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 mentioned that the government may get rid of the 15-month wait-out period for private property proprietors getting a non-subsidised HDB resale flat if resale prices in the HDB market continue to regulate. The wait-out period was introduced by the authorities back in September 2022 as part of a collection of property cooling actions.
Resale flat volume completed 6,981 transactions last quarter, based upon HDB information up to June 29. This is 5% less than the 7,352 deals record over the same period last year. The much smaller volume is most likely as a result of restricted resale flat supply, claims Lee Sze Teck, elderly supervisor of data analytics at Huttons Asia.
Resale costs have now grown 2.5% since the beginning of the year, less than the 4.2% increase registered in the initial half of 2024, observes Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI). “With the continuous easing of HDB resale costs, there is expanding anticipation that the authorities may examine or raise the current 15-month wait-out period for private property owners,” he notes.
Huttons’ Lee highlights that million-dollar level deals remained to grow in 2Q2025, with 408 such transactions recorded. This is 17.2% more than the previous quarter, and stands for concerning 6% of total resale volume. “The average price of such flats 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 average price of executive apartments 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 deals following 2 consecutive quarters of decrease, claims Sun. “Furthermore, approximately a 3rd or 116 units of the 414 executive apartments were negotiated at high costs of at least a million bills in 2Q2025,” she adds.
HDB resale flat costs charted their 21st continuous quarter of progress in 2Q2025, increasing 0.9% q-o-q, flash estimates present. Nonetheless, the price growth is slower compared to the 1.6% and 2.6% growth documented in the previous two quarters. It is also the weakest q-o-q increase ever since 2Q2020, shares HDB in a July 1 release.
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, might attract much more buyers to the BTO launch, reducing supply pressure in the resale market. Additionally, personal property owners wanting to downgrade might hold back from buying a resale flat while the government assesses the 15-month wait-out period of time, he believes.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity normally observed in the second 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.
Wong Siew Ying, head of research study and content at PropNex Realty, mirrors the sentiment. “With HDB resale costs possibly increasing at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer rate increases lately, we believe it is timely for the government to seriously consider getting rid of the 15-month wait-out time period this year, which will assist previous private home owners to right-size to an HDB resale flat,” she says.
Huttons quotes full-year HDB resale flat quantity to appear between 26,000 and 28,000, while resale flat costs could expand between 4% and 6%.
Looking ahead, resale flat costs will continue growing decently for the remainder of the year, backed by stable economic basics and decreasing interest rates, predicts Realion’s Sun. At the same time, a rise in overall flat supply will supply even more options for purchasers, tempering any kind of significant price increases, she says.
The weaker resale price growth last quarter was shown across most flat types, says Christine Sun, chief scientist and planner at Realion Group. Citing HDB resale caveat information, Sun highlights that average prices 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 very 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.
