Singapore is the most expensive market in our coverage per square metre and one of the most heavily managed. For foreign buyers the Singapore real estate market 2026 is a story of strong fundamentals offset by punitive buyer stamp duties; current stock is on the Singapore property page.
How expensive is it?
Survey figures put central prices at about $20,832 per m² in 2023 and outside-centre prices at about $12,664 per m², several times the levels in neighbouring Southeast Asian markets. The price-to-income ratio was 14.9 in 2024 and the price-to-rent ratio 30.4.
Average net pay was about $4,791 a month and a one-bedroom in the centre rented for roughly $3,253 a month (both 2023). Even with pay among the highest in Asia, most locals rely on public housing (HDB flats), which foreigners cannot buy. Private condominiums are the segment open to non-citizens; browse apartments in Singapore.
Returns are thin by design
Gross yield was 3.3% in 2024. Net of property tax, maintenance fees and vacancy, many owners earn little more than a bank deposit; the investment case has historically depended on capital appreciation and a stable currency. Rents have been elevated by limited supply and strong expatriate demand, but government-controlled land sales and completion pipelines can shift supply quickly.
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The cooling-measure wall
Foreign buyers pay an additional buyer's stamp duty (ABSD) that was raised to 60% in 2023 on top of ordinary stamp duty, a rate that makes pure speculation uneconomic. Landed homes are broadly off limits without special approval, and sellers pay stamp duty if they sell within a short holding period. Rules change; take current advice from a Singapore lawyer. Our buying guide for Singapore sets out the process, and the financing page explains lending limits.
| Indicator | Value | Year |
|---|---|---|
| GDP growth | 5.03% | 2025 |
| Output per person | $98,814 | 2025 |
| Mortgage rate (20 years) | 3.68% | 2023 |
| Unemployment | 2.82% | 2025 |
| Corporate tax | 17% | 2026 |
| VAT (GST) | 9% | 2026 |
Economy
GDP was about $604 billion in 2025, growing 5.03%, with output per person near $98,814. Unemployment was 2.82%, inflation 0.9%, and the population about 6.1 million. Government debt appears as 166% of GDP, but this is largely bonds issued for reserves and investment rather than deficit financing, so do not read it as a stress signal.
A year-by-year view of the economy matters less to buyers than liquidity in the segment you pick: prime and core-central condos trade frequently, while suburban leasehold resale units can take longer to sell.
Risks and outlook
- Policy: the state can alter duties, loan limits and land supply at short notice.
- Leasehold decay: many private homes are 99-year leasehold, so value declines as the lease shortens.
- Concentration: the market depends on finance and trade flows.
- Entry cost: ABSD and stamp duty add heavily to the real price paid.
For most overseas buyers Singapore is a wealth-preservation market rather than an income market. Check land and landed property rules, and compare houses in Singapore options, before choosing a segment. Run the numbers in the mortgage calculator.
Last updated 8 October 2026