Landed property prices in Singapore

In Singapore, landed property prices have been experiencing significant growth due to several factors, including their exclusivity, scarcity, and the prestige associated with owning such properties.

Price Trends

As of the second quarter of 2024, the average per square foot (PSF) price for Freehold landed homes has increased substantially. For instance, the average PSF price for Freehold landed homes rose from $1,317 in Q2 2019 to $1,955 in Q2 2024, representing a 32.63% increase. In the Central region, this increase was even more pronounced, with a 35.9% rise from $1,503 to $2,346 over the same period.

For Leasehold landed homes, the average PSF price also grew, though at a slightly lower rate, increasing by 23.64% from $985 to $1,290 between Q2 2019 and Q2 2024.

Demand and Supply

The demand for landed properties remains strong, particularly among Singaporean buyers. Despite the increase in the Additional Buyer's Stamp Duty (ABSD) in April 2023, which imposed higher taxes on Permanent Residents and Foreigners, the demand from Singapore citizens has not been adversely affected. In 2024, nearly 99% of landed property sales were to Singapore citizens.

Regional Variations

Price trends vary across different regions in Singapore. For example, in the North-East region, the average PSF price for Freehold landed homes increased by 30.5% from $1,217 in Q2 2019 to $1,750 in Q2 2024.

Market Outlook

The scarcity of new landed developments, coupled with the exclusivity and prestige of these properties, continues to drive their value. The limited supply of landed homes, especially given the rarity of Government Land Sales (GLS) for landed properties, further enhances their appeal and value.

Overall, landed property prices in Singapore are expected to remain robust, driven by strong demand and the limited supply of these exclusive and highly valued properties.