by ultra-high-net-worth individuals (UHNWIs) seeking safe-haven assets amid continued geopolitical uncertainty, according to Huttons Prestige Report.

A total of 84 luxury non-landed homes were sold during the quarter, up 6.3% from the previous quarter and 37.7% higher than a year earlier.

New projects including 21 Anderson, Skywaters Residences, and UpperHouse at Orchard Boulevard were amongst the top contributors to sales during the quarter. The total value of luxury non-landed home sales reached $728.1m in 2Q 2026, up 8.9% from the previous quarter and 28.6% higher than the same period a year ago.

Demand was strongest for homes priced at $10m and above, with 24 transactions completed in the super-luxury segment. Sales in this category rose 33.3% from the previous quarter and 71.4% from the same period last year.

District 10 led transaction activity, with The Draycott, Ardmore Park, and Draycott Eight recording the highest number of luxury home sales.

The largest transaction of the quarter was the sale of a 6,954 sq ft unit at Nassim Park Residences, with the seller recording a gross capital gain of more than $4m.

The leasing market also strengthened, with an estimated 654 rental transactions completed during the quarter, up 13.3% quarter-on-quarter and 9.7% year-on-year, according to Huttons Data Analytics.

Despite higher leasing activity, prime rents fell 4.3% from the previous quarter and 3.8% from a year earlier, reflecting a tenant-led market supported by more competitive rental rates.

The Good Class Bungalow (GCB) market remained steady in 2Q 2026. An estimated 15 GCB deals were completed in the first half of the year, compared with 13 transactions in the same period of 2025.

Total GCB transaction value reached $615.1m in the first half of 2026, down 30.3% from the second half of 2025 but up 39.3% from the first half of last year.

The quarter's largest GCB deal was the $64.9m sale of a Nassim Road property to entrepreneur and philanthropist Shiv Puri.

GCB leasing activity remained stable, with demand continuing to be supported by UHNWIs relocating to Singapore. Leasing activity increased in the $30,001 to $70,000 monthly rental segment.

Looking ahead, Mark Yip, CEO of Huttons Asia, said global macroeconomic and geopolitical uncertainty is expected to continue influencing wealth allocation decisions among UHNWIs, reinforcing Singapore's appeal as a neutral and stable destination for capital.

The ongoing reallocation of wealth away from conflict-affected regions, particularly in the Middle East, is expected to support continued demand for Singapore's luxury residential market.

"Singapore is actively strengthening its competitive edge as a premier wealth management destination," Yip said.

The firm also cited efforts by the Monetary Authority of Singapore and the Private Banking Industry Group to shorten private banking account opening times, along with immigration policies supporting population growth, as factors that could support long-term demand for high-end homes.

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