Singapore Property Market

Landed vs Non-Landed Home Prices: How the Gap Opened Since 2004

URA's price index shows landed homes up 7.0% in a year and condos up 1.8%. How to read the chart, how the two lines split after 2009, and its limits.

By Propwise5 min read

Landed home prices have pulled well ahead of condo prices in URA’s index. In Q2 2026 the landed index stood at 258.4, up 7.0% on a year earlier. The non-landed index (condos and apartments) stood at 210.6, up 1.8%.

Both start from the same base, Q1 2009 = 100. So the gap between them shows which grew faster.

Private landed and non-landed home pricesURA price index, Q1 2009 = 100. Quarterly.
  • Non-landed (condos and apartments)
  • Landed (houses)
Private landed and non-landed home prices. Two lines show private home prices from 2004. Both rise over the period, and the landed index ends above the non-landed index, at its highest level in the second quarter of 2026.100.0150.0200.0250.020052010201520202025Landed 258.4Non-landed 210.6Private landed and non-landed home prices. Two lines show private home prices from 2004. Both rise over the period, and the landed index ends above the non-landed index, at its highest level in the second quarter of 2026.100.0150.0200.0250.020052010201520202025

Latest: Non-landed 210.6 (Q2 2026); Landed 258.4 (Q2 2026).

Table view
PeriodNon-landed (condos and apartments)Landed (houses)
Q2 2026210.6258.4
Q1 2026210.8252.1
Q4 2025208.1253.1
Q3 2025208.5244.8
Q2 2025206.8241.4
Q1 2025205.4236.2
Q4 2024203.4235.3
Q3 2024197.5235.5
Q2 2024197.3243.8
Q1 2024196.1239.3
Q4 2023194.2233.2
Q3 2023189.8222.9
Q2 2023185.7231.2
Q1 2023186.8228.7
Q4 2022182.1216.0
Q3 2022181.6214.7
Q2 2022173.9211.3
Q1 2022167.9205.3
Q4 2021168.4197.0
Q3 2021159.9189.6
Q2 2021158.8184.8
Q1 2021157.1185.4
Q4 2020153.3173.8
Q3 2020148.8176.6
Q2 2020148.7170.3
Q1 2020148.1170.3
Q4 2019149.6171.8
Q3 2019150.0165.8
Q2 2019148.1164.2
Q1 2019145.2164.4
Q4 2018146.8162.6
Q3 2018146.1165.9
Q2 2018146.1162.2
Q1 2018141.6155.8
Q4 2017135.6152.9
Q3 2017134.5152.1
Q2 2017133.7150.3
Q1 2017133.8150.8
Q4 2016133.8153.6
Q3 2016134.9152.4
Q2 2016136.5156.6
Q1 2016136.6159.0
Q4 2015137.4160.8
Q3 2015137.7163.7
Q2 2015139.8164.4
Q1 2015140.9166.1
Q4 2014142.5167.6
Q3 2014143.9169.8
Q2 2014144.5172.9
Q1 2014145.7175.9
Q4 2013147.6177.1
Q3 2013148.9178.9
Q2 2013148.0178.4
Q1 2013145.9177.8
Q4 2012144.8177.0
Q3 2012142.3173.9
Q2 2012141.6171.9
Q1 2012141.0171.2
Q4 2011141.2171.0
Q3 2011140.8170.8
Q2 2011139.2166.9
Q1 2011137.3161.1
Q4 2010135.0155.1
Q3 2010132.6147.0
Q2 2010130.5136.4
Q1 2010124.3128.4
Q4 2009118.4118.6
Q3 2009110.5109.5
Q2 200995.395.3
Q1 2009100.0100.0
Q4 2008117.8110.1
Q3 2008125.8115.7
Q2 2008129.0117.8
Q1 2008129.0117.1
Q4 2007124.4112.7
Q3 2007116.0108.1
Q2 2007107.1100.6
Q1 200798.894.0
Q4 200693.891.3
Q3 200690.089.2
Q2 200687.288.2
Q1 200685.786.8
Q4 200584.485.6
Q3 200583.184.8
Q2 200581.984.1
Q1 200581.484.0
Q4 200480.883.6
Q3 200479.983.3
Q2 200479.683.0
Q1 200479.682.7

Source: URA (via SingStat). Data to Q2 2026.

What the chart shows

Each line is URA’s private residential price index. One line is for landed houses and one is for non-landed homes.

URA publishes it quarterly, via SingStat. Both lines are set to 100 in Q1 2009.

The index uses a stratified hedonic regression. In plain words, it adjusts for differences between the homes sold. URA’s statistics exclude executive condominiums.

A reading of 258.4 means landed prices are about 158% above their Q1 2009 level. It does not mean a house costs S$258.4 of anything. Think of the index as a ruler, not a price tag.

The picture since 2004

The chart starts in Q1 2004. From then to Q2 2026 (final figures, as at 24 July 2026) the landed index rose from 82.7 to 258.4, up 212.5%. The non-landed index rose from 79.6 to 210.6, up 164.6% (URA’s series).

The landed index in Q2 2026 is its highest in a series that starts in 1975. The non-landed index peaked at 210.8 in Q1 2026 and was 0.1% lower in Q2 2026.

When the lines split

One way to see the gap is to divide the landed index by the non-landed index. It is not a price ratio. It shows how far one line has moved relative to the other.

QuarterLandedNon-landedLanded divided by non-landed
Q1 200482.779.61.04
Q4 2007112.7124.40.91
Q1 2009100.0100.01.00
Q4 2011171.0141.21.21
Q4 2017152.9135.61.13
Q2 2023231.2185.71.25
Q2 2026258.4210.61.23

The story has three parts.

  • 2004 to 2007: non-landed led. The non-landed index rose 56.3% from Q1 2004 to Q4 2007, the landed index 36.3%. The ratio fell below 1 in Q3 2006 and reached its low of 0.91 in Q4 2007.
  • 2007 to 2009: both fell, non-landed more. From Q4 2007 to Q1 2009 the landed index fell 11.3% and the non-landed index 19.6%.
  • 2009 to 2011: landed took off. From Q1 2009 to Q4 2011 the landed index rose 71.0% and the non-landed index 41.2%.

Since Q4 2010 the ratio has been above 1.1 in every one of the 63 quarters to Q2 2026. Its high so far is 1.25 in Q2 2023.

The data alone does not say why the gap opened. See the section below.

What changed in the last two years

From Q2 2024 to Q2 2026 the landed index rose 6.0% (243.8 to 258.4). The non-landed index rose 6.7% (197.3 to 210.6). Over two years the two moved by about the same amount, but not along the same path:

  • From Q2 2024 to Q4 2024 the landed index fell 3.5% (to 235.3) while the non-landed index rose 3.1% (to 203.4).
  • From Q4 2024 to Q2 2026 the landed index rose 9.8% and the non-landed index 3.5%.

Same start, same finish, different route. Think of two drivers who both reach Changi, one by the expressway and one by the scenic road.

Landed and non-landed home prices: change on a year earlierURA price indices, % change on the same quarter a year earlier. Quarterly, from 2019.
  • Non-landed (condos and apartments)
  • Landed (houses)
Landed and non-landed home prices: change on a year earlier. Two lines show the yearly change in landed and non-landed prices. Landed prices dipped below a year earlier in the first half of 2025 while non-landed prices rose by about 5 per cent, then landed growth rose to between 6 and 8 per cent from the end of 2025 as non-landed growth slowed to under 3 per cent.0.0%5.0%10.0%15.0%20192020202120222023202420252026Landed 7.0%Non-landed 1.8%Landed and non-landed home prices: change on a year earlier. Two lines show the yearly change in landed and non-landed prices. Landed prices dipped below a year earlier in the first half of 2025 while non-landed prices rose by about 5 per cent, then landed growth rose to between 6 and 8 per cent from the end of 2025 as non-landed growth slowed to under 3 per cent.0.0%5.0%10.0%15.0%20192020202120222023202420252026

Latest: Non-landed 1.8% (Q2 2026); Landed 7.0% (Q2 2026).

Change on the URA price indices: each final quarter against the same quarter a year earlier.

Table view
PeriodNon-landed (condos and apartments)Landed (houses)
Q2 20261.8%7.0%
Q1 20262.6%6.7%
Q4 20252.3%7.6%
Q3 20255.6%3.9%
Q2 20254.8%-1.0%
Q1 20254.7%-1.3%
Q4 20244.7%0.9%
Q3 20244.1%5.7%
Q2 20246.2%5.4%
Q1 20245.0%4.6%
Q4 20236.6%8.0%
Q3 20234.5%3.8%
Q2 20236.8%9.4%
Q1 202311.3%11.4%
Q4 20228.1%9.6%
Q3 202213.6%13.2%
Q2 20229.5%14.3%
Q1 20226.9%10.7%
Q4 20219.8%13.3%
Q3 20217.5%7.4%
Q2 20216.8%8.5%
Q1 20216.1%8.9%
Q4 20202.5%1.2%
Q3 2020-0.8%6.5%
Q2 20200.4%3.7%
Q1 20202.0%3.6%
Q4 20191.9%5.7%
Q3 20192.7%-0.1%
Q2 20191.4%1.2%
Q1 20192.5%5.5%

Source: URA (via SingStat). Data to Q2 2026.

The newest quarter is not yet final.

According to URA’s flash estimate for Q3 2026 (1 October 2026), landed prices rose 2.8% on the quarter. Non-landed prices rose 0.9%. A flash estimate can differ from the final figure.

For how the index is built and why flash estimates change, see our guide to the URA price index. To compare private and public housing, see which has performed better.

What is behind the gap between landed and condo prices

The index cannot say why the two lines differ. Analysts point to four forces.

1. Landed homes are scarce, and sellers know it.

PropNex’s Wong Siew Ying told Stacked Homes in June 2026 that limited supply of landed homes means sellers feel little pressure to cut prices. ERA’s Egan Mah calls the supply finite and a support for long-run prices (13 May 2026).

Condos are different.

URA says the Government is keeping private housing supply high. The 2026 Confirmed List has 9,320 units, more than 50% above the 10-year annual average. About 60,600 private units (including ECs) are due to complete in the next few years.

2. Foreigners cannot freely buy landed homes. This is a measured rule.

The Singapore Land Authority requires a foreign person, which includes permanent residents, to seek approval before buying landed property. Condo units need no such approval.

So landed demand rests mainly on citizens and approved buyers. Whether that makes landed prices steadier is a view, not something the index shows.

3. Wealthy owner-occupiers set the pace.

PropNex counted 869 landed deals in H1 2026, down from 1,009 in H1 2025. Yet 32.9% of non-GCB landed sales exceeded S$15 million, up from 25.5% in H2 2025 (as reported by Stacked Homes). ERA found 57.9% of Q1 2026 landed deals above S$5 million.

Fewer deals at higher prices means a few big sales can move the line. The index adjusts for home features, but a thin market is still noisy.

4. Condo prices are held back by supply and by the mix of sales. In Q2 2026 PropNex linked part of the non-landed dip to the mix of transactions. In Q3, Huttons’ Mark Yip said sales were supply-led and the lowest for a third quarter since 1998, as buyers delayed after recent rule changes.

Analysts do not agree on the next step. ERA expects landed prices to rise 5% to 7% in 2026, while PropNex projects 2% to 4%. Both are forecasts.

The 2009 to 2011 split in our table is older than any of these comments. A 2014 piece by Square Foot Research for EdgeProp gave similar reasons for that run: scarce land and owner-occupier demand. That is a view from the time, not proof.

price indexuraproperty price index

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