Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
HDB resale flat costs charted their 21st succeeding quarter of progress in 2Q2025, rising 0.9% q-o-q, flash estimations present. Nevertheless, the price buildup is weaker compared to the 1.6% and 2.6% growth captured in the previous 2 quarters. It is also the weakest q-o-q rise from 2Q2020, mentions HDB in a July 1 launch.
Huttons estimates full-year HDB resale flat quantity to clock in between 26,000 and 28,000, while resale flat prices might expand between 4% and 6%.
In May, Minister for National Development Chee Hong Tat mentioned that the federal government may remove the 15-month wait-out duration for private residential property owners acquiring a non-subsidised HDB resale flat if resale prices in the HDB market continue to moderate. The wait-out time frame was introduced by the government back in September 2022 as part of a collection of property cooling actions.
Huttons’ Lee notes that over 8,000 flats are going to be launched for sale under the July BTO and SBF exercises. This, together with an increase in the appropriation quota for second-timer families acquiring three-room or larger BTO units, might draw much more buyers to the BTO launch, alleviating supply pressure in the resale market. Additionally, private property owners wanting to downgrade might hold back from buying a resale flat while the government evaluates the 15-month wait-out duration, he opines.
Wong Siew Ying, head of research and content at PropNex Realty, echoes the belief. “With HDB resale rates potentially rising at the slowest clip in five years in 2Q2025 and three back-to-back quarters of softer price increases lately, we think it is timely for the government to seriously consider getting rid of the 15-month wait-out duration this year, which will assist previous private property owner to right-size to an HDB resale flat,” she says.
The slower resale price development last quarter was shown across most flat types, claims Christine Sun, primary scientist and planner at Realion Group. Citing HDB resale caveat data, Sun emphasize that average costs for 4- and five-room apartments increased by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth logged in the first quarter. Similarly, two- and three-room flat prices rose 1.4% and 2.1% q-o-q, lessening from 1.5% and 2.2% in the previous quarters.
Reselling flat volume totalled 6,981 deals last quarter, based upon HDB data up to June 29. This is 5% less than the 7,352 deals registered over the exact same duration in 2024. The smaller quantity is most likely due to minimal reselling flat supply, says Lee Sze Teck, elderly supervisor of data analytics at Huttons Asia.
Looking ahead, resale flat prices are going to carry on growing decently for the remainder of the year, backed by steady financial fundamentals and decreasing interest rates, predicts Realion’s Sun. At the same time, an increase in general flat supply will offer more alternatives for purchasers, tempering any type of considerable rate increases, she says.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity usually observed in the 2nd and third quarters, Lee notes. Additionally, the absence of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises may have further contributed to the 2Q2025 quantity.
Huttons’ Lee highlights that million-dollar flat bargains remained to expand in 2Q2025, with 408 such purchases tape-recorded. This is 17.2% greater than the previous quarter, and represents about 6% of total resale amount. “The average rate of such apartments was $1.14 million in 2Q2025, inching up by 0.7% from the last quarter’s $1.13 million,” he proceeds.
On the other hand, the standard rate of executive apartments climbed 3.8% q-o-q in 2Q2025, boosting from a 1.5% gain the quarter before. The quicker pace was underpinned by a pick-up in executive flat transactions following 2 consecutive quarters of decrease, claims Sun. “Furthermore, roughly a third or 116 units of the 414 executive flats were transacted at high costs of a minimum of a million dollars in 2Q2025,” she adds.
Resale costs have now expanded 2.5% since the start of the year, less than the 4.2% rise registered in the first half of 2024, observes Mohan Sandrasegeran, head of research and information analytics at Singapore Realtors Inc (SRI). “With the continuous easing of HDB resale costs, there is expanding anticipation that the authorities might assess or raise the existing 15-month wait-out period for private property owners,” he mentions.
