Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
HDB resale flat rates charted their 21st continuous quarter of expansion in 2Q2025, increasing 0.9% q-o-q, flash estimates present. However, the price progress is more relaxed matched up to the 1.6% and 2.6% growth recorded in the past 2 quarters. It is also the least q-o-q boost ever since 2Q2020, mentions HDB in a July 1 launch.
On the other hand, the standard rate of executive flats climbed up 3.8% q-o-q in 2Q2025, increasing from a 1.5% gain the quarter before. The faster pace was underpinned by a pick-up in executive flat transactions following 2 successive quarters of decline, says Sun. “Furthermore, around a third or 116 units of the 414 executive apartments were negotiated at high rates of at least a million bills in 2Q2025,” she adds.
Huttons’ Lee notes that over 8,000 flats are going to be launched for sale under the July BTO and SBF exercises. This, in addition to an increase in the appropriation quota for second-timer families getting three-room or bigger BTO units, can attract more buyers to the BTO launch, alleviating supply pressure in the resale market. Additionally, personal property owners seeking to downgrade might hold back from buying a resale flat while the government reviews the 15-month wait-out duration, he says.
Looking ahead, resale flat costs will proceed expanding modestly for the remainder of the year, backed by steady economic basics and declining interest rates, predicts Realion’s Sun. At the same time, a rise in total level supply will give more options for customers, tempering any kind of considerable price increases, she states.
In May, Minister for National Development Chee Hong Tat stated that the federal government might remove the 15-month wait-out duration for private property owners acquiring a non-subsidised HDB resale level if resale costs in the HDB market continue to regulate. The wait-out duration was introduced by the authorities back in September 2022 as part of a series of property cooling measures.
Huttons’ Lee highlights that million-dollar level deals remained to expand in 2Q2025, with 408 such deals taped. This is 17.2% greater than the previous quarter, and represents about 6% of overall resale volume. “The average price of such apartments was $1.14 million in 2Q2025, inching up by 0.7% from the last quarter’s $1.13 million,” he proceeds.
The reduced resale price growth last quarter was reflected across most flat kinds, says Christine Sun, chief researcher and strategist at Realion Group. Citing HDB resale caveat information, Sun highlights that average costs for 4- and five-room flats increased by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth visited the first quarter. Additionally, two- and three-room flat prices rose 1.4% and 2.1% q-o-q, easing from 1.5% and 2.2% in the last quarters.
Huttons estimates full-year HDB resale flat volume to clock in between 26,000 and 28,000, whilst resale flat costs can expand in between 4% and 6%.
Nonetheless, resale volume expanded 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity typically seen in the second and 3rd quarters, Lee notes. Additionally, the absence of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises might have further added to the 2Q2025 amount.
Wong Siew Ying, head of research and content at PropNex Realty, echoes the sentiment. “With HDB resale prices perhaps increasing at the slowest clip in 5 years in 2Q2025 and 3 back-to-back quarters of softer price increases recently, we think it is timely for the government to seriously take into consideration eliminating the 15-month wait-out period this year, which will assist previous private homeowner to right-size to an HDB resale flat,” she says.
Resale rates have now expanded 2.5% since the beginning of the year, less than the 4.2% boost registered in the initial half of 2024, observes Mohan Sandrasegeran, head of research and information analytics at Singapore Realtors Inc (SRI). “With the ongoing easing of HDB resale rates, there is expanding anticipation that the authorities may assess or lift the existing 15-month wait-out period for private property owners,” he notes.
Resale flat volume completed 6,981 purchases last quarter, based upon HDB information up to June 29. This is 5% less than the 7,352 deals logged over the exact same duration in 2024. The much smaller volume is most likely because of minimal reselling flat supply, claims Lee Sze Teck, senior supervisor of data analytics at Huttons Asia.
