SINGAPORE, Nov 23 — Affluent Singaporeans are increasingly dominating the nation’s high-end property market, snapping up luxury homes in prime districts as foreign buyers retreat in the face of higher stamp duties, according to the latest market data.
This domestic-led momentum, which saw luxury home sales jump by over 20 per cent in the third quarter of 2025, is now expected to shape the next wave of ultra-luxury launches in 2026, The Straits Times reported.
Market reports underscore a clear trend. From July to September, Singaporeans accounted for 76 per cent of all homes sold for S$5 million (RM15.9 million) or more in the core central region (CCR), up from 70 per cent in the previous quarter, according to a report by OrangeTee.
Of the 171 luxury properties sold in that period, 130 were bought by locals.
This surge continued into October, where Singaporeans made up 86.7 per cent of all buyers.
Of the 49 units sold for between S$5 million and S$ 6 million, only five were purchased by foreigners.
“At the ultra-luxury level priced above S$10 million, we are seeing more Singaporeans and Prs rather than foreigners driving demand,” said Mark Yip, CEO of Huttons Asia.
Analysts attribute the shift to a “confluence of factors.”
The doubling of the Additional Buyer’s Stamp Duty (ABSD) for foreigners to 60 per cent in April 2023 is the primary deterrent for overseas buyers.
Simultaneously, a strong Singapore dollar, low interest rates, and a sharp jump in household cash have given locals the “firepower” to invest in prime property as a long-term store of value.
“The strong local demand is a reflection of the growing affluence among Singaporeans,” said Christine Sun, chief researcher at OrangeTee.
