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 continuous quarter of progress in 2Q2025, rising 0.9% q-o-q, flash assessments present. However, the price buildup is more relaxed matched up to the 1.6% and 2.6% development documented in the past two quarters. It is also the weakest q-o-q rise since 2Q2020, shares HDB in a July 1 release.
Resale prices have now grown 2.5% since the begin of the year, lower than the 4.2% boost registered in the first half of 2024, observes Mohan Sandrasegeran, head of research and information analytics at Singapore Realtors Inc (SRI). “With the continued easing of HDB resale costs, there is growing anticipation that the authorities may examine or raise the present 15-month wait-out period for private property owners,” he notes.
On the other hand, the standard rate of executive flats climbed up 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 two consecutive quarters of decline, states Sun. “Furthermore, around a third or 116 units of the 414 executive flats were negotiated at high prices of a minimum of a million bills in 2Q2025,” she adds.
In May, Minister for National Development Chee Hong Tat stated that the federal government might eliminate the 15-month wait-out period for private property owners purchasing a non-subsidised HDB resale level if resale rates in the HDB market remain to regulate. The wait-out period was presented by the government back in September 2022 as part of a series of real estate cooling measures.
Wong Siew Ying, head of research and content at PropNex Real estate, echoes the belief. “With HDB resale rates perhaps increasing at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer price increases just recently, we assume it is timely for the government to seriously think about getting rid of the 15-month wait-out time period this year, which will assist former private property owner to right-size to an HDB resale flat,” she says.
Looking up front, resale flat prices will continue growing modestly for the remainder of the year, backed by secure economic fundamentals and decreasing interest rates, predicts Realion’s Sun. At the same time, an increase in general level supply will offer more choices for customers, tempering any considerable cost increases, she claims.
Huttons’ Lee highlights that million-dollar level bargains continued to expand in 2Q2025, with 408 such deals recorded. This is 17.2% more than the previous quarter, and represents about 6% of total resale amount. “The typical rate of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the past quarter’s $1.13 million,” he proceeds.
The weaker resale price growth last quarter was echoed across most flat kinds, states Christine Sun, chief researcher and planner at Realion Group. Citing HDB resale caveat data, Sun emphasize that average costs for four- and five-room condos raised 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, easing from 1.5% and 2.2% in the past quarters.
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 buying three-room or bigger BTO units, can attract more buyers to the BTO launch, easing supply pressure in the resale market. Furthermore, private property owners seeking to downgrade might hold back from getting a resale flat while the government examines the 15-month wait-out duration, he opines.
Huttons quotes full-year HDB resale flat amount to appear between 26,000 and 28,000, whilst resale flat prices could grow between 4% and 6%.
Reselling flat quantity totalled 6,981 deals last quarter, based on HDB information approximately June 29. This is 5% less than the 7,352 deals logged over the very same period last year. The smaller volume is most likely as a result of restricted reselling flat supply, says Lee Sze Teck, senior supervisor of data analytics at Huttons Asia.
Nonetheless, resale volume expanded 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity usually observed 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 added to the 2Q2025 amount.
