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. Nevertheless, the price buildup is weaker matched up to the 1.6% and 2.6% development documented in the former 2 quarters. It is also the lowest q-o-q rise from 2Q2020, shares HDB in a July 1 release.
Looking up front, resale flat rates are going to continue expanding decently for the remainder of the year, backed by steady financial fundamentals and declining interest rates, predicts Realion’s Sun. At the same time, an increase in overall level supply will provide more choices for customers, tempering any kind of substantial cost increases, she states.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity normally seen in the 2nd and third 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 amount.
Huttons’ Lee highlights that million-dollar level deals remained to grow in 2Q2025, with 408 such deals recorded. This is 17.2% more than the previous quarter, and represents concerning 6% of total resale amount. “The typical 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.
Reselling flat volume totalled 6,981 deals last quarter, based on HDB information up to June 29. This is 5% less than the 7,352 deals registered over the very same period last year. The smaller quantity is likely due to minimal reselling flat stock, says Lee Sze Teck, elderly supervisor of data analytics at Huttons Asia.
In May, Minister for National Development Chee Hong Tat specified that the federal government might get rid of 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 period was presented by the government back in September 2022 as part of a series of real estate cooling steps.
On the other hand, the common price of exec flats climbed 3.8% q-o-q in 2Q2025, accelerating from a 1.5% gain the quarter before. The faster pace was underpinned by a pick-up in executive flat purchases following 2 successive quarters of decline, states Sun. “Moreover, approximately a 3rd or 116 units of the 414 executive flats were negotiated at high costs of a minimum of a million bills in 2Q2025,” she adds in.
Huttons estimates full-year HDB resale flat quantity to appear between 26,000 and 28,000, whilst resale flat costs could grow in between 4% and 6%.
Resale prices have now expanded 2.5% since the start of the year, lower than the 4.2% increase 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 raise the current 15-month wait-out period for private property owners,” he mentions.
Wong Siew Ying, head of research study and content at PropNex Real estate, mirrors the sentiment. “With HDB resale prices possibly rising at the slowest clip in five years in 2Q2025 and three back-to-back quarters of softer cost rises recently, we think it is timely for the government to seriously think about getting rid of the 15-month wait-out duration this year, that will help former private homeowner to right-size to an HDB resale flat,” she says.
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 allocation quota for second-timer families acquiring three-room or bigger BTO units, might draw a lot more buyers to the BTO launch, relieving source pressure in the resale market. Furthermore, personal property owners aiming to downgrade might hold back from buying a resale flat while the government examines the 15-month wait-out duration, he opines.
The slower resale price development last quarter was echoed across most flat kinds, states Christine Sun, chief researcher and strategist at Realion Group. Citing HDB resale caveat data, Sun emphasize that average costs for 4- and five-room flats raised by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth logged in the very first quarter. Similarly, 2- and three-room flat prices rose 1.4% and 2.1% q-o-q, lessening from 1.5% and 2.2% in the last quarters.
