Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
In May, Minister for National Development Chee Hong Tat stated that the government might get rid of the 15-month wait-out duration for private residential property owners purchasing a non-subsidised HDB resale level if resale rates in the HDB market remain to moderate. The wait-out time frame was presented by the state back in September 2022 as part of a collection of real estate cooling procedures.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity usually seen in the second and 3rd quarters, Lee notes. Additionally, the lack of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises may have further contributed to the 2Q2025 volume.
Huttons quotes full-year HDB resale flat amount to appear between 26,000 and 28,000, while resale flat rates can grow in between 4% and 6%.
Huttons’ Lee highlights that million-dollar flat bargains continued to expand in 2Q2025, with 408 such purchases videotaped. This is 17.2% greater than the previous quarter, and represents regarding 6% of total resale amount. “The typical rate of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the previous quarter’s $1.13 million,” he proceeds.
The slower resale price development last quarter was reflected across most flat types, states Christine Sun, chief researcher and strategist at Realion Group. Citing HDB resale caveat data, Sun feature that average costs for 4- and five-room apartments boosted 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 past quarters.
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Resale costs have now expanded 2.5% since the beginning of the year, lower than the 4.2% boost registered in the very first half of 2024, observes Mohan Sandrasegeran, head of research and information analytics at Singapore Realtors Inc (SRI). “With the ongoing easing of HDB resale prices, there is expanding anticipation that the authorities may review or lift the existing 15-month wait-out period for private property owners,” he notes.
Reselling flat volume completed 6,981 purchases last quarter, based upon HDB information approximately June 29. This is 5% less than the 7,352 deals registered over the exact same duration last year. The smaller quantity is likely due to minimal reselling flat source, says Lee Sze Teck, elderly supervisor of information analytics at Huttons Asia.
Wong Siew Ying, head of research and content at PropNex Real estate, mirrors the view. “With HDB resale rates perhaps climbing at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer price rises recently, we believe it is timely for the government to seriously think about removing the 15-month wait-out period this year, that will help former private property owner to right-size to an HDB resale flat,” she says.
On the other hand, the standard cost of executive apartments climbed up 3.8% q-o-q in 2Q2025, accelerating 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 decline, states Sun. “Furthermore, roughly a third or 116 units of the 414 executive flats were negotiated at high prices of at least a million dollars 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, along with an increase in the allotment quota for second-timer families buying three-room or larger BTO units, could draw more buyers to the BTO launch, alleviating supply pressure in the resale market. Furthermore, private property owners wanting to downgrade might hold back from buying a resale flat while the government reviews the 15-month wait-out duration, he opines.
Looking ahead, resale flat prices are going to continue expanding modestly for the remainder of the year, backed by steady economic fundamentals and declining interest rates, predicts Realion’s Sun. At the same time, a rise in total flat supply will give more alternatives for customers, tempering any type of substantial rate increases, she says.
HDB resale flat prices charted their 21st consecutive quarter of expansion in 2Q2025, rising 0.9% q-o-q, flash assessments suggest. However, the price buildup is slower compared to the 1.6% and 2.6% development captured in the former 2 quarters. It is also the lowest q-o-q boost ever since 2Q2020, shares HDB in a July 1 launch.
