Does freehold always beat leasehold in Singapore?
In 12 months of URA resale deals, freehold condos did not always sell for more per sq ft than leasehold. What the gap looks like by district and lease age.
No. In URA resale caveats for the 12 months to Aug 2026, freehold condos and apartments had a median price of S$1,904 per sq ft. Condos on 99-year leases started in 2010 or later had S$1,866.
That is a 2% gap, and it hides a lot. “Freehold always wins” is easy to remember, but recent deals do not back it up.
They cover private non-landed resales (condos and apartments, not ECs) with one unit per caveat, from Sep 2025 to Aug 2026. A caveat is the notice a buyer lodges when a deal is signed.
The myth
A freehold title has no end date. A 99-year lease runs out. So the freehold home must be worth more, always.
The first half is true. The second half is a claim about prices, and prices can be checked. That is the nice thing about a myth: it has to show its receipts.
What the deals show
The headline split, by the year the lease started:
| Tenure | Resale deals | Median price per sq ft |
|---|---|---|
| Freehold | 3,765 | S$1,904 |
| 99-year lease, started 2010 or later | 4,921 | S$1,866 |
| 99-year lease, started 2000 to 2009 | 1,385 | S$1,653 |
| 99-year lease, started 1990 to 1999 | 1,246 | S$1,330 |
| 99-year lease, started before 1990 | 231 | S$1,161 |
Source: URA caveat data, as at Aug 2026 (deals Sep 2025 to Aug 2026). Medians move with the mix of projects sold.
From URA caveat data, as at August 2026. Medians are not adjusted for age, size, floor or location, and move with the mix of projects sold.
Two things stand out. Freehold had the highest median, but only just ahead of the newest leaseholds. And lease age matters a lot: the older the 99-year lease, the lower the price per sq ft.
That is the real pattern. Remaining lease shows up in prices. Freehold is only the far end of the same scale.
The same district, side by side
A national median mixes cheap and dear areas. A fairer test compares freehold and leasehold inside one district. We did that for 18 districts that had at least 30 freehold and 30 99-year leasehold deals in the period.
- Freehold had the higher median price per sq ft in 8 districts. Leasehold had it in the other 10.
- The middle district’s gap was about 2%, with freehold lower.
- The range ran from freehold 21% lower (District 14) to freehold 23% higher (District 26).
Now compare freehold only with leasehold started in 2010 or later. We used the 15 districts with at least 30 deals of each kind.
Freehold had the lower median in 14 of the 15. The middle gap was freehold 10% lower.
Newer buildings sell for more per sq ft than older ones, and most freehold condos are older. So the test shows that tenure alone does not set the price.
Age, location and project quality all sit at the same table. Tenure just gets the loudest chair.
By region
By market segment, the picture changes again:
| Region | Freehold median | 99-year median |
|---|---|---|
| Core Central (CCR) | S$2,283 | S$2,037 |
| Rest of Central (RCR) | S$1,811 | S$2,013 |
| Outside Central (OCR) | S$1,615 | S$1,552 |
Source: URA caveat data, as at Aug 2026 (deals Sep 2025 to Aug 2026).
Freehold led in the core central and outside central regions. In the rest of central, leasehold led.
The RCR has many newer projects on 99-year leases, which is one likely reason.
What to check for a specific home
This list is neutral.
- The exact tenure and lease start year, on the caveat and the title.
- Recent deals in the same project or nearby projects of similar age and size.
- How lease age affects financing. For HDB flats, see our lease decay study. For private homes, ask your bank how it treats a shorter remaining lease.
- Your own horizon. Our guide on 60-year leasehold condos sets out how holding period changes the question.
