SINGAPORE – Wealthy Singaporeans are increasingly dominating the luxury housing market, accounting for the majority of home purchases priced at S$5 million and above, as foreign demand remains constrained by elevated stamp duties.
Market reports and data from the Urban Redevelopment Authority (URA) highlight a clear shift towards domestic buyers, a trend analysts say is likely to influence the next wave of luxury and ultra-luxury residential launches in 2026.
Between July and September 2025, 171 landed and non-landed homes in the Core Central Region (CCR) were transacted at prices of at least S$5 million. Of these, 130 buyers were Singaporeans, according to OrangeTee’s Luxury Residential Market Report. The firm is part of the Realion Group.
Luxury home transactions in the CCR rose by more than 20 per cent quarter on quarter during the period.
The share of Singaporeans purchasing luxury landed and non-landed homes climbed to 76 per cent in the third quarter, up from 70 per cent in the previous quarter and higher than the 72.5 per cent recorded in the same period a year earlier, OrangeTee noted.
Christine Sun, chief researcher and strategist at OrangeTee – Realion Group, said the strong local demand reflects rising affluence among Singaporeans and their growing preference for high-end residential properties as long-term investments and wealth-preservation assets. She added that family offices have also increased their allocations to luxury residential real estate.
Rising demand has been accompanied by higher transaction values. The total value of CCR homes sold above S$5 million surged 25.7 per cent quarter on quarter to S$1.725 billion between July and September. Over the same period, the average price per luxury unit rose to S$10.09 million from S$9.73 million, Sun said.
The number of CCR condominium units transacting at both S$3,000 per square foot (psf) and S$5 million or more also increased, from 34 units in the second quarter to 50 units in the third quarter. New developments such as UpperHouse at Orchard Boulevard, The Robertson Opus, 21 Anderson and Watten House accounted for more than half of these sales.
URA data show that the momentum continued into October, when developers sold a record 2,424 new private homes—the highest monthly tally in 2025. The CCR accounted for 724 units, or nearly 30 per cent of total sales, with Skye at Holland contributing 91.4 per cent of transactions in the region.
Huttons Asia chief executive Mark Yip noted that Singaporeans made up 86.7 per cent of buyers in October, while permanent residents accounted for 12 per cent and foreigners just 1.3 per cent.
Of the 49 homes sold in the S$5 million to S$6 million range, 31 were purchased by Singaporeans, 13 by permanent residents and only five by foreigners. Four units transacted above S$10 million, three of which were bought by Singaporeans and one by a PR. The latter deal set a record price of S$6,501 psf for a leasehold unit at the Aman-branded Skywater Residences, Yip added.
Yip attributed the rise in local high-end buying to several factors. Following the doubling of Additional Buyer’s Stamp Duty (ABSD) in April 2023, some foreigners may have opted to obtain Singapore citizenship before purchasing property. At the same time, geopolitical uncertainties have underscored Singapore’s appeal as a stable and safe haven.
He also cited Henley & Partners’ Private Wealth Migration Report, which estimates that 4,100 millionaires relocated to Singapore over the past two years. Combined with a strong Singapore dollar, relatively low interest rates and a sharp increase in household cash balances, Singaporeans now have greater capacity to view prime real estate as a long-term store of value.
“At the ultra-luxury level above S$10 million, demand is increasingly driven by Singaporeans and permanent residents rather than foreigners,” Yip said, adding that he expects this segment to remain locally dominated.
Nonetheless, foreign interest has not vanished entirely. Yip pointed to a Cambodian buyer who paid about S$5.1 million for a unit at One Marina Gardens, noting that some foreign buyers remain willing to absorb the 60 per cent ABSD due to Singapore’s political stability and strong currency.
ERA Singapore chief executive Marcus Chu said local demand for luxury homes may also be supported by newly minted citizens and permanent residents. However, he expects ultra-luxury properties to transact at a more measured pace.
With a substantial pipeline of launches expected in 2026, the depth of local demand could be tested. Upcoming CCR developments such as Newport Residences, River Modern and GLS sites at Dunearn Road and Holland Link are likely to see luxury units priced above S$5 million, with larger homes such as penthouses potentially exceeding S$10 million, Chu said.