Market Data · 9 min read
Singapore Landed Property Price Trends 2024–2026
URA Property Price Index data and on-the-ground transaction observations across 2024 and into early 2026. Where the rises were real, where the headlines exaggerated, and what 2026 looks poised to do.
Singapore landed property has been one of the most resilient asset classes through the post-2023 cycle. The April 2023 ABSD recalibration sharply curbed foreign buying. The cooling measures of 2022 had already trimmed marginal speculation. Yet landed transaction prices held up — and in several segments, continued to rise.
URA PPI: The Index View
URA’s Property Price Index (Landed) measures price movement across detached, semi-detached, and terrace homes. From Q1 2020 to Q4 2024, the landed index rose by roughly 30–38% cumulatively — an annualised average of 5–7%. 2024 itself saw landed PPI rise around 5%, slower than 2021’s breakneck pace but still solidly positive.
Within that aggregate, segments diverged. Detached homes (including GCBs) outperformed semi-detached, and semi-detached outperformed terrace. The widest divergence has been in District 10 and 11 GCB plots, where fixed supply and persistent demand pushed land psf to historical highs in late 2024.
Segment Breakdown (2024 Indicative)
| Segment | 2024 YoY Range | Notes |
|---|---|---|
| GCB plots (D10/11) | +6 to +9% | Fixed supply, lowest transaction volume but highest price firmness |
| Detached (non-GCB, prime) | +5 to +7% | D10/11/21, family-buyer driven |
| Semi-detached (premium) | +4 to +6% | D10/11/21, slowing relative to detached |
| Conservation shophouse | +5 to +8% | D14/15, heritage premium expanding |
| Mid-tier semi-D / terrace | +3 to +5% | D13/19/20, steady volume |
| Outer landed (D26/27/28) | +2 to +4% | Slowest segment, partial leasehold drag |
Sources: URA caveat data, EdgeProp / SRX market reports, observed transactions. Indicative ranges only.
Three Drivers Pushing 2026 Prices
1. Fixed supply. URA has not zoned new landed plots in mainland Singapore for over a decade. Net new landed stock is zero — demolition-and-rebuild adds nothing to inventory. With Singapore’s population continuing to grow, the structural supply-demand mismatch puts a floor under landed prices.
2. Replacement-cost inflation. Construction costs have risen since 2021. A new-build today costs 25–40% more per psf than the same build in 2020. This lifts the replacement value of existing landed homes, which supports market prices — you can’t rebuild for what you’d need to. See our 2026 Construction Cost brief for current psf rates.
3. ABSD-driven channel substitution. Higher ABSD on second properties has pushed some buyers toward upgrading their primary residence rather than acquiring an additional one. The result: landed segment activity from Singaporean owner-occupiers has remained firm, even as foreign buying slowed.
2026 Outlook — What We’re Watching
Three things to track over the rest of 2026:
Interest-rate path. Mortgage rates remain a key affordability driver for landed buyers. A return to lower rates would lift transaction volumes; sustained higher rates would dampen.
GCB transaction velocity. GCB sales have been quiet by historical standards. A pickup in GCB transactions typically signals confidence at the top of the market, which percolates downward.
Construction cost trends. If construction costs stabilise or soften, the replacement-cost floor under landed prices weakens. We’re seeing some softening in steel and concrete pricing in early 2026, partially offset by labour cost pressure. Monitor.
What This Means for Owners
For owners considering whether to renovate, sell, or hold: the structural picture remains supportive of landed values. Renovation costs have stabilised somewhat after 2021–2022 spikes. If you have an A&A or rebuild project that’s been deferred, the case for proceeding now is reasonable — cost certainty is better, supply chains are smoother, and the market for finished landed product remains strong.
For owners considering buying: the lack of cooling measures in 2025 and the 2024 supply data both point to continued price firmness. The premium tier (GCB, prime detached, conservation shophouse) is where we’d focus a 5–10 year hold. The outer-tier 99-year leasehold landed segment has the most price uncertainty.
Frequently Asked Questions
Questions we hear most often.
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How have Singapore landed home prices moved in 2024-2026?
URA Property Price Index data for landed homes shows continued appreciation through 2024 and into early 2026, with annualised gains of roughly 4–7% across the broader landed segment. Detached and bungalow prices have outpaced semi-detached and terrace, driven by supply constraints (no new GCB land being zoned) and continued demand from high-net-worth Singaporean and PR buyers post-ABSD recalibration. -
Are GCB prices still rising in 2026?
Yes. GCB transaction volumes are lower (typical 30–50 transactions per year across all 39 areas) but per-psf prices remain firm, with prime areas like Nassim, Cluny, and Bin Tong Park transacting at S$2,500–S$4,000+ per psf of land. The fixed-supply dynamic — URA does not zone new GCB land — provides structural price support even when broader landed transaction volumes soften. -
How does ABSD affect landed property prices?
The April 2023 ABSD recalibration (rates lifted to 60% for foreigners, 30%-60% for second properties depending on residency) significantly slowed foreign buying activity. Local Singaporean and PR demand has stayed firm, partly because alternatives are limited — HDB resale supply is constrained and condo new-launch pricing has continued upward. Landed prices held up better than headline-only news suggested. -
Which Singapore landed segments are most resilient?
Three segments have shown the most resilience through 2024–2026: GCB plots in Districts 10/11 (fixed supply), conservation shophouses in Districts 14/15 (heritage premium plus restricted alteration), and freehold semi-detached in established estates in Districts 21 and 23 (family-buyer driven). Mid-tier 99-year leasehold landed in outer districts has shown more price softness. -
What is driving 2026 landed home prices?
Three structural drivers. First, supply: Singapore is not zoning new landed plots and net rebuild adds zero stock. Second, demand: high-net-worth Singaporean households from condo upgrade routes, plus persistent PR demand. Third, build cost: construction inflation has lifted replacement-cost economics, which puts a floor under existing landed prices because new-build alternatives have become more expensive (see our Construction Cost 2026 brief). -
Is 2026 a good year to renovate vs sell?
Depends on your reno scope and resale window. Light A&A and refresh adds value at a lower cost basis than 2022–2023 levels (steel, concrete pricing has softened slightly). Heavy renovation taking 18+ months locks you out of selling during the work; if your sales window is short, lighter A&A may make more sense. Get an honest valuation impact assessment before deciding — we can quote both A&A and rebuild on the same plot, see our framework.