Why Singapore secondary home sales fell for two straight quarters

Secondary sales declined 9.6% to 3,400 units in Q1.

Singapore’s secondary private residential market softened further in Q1 2026, with transaction volumes falling for a second consecutive quarter amid weaker demand and a continued preference for primary launches, according to Savills.

Secondary sales declined 9.6% quarter-on-quarter to 3,400 units, following an 8.7% drop in the previous quarter. Savills attributed the contraction to fewer home completions and stronger buyer focus on the new sales market.

All three market segments recorded declines. The Core Central Region (CCR) fell 11.7% to 616 units, while the Rest of Central Region (RCR) dropped 11.4% to 996 units, both reaching their lowest levels since Q1 2024. The Outside Central Region (OCR) also softened, falling 7.7% to 1,788 units, its weakest performance since Q1 2024. Savills noted that the comparatively smaller decline in OCR reflects its lower entry price points, particularly as new launch prices continue to rise.

The broader non-landed residential market also weakened for a second straight quarter, with purchases by both Singaporeans and Permanent Residents (PRs) posting double-digit declines.

Singaporean buyers remained the dominant group but recorded a sharp 21.5% quarter-on-quarter drop to 3,920 units. PR purchases fell 19.7% to 761 units, reversing gains seen in the previous two quarters and marking the lowest level since Q1 2024.

Foreign demand, however, saw a slight uptick, rising 7.2% to 89 units from a low base. Savills cautioned that this marginal increase does not indicate a meaningful recovery in foreign participation, given the continued impact of the 60% Additional Buyer’s Stamp Duty (ABSD), which remains a key constraint on overseas demand.

As a result of shifting demand, Singaporeans accounted for 82.1% of non-landed transactions in Q1 2026, down 0.8 percentage points quarter-on-quarter. The PR and foreign buyer shares edged up marginally to 15.9% and 1.9% respectively, with the latter reaching its highest level since Q2 2023, when it stood at 4.0% prior to the ABSD increase in April 2023.

Savills said the data reflects a market increasingly shaped by selective demand, with secondary sales under pressure as buyers gravitate towards new launches and affordability considerations continue to influence segment preferences.