Landed transactions fell across the board in H1 2026, yet prices held firm and a third of non-GCB deals crossed $15 million. PropNex's data explains why sellers still hold the upper hand.
Landed home transaction volumes fell in H1 2026 compared to both H1 2025 and H2 2025, yet PropNex reports the market remains fundamentally healthy — prices are holding firm, and a growing share of non-GCB deals are crossing $15 million.
Nearly a third of the landed properties (valued at more than $10 million each) sold during the first six months of 2026 were priced above $15 million — a figure that excludes Good Class Bungalow (GCB) deals. According to a market report by PropNex Realty, 32.9% of landed homes sold since January transacted for more than $15 million, and 2.4% of total landed home sales (excluding GCBs) exceeded $30 million. That share has climbed from 25.5% in the second half of 2025.
Excluding GCB sales, the landed market recorded 82 transactions worth nearly $1.2 billion in H1 2026 (as at 7 June) — up 19.3% in value from the $990 million across 72 transactions in H1 2025. Across the entire landed segment, including GCBs, there were 869 transactions worth a combined $5.4 billion in H1 2026. That's down from 1,009 transactions worth $5.78 billion in H1 2025, and further down from 1,139 transactions worth $6.95 billion in H2 2025.
Henry Benjamin Lim, PropNex's head of GCB and Prestige Landed — who brings 28 years of experience and has personally transacted over $1 billion in high-value properties — says concerns over higher energy costs, economic uncertainty, and the risk of elevated interest rates may have prompted some buyers to defer purchase decisions. He also points to a mismatch between buyer and seller price expectations: some purchasers expect prices to moderate amid economic headwinds, while some owners remain reluctant to lower their asking prices.
According to URA data, landed home prices rose for four consecutive quarters in 2025, culminating in a 7.6% increase in average landed home price for the full year — a sharp acceleration from just 0.9% growth in 2024. That streak was interrupted in Q1 2026, when prices dipped 0.4% quarter-on-quarter, but PropNex still projects full-year 2026 landed price growth of around 2-4%.
| Quarter | CCR PSF | YoY | RCR PSF | YoY | OCR PSF | YoY |
|---|---|---|---|---|---|---|
| Q1 2025 | $2,304 | +12.6% | $2,054 | -0.9% | $1,742 | +7.8% |
| Q2 2025 | $2,106 | -7.6% | $2,160 | -1.8% | $1,750 | +4.5% |
| Q3 2025 | $2,362 | +10.2% | $2,163 | +7.5% | $1,734 | +4.0% |
| Q4 2025 | $2,562 | +15.1% | $2,438 | +11.9% | $1,846 | +6.9% |
| Q1 2026 | $2,439 | +5.9% | $2,328 | +13.3% | $1,829 | +5.0% |
| Q2 2026* | $2,546 | +20.9% | $2,299 | +6.4% | $1,909 | +9.1% |
*Preliminary, based on caveats lodged as at data cut-off. Average unit price on land area, by market segment. Source: PropNex Research, URA data.
CCR land prices rose 20.9% year-on-year in Q2 2026 to $2,546 psf — the steepest increase since Q2 2024's 43.1% spike. RCR land prices climbed 6.4% year-on-year to $2,299 psf, while OCR prices rose 9.1% to $1,909 psf.
Worth noting: the price mismatch is even more pronounced in the GCB segment specifically. Lim notes that some GCB purchasers expect prices to moderate amid economic headwinds and geopolitical uncertainty, while some GCB owners remain reluctant to lower their price expectations — a standoff that's slowing deal-making at the very top of the market without actually pushing prices down.
Wong Siew Ying, PropNex's head of research and content, says landed home prices are holding firm despite quieter market activity — a sign that demand remains intact and the market is fundamentally healthy. With limited supply and most landed homeowners in a strong financial position, sellers face little to no pressure to lower their asking prices; they can simply wait for an offer that bridges the price expectation gap.
Leasing activity across the landed segment — including GCBs and other high-end properties — stayed relatively muted in H1 2026, a trend PropNex attributes to heightened scrutiny of high-value transactions and tighter anti-money laundering checks since August 2023. Still, rents at the very top held firm: the highest-value rental deal of H1 2026 was a detached house in Dalvey Estate (District 10), commanding $65,000 a month — a $780,000 annual outlay. A detached house at Cove Way in Sentosa fetched the same $65,000 monthly rent when its lease was signed in March.
The number that stands out to me here isn't the price growth — it's the volume drop alongside it. Fewer deals but firmer prices tells you this isn't a market losing confidence, it's a market where sellers genuinely don't need to move. For anyone eyeing a landed purchase, that's an important signal: don't expect a softer market to translate into negotiating leverage just because fewer deals are closing. Limited supply plus financially secure sellers is a combination that keeps pricing power on their side, volume slowdown or not.
For sellers weighing whether now's the time to list: the data supports patience over urgency — you're not up against a buyer's market, and the mismatch PropNex describes cuts both ways. If your price expectations are grounded in where the market actually is (not where it was at the 2025 peak), you're in a reasonable position to hold out for the right offer rather than chase a quick sale.
Source: Stacked Homes, 28 June 2026, "Singapore's Landed Home Market Has Slowed In 2026 — So Why Is It Still A Sellers' Market?" by Timothy Tay, citing a market report by PropNex Realty and URA data. This article is for informational purposes only and does not constitute financial or investment advice.
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