The Singapore luxury property market is undergoing a major change. Wealthy Singaporeans now dominate the Singapore luxury property market as foreign buyers pull back due to higher stamp duties. This rising local influence is reshaping buying patterns and setting the tone for upcoming ultra-luxury launches in 2026.
Singapore Luxury Property Market Sees Surge in Local Buyers
Recent data shows a sharp rise in domestic-led momentum within the Singapore luxury property market. In the third quarter of 2025, luxury home sales climbed more than 20 percent, driven mainly by affluent locals. From July to September, Singaporeans made up 76 percent of all homes priced at S$5 million and above in the Core Central Region, rising from 70 percent in the previous quarter.
Out of 171 luxury properties sold during this period, 130 went to local buyers. The pattern strengthened in October as Singaporeans accounted for 86.7 percent of all transactions. Among the 49 units sold between S$5 million and S$6 million, only five were purchased by foreigners. At the ultra-luxury tier above S$10 million, demand is now primarily led by Singaporeans and permanent residents.
Policy Shifts and Wealth Growth Drive the Singapore Luxury Property Market
Analysts point to several intersecting forces behind the transformation of the Singapore luxury property market. The doubling of Additional Buyer’s Stamp Duty for foreigners to 60 percent in April 2023 has become the strongest deterrent for overseas investors. At the same time, a firm Singapore dollar, sustained low interest rates, and the rapid growth of household cash reserves have strengthened locals’ ability to buy premium homes as a long-term store of value.
According to researchers, this wave of demand reflects the rising affluence of Singaporeans. With financial capacity increasing across upper-income households, the Singapore luxury property market is expected to continue leaning heavily on local buyers as the next cycle of high-end launches approaches.
