New citizens, PRs bolster $1.1b prime home sales in H1

They fuelled demand as landed buyers held back.

New citizens and permanent residents (PRs) supported demand for Singapore's prime residential market in the first half (H1) of 2026, whilst landed housing buyers grew more selective, Knight Frank Singapore said.

Sales of prime non-landed homes totalled 128 in H1 2026, worth a combined $1.1b. Transactions fell by eight from the second half of 2025, but the average unit price rose 8.3% to $2,689 per square foot (sq ft).

Knight Frank said the government has increased the number of citizenships and permanent residencies granted in recent years to support population replacement as birth rates fall.

The expanding pool of new citizens and PRs contributed to demand for luxury non-landed homes, with some buyers moving from renting to ownership.

"Singapore's safe haven status promoted certainty amongst those granted citizenship and PRs, as some upgraded from tenancies to home ownership," said Nicholas Keong, Head of Residential and Private Office at Knight Frank Singapore.

Knight Frank also logged a rise in enquiries from overseas-based Singapore citizens and PRs seeking properties for capital preservation, noting owners can lease these homes until their return.

The landed residential market held steady, with 544 homes changing hands in H1 2026, up from 522 in H2 2025, whilst transaction value held at $4.9b.

The average price on land rose 1.7% to $2,103 per sq ft.

Buyers grew more selective, weighing land shape, elevation, width, efficiency, and upslope or downslope positioning before purchasing.

This extended negotiations as buyer and seller expectations diverged, with some owners holding firm on price due to sentimental attachment.

The Good Class Bungalow market slowed, with eight sold for a combined $474.6m in H1 2026, against 16 transactions worth $764.3m in H2 2025.

Knight Frank expects sales of prime non-landed homes to hold steady in the H2 despite global economic uncertainty and geopolitical tensions.

Despite the 60% Additional Buyer's Stamp Duty continuing to cap foreign demand, new Core Central Region projects could draw buyers if priced sensibly and backed by demand from new citizens and PRs.

The consultancy forecasts prime non-landed prices to rise 1% to 3% this year and landed values to increase 3% to 5%, with most transactions concentrated in the $5m to $10m band.

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