Landed vs Condo Price Ratio: What the Chart Shows

Landed homes have outpaced condos since 2009. In Q3 2026 the landed index divided by the non-landed index stood at 1.25.

Latest: Ratio 1.25 (Q3 2026), up 6.5% on Q3 2025. 10-year average 1.17 (Q4 2016 to Q3 2026).

Table view

Period	Landed index / non-landed index
Q3 2026	1.25
Q2 2026	1.23
Q1 2026	1.20
Q4 2025	1.22
Q3 2025	1.17
Q2 2025	1.17
Q1 2025	1.15
Q4 2024	1.16
Q3 2024	1.19
Q2 2024	1.24
Q1 2024	1.22
Q4 2023	1.20
Q3 2023	1.17
Q2 2023	1.25
Q1 2023	1.22
Q4 2022	1.19
Q3 2022	1.18
Q2 2022	1.22
Q1 2022	1.22
Q4 2021	1.17
Q3 2021	1.19
Q2 2021	1.16
Q1 2021	1.18
Q4 2020	1.13
Q3 2020	1.19
Q2 2020	1.15
Q1 2020	1.15
Q4 2019	1.15
Q3 2019	1.11
Q2 2019	1.11
Q1 2019	1.13
Q4 2018	1.11
Q3 2018	1.14
Q2 2018	1.11
Q1 2018	1.10
Q4 2017	1.13
Q3 2017	1.13
Q2 2017	1.12
Q1 2017	1.13
Q4 2016	1.15
Q3 2016	1.13
Q2 2016	1.15
Q1 2016	1.16
Q4 2015	1.17
Q3 2015	1.19
Q2 2015	1.18
Q1 2015	1.18
Q4 2014	1.18
Q3 2014	1.18
Q2 2014	1.20
Q1 2014	1.21
Q4 2013	1.20
Q3 2013	1.20
Q2 2013	1.21
Q1 2013	1.22
Q4 2012	1.22
Q3 2012	1.22
Q2 2012	1.21
Q1 2012	1.21
Q4 2011	1.21
Q3 2011	1.21
Q2 2011	1.20
Q1 2011	1.17
Q4 2010	1.15
Q3 2010	1.11
Q2 2010	1.05
Q1 2010	1.03
Q4 2009	1.00
Q3 2009	0.99
Q2 2009	1.00
Q1 2009	1.00
Q4 2008	0.93
Q3 2008	0.92
Q2 2008	0.91
Q1 2008	0.91
Q4 2007	0.91
Q3 2007	0.93
Q2 2007	0.94
Q1 2007	0.95
Q4 2006	0.97
Q3 2006	0.99
Q2 2006	1.01
Q1 2006	1.01
Q4 2005	1.01
Q3 2005	1.02
Q2 2005	1.03
Q1 2005	1.03
Q4 2004	1.03
Q3 2004	1.04
Q2 2004	1.04
Q1 2004	1.04

Source: URA. Data to Q3 2026.

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Free to use on your site, with the credit link.

<iframe src="https://www.propwise.sg/embed/chart/price-landed-nonlanded-ratio/" title="Landed index divided by non-landed index" width="100%" height="600" style="border:0;width:100%;max-width:760px" loading="lazy"></iframe> <p><a href="https://www.propwise.sg/charts/prices-and-rents/#chart-price-landed-nonlanded-ratio">Chart: Propwise.sg</a></p> <script>window.addEventListener("message",function(e){var d=e.data;if(e.origin!=="https://www.propwise.sg"||!d||d.type!=="propwise-embed-height")return;document.querySelectorAll("iframe").forEach(function(f){if(f.contentWindow===e.source)f.style.height=Math.min(4000,d.height|0)+"px"})})</script>

The line has stayed above 1.1 since Q4 2010. Both indices start at 100 in the Q1 2009 base. A ratio of 1.25 means the landed index stands at 1.25 times the condo index.

How to read it

1. Above 1: landed has risen more than condos since 2009.
2. Rising line: landed is gaining on condos.
3. Falling line: condos are catching up.
4. Dotted line: the 10-year average. The ratio sits above it when the gap is wider than usual.

The ratio fell to 0.91 in Q4 2007, when condos led. It climbed above 1.2 by 2011 and reached 1.25 in Q2 2023. Q3 2026 set a new high at 1.25.

The two indices behind it

Both lines come from URA’s private residential price index. In Q3 2026 the landed index stood at 265.9 and the non-landed index at 212.7.

• Non-landed (condos and apartments)
• Landed (houses)

Latest: Non-landed 212.7 (Q3 2026), up 2.0% on Q3 2025; Landed 265.9 (Q3 2026), up 8.6% on Q3 2025.

Table view

Period	Non-landed (condos and apartments)	Landed (houses)
Q3 2026	212.7	265.9
Q2 2026	210.6	258.4
Q1 2026	210.8	252.1
Q4 2025	208.1	253.1
Q3 2025	208.5	244.8
Q2 2025	206.8	241.4
Q1 2025	205.4	236.2
Q4 2024	203.4	235.3
Q3 2024	197.5	235.5
Q2 2024	197.3	243.8
Q1 2024	196.1	239.3
Q4 2023	194.2	233.2
Q3 2023	189.8	222.9
Q2 2023	185.7	231.2
Q1 2023	186.8	228.7
Q4 2022	182.1	216.0
Q3 2022	181.6	214.7
Q2 2022	173.9	211.3
Q1 2022	167.9	205.3
Q4 2021	168.4	197.0
Q3 2021	159.9	189.6
Q2 2021	158.8	184.8
Q1 2021	157.1	185.4
Q4 2020	153.3	173.8
Q3 2020	148.8	176.6
Q2 2020	148.7	170.3
Q1 2020	148.1	170.3
Q4 2019	149.6	171.8
Q3 2019	150.0	165.8
Q2 2019	148.1	164.2
Q1 2019	145.2	164.4
Q4 2018	146.8	162.6
Q3 2018	146.1	165.9
Q2 2018	146.1	162.2
Q1 2018	141.6	155.8
Q4 2017	135.6	152.9
Q3 2017	134.5	152.1
Q2 2017	133.7	150.3
Q1 2017	133.8	150.8
Q4 2016	133.8	153.6
Q3 2016	134.9	152.4
Q2 2016	136.5	156.6
Q1 2016	136.6	159.0
Q4 2015	137.4	160.8
Q3 2015	137.7	163.7
Q2 2015	139.8	164.4
Q1 2015	140.9	166.1
Q4 2014	142.5	167.6
Q3 2014	143.9	169.8
Q2 2014	144.5	172.9
Q1 2014	145.7	175.9
Q4 2013	147.6	177.1
Q3 2013	148.9	178.9
Q2 2013	148.0	178.4
Q1 2013	145.9	177.8
Q4 2012	144.8	177.0
Q3 2012	142.3	173.9
Q2 2012	141.6	171.9
Q1 2012	141.0	171.2
Q4 2011	141.2	171.0
Q3 2011	140.8	170.8
Q2 2011	139.2	166.9
Q1 2011	137.3	161.1
Q4 2010	135.0	155.1
Q3 2010	132.6	147.0
Q2 2010	130.5	136.4
Q1 2010	124.3	128.4
Q4 2009	118.4	118.6
Q3 2009	110.5	109.5
Q2 2009	95.3	95.3
Q1 2009	100.0	100.0
Q4 2008	117.8	110.1
Q3 2008	125.8	115.7
Q2 2008	129.0	117.8
Q1 2008	129.0	117.1
Q4 2007	124.4	112.7
Q3 2007	116.0	108.1
Q2 2007	107.1	100.6
Q1 2007	98.8	94.0
Q4 2006	93.8	91.3
Q3 2006	90.0	89.2
Q2 2006	87.2	88.2
Q1 2006	85.7	86.8
Q4 2005	84.4	85.6
Q3 2005	83.1	84.8
Q2 2005	81.9	84.1
Q1 2005	81.4	84.0
Q4 2004	80.8	83.6
Q3 2004	79.9	83.3
Q2 2004	79.6	83.0
Q1 2004	79.6	82.7

Source: URA. Data to Q3 2026.

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Free to use on your site, with the credit link.

<iframe src="https://www.propwise.sg/embed/chart/price-landed-nonlanded/" title="Private landed and non-landed home prices" width="100%" height="626" style="border:0;width:100%;max-width:760px" loading="lazy"></iframe> <p><a href="https://www.propwise.sg/charts/prices-and-rents/#chart-price-landed-nonlanded">Chart: Propwise.sg</a></p> <script>window.addEventListener("message",function(e){var d=e.data;if(e.origin!=="https://www.propwise.sg"||!d||d.type!=="propwise-embed-height")return;document.querySelectorAll("iframe").forEach(function(f){if(f.contentWindow===e.source)f.style.height=Math.min(4000,d.height|0)+"px"})})</script>

The ratio is the first line divided by the second, so it moves when either one moves. A flat ratio can hide two rising lines.

Our full piece, Landed vs Condo Prices: 4 Reasons the Gap Widened, sets out the reasons analysts give. To compare private homes with public housing, see which has performed better.

Source: URA. Data to Q3 2026.