1Q 2026 Landed Report: Demand Remains Resilient Despite Seasonal Dip in Prices

The landed home market has remained broadly resilient in 1Q 2026, despite the 0.4% decline in prices quarter-on-quarter (q-o-q). This decline can be attributed to a higher base from 4Q 2025, when prices grew 3.4% q-o-q previously. 

Demand for these homes remains fundamentally strong, as they are widely regarded as a long-term store of value and an important wealth asset. In addition, the prevailing interest rate environment continues to support buying confidence among high-income earners, thereby sustaining demand for landed homes. 

Landed homes continue to be viewed highly by local high-net-worth individuals due to their stability, offering both long-term capital preservation and appreciation potential. Beyond their prestige, they are valued for long-term capital preservation and growth, with the current lower interest rate environment further boosting demand among high-net-worth and high-income buyers. 

Landed Property Price Index and Transactions

The decline of 0.4% in prices this quarter is in line with fewer transactions seen. While the price decline meant a reversal of the 3.4% growth seen in 4Q 2025, the price index was still 6.7% higher year-on-year (y-o-y).

Based on URA caveats, there were just 428 transactions. This represents a 17.9% q-o-q and 1.8% y-o-y decrease in 1Q 2026.

Despite the moderation, the landed market remains resilient, with the downturn being attributed to a seasonal dip consistent with historical trends where activity typically slows in the first quarter. Lower landed home prices in 1Q can be attributed to a seasonal lull, similar to trends observed in previous years. This was particularly pronounced in 2026, when the Lunar New Year period was in February.

Buyers typically defer their home sale and purchases till after the festivities. Landed home purchases also tend to involve chain transactions, given the higher price quantum. Buyers often need to first dispose of an existing property before committing to a purchase, which adds complexity and lengthens decision timelines. As a result, both buyers and sellers are more likely to delay activity during festive periods, contributing to softer transaction volumes and price moderation in this quarter.

Chart 1: Landed Property Price Index and Transactions

Price Quantum 

Despite the dip in the landed home price index, more landed homes were sold at a higher price in 1Q 2026, as compared to 4Q 2025. 57.9% of transactions were above $5 million in 1Q 2026, compared to just 49.7% in the previous quarter. Thie higher prices may have made it more inaccessible for condominium owners to upgrade.  Most condo upgraders typically looked towards landed homes in the $2.5 million to $5 million price range. 

In terms of proportion, the price range of landed home transactions remained largely similar. However, there were more landed homes transacted for above $10 million.

Chart 2: Landed Price Quantum 4Q 2025 versus 1Q 2026

Generally, on a q-o-q basis, there were fewer transactions across all landed housing sub-markets. However, the market has observed resilient demand for Core Central Region (CCR) landed homes. This comes as the median price quantum has fallen across all landed housing types. 

Similarly, detached homes in the Rest of Central Region (RCR) saw a more significant median price quantum decrease, falling from $14.2 million in 4Q 2025 to $10.9 million in 1Q 2026. Sellers could have softened their stance on asking prices, allowing for the transactions to take place. 

The bulk of landed homes transacted were Terrace and Semi-detached houses in the Outside Central Region (OCR), with their median prices at $4.44 million and $5.75 million respectively. With non-landed home prices growing 1.3% q-o-q this quarter, it provided greater opportunities for condo owners to upgrade to a landed home. These prices proved to be a more accessible entry point into the landed market.

However, the smaller and less centrally located homes generally saw a dip in overall transactions amid higher median price quantum. While upgrader demand increased due to greater affordability from selling their condominiums, landed home sellers may have priced this into their asking price, raising price expectations. Therefore, the higher price quantum could have offset affordability gains, leading to fewer transactions.

Furthermore, uncertainties from the Middle East conflicts and potentially prolonged oil crisis may have kept some buyers on the sidelines. Even in the low-interest rate environment, some buyers may be taking a more cautious approach due to the higher price quantum and hence loan amount.

Nonetheless, landed homes continue to draw buyers’ interest if attractively priced. These homes, especially those with a 999-year leasehold or freehold tenure, are seen as safe and stable assets during uncertain times. Moreover, they provide long-term appreciation due to their finite supply and prestigious status.

Table 1: Transaction Volume and Median Price by Landed Property Type and Market Segment

Source: URA as of 5 May 2026, ERA Research and Market Intelligence

Purchasers Address Indicator

Amid rising landed housing prices, the proportion of HDB owners upgrading to landed properties continues to shrink further. In 1Q 2026, just 2.1% of landed home buyers recorded a HDB address, slightly higher than the 0.7% seen across 2025. 

Chart 3: Landed home buyer profile

In conclusion

The landed home market has taken a breather in 1Q 2026. While the seasonal lull did result in fewer transactions and lower prices, there is continued resilience of Singapore’s landed housing segment. 

For smaller, less centrally located landed homes, buyers and sellers are facing a pricing stand-off. Sellers are holding firm, while buyers remain cautious. However, this can be seen as a short-term market dynamic. Demand for landed homes remains fundamentally strong given their long-term value. Seen as an aspirational target amongst local homebuyers, prospective buyers would take the opportunity to upgrade should the opportunity arise.

On the other hand, owners of higher valued landed homes such as those in the CCR or larger detached homes have started to relent on asking prices, taking the opportunity to cash in on their profits.

The Middle East conflict may have resulted in some buyers taking a wait-and-see approach in the short term. However, Singapore’s government plans to grant citizenship to 25,000 to 30,000 foreigners annually over the next five years may boost demand, especially among those who are high or ultra-high net worth individuals.

While 2026 started on a slower note comparatively, the landed home market remains on track to reach ERA’s initial forecast of between 1,750 to 1,950 transactions, with price growth between 5% to 7% for the full year.