Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
HDB resale flat rates charted their 21st succeeding quarter of expansion in 2Q2025, increasing 0.9% q-o-q, flash assessments show. Nevertheless, the rate buildup is slower matched up to the 1.6% and 2.6% development captured in the former two quarters. It is also the weakest q-o-q boost since 2Q2020, mentions HDB in a July 1 release.
Huttons’ Lee highlights that million-dollar level offers continued to expand in 2Q2025, with 408 such transactions recorded. This is 17.2% more than the previous quarter, and represents regarding 6% of total resale volume. “The typical price of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the previous quarter’s $1.13 million,” he continues.
Looking forward, resale flat rates will carry on growing modestly for the remainder of the year, backed by secure economic fundamentals and declining interest rates, predicts Realion’s Sun. At the same time, a rise in overall level supply will provide more choices for customers, tempering any kind of substantial cost increases, she says.
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Resale costs have now grown 2.5% since the beginning 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 continuous easing of HDB resale rates, there is growing anticipation that the authorities may review or lift the present 15-month wait-out period for private property owners,” he notes.
Huttons’ Lee notes that over 8,000 flats will be launched for sale under the July BTO and SBF exercises. This, along with an increase in the allowance quota for second-timer families acquiring three-room or larger BTO units, might draw a lot more buyers to the BTO launch, relieving supply pressure in the resale market. Furthermore, personal property owners seeking to downgrade might hold back from purchasing a resale flat while the government reviews the 15-month wait-out period, he suggests.
Huttons estimates full-year HDB resale flat quantity to appear between 26,000 and 28,000, whilst resale flat rates could expand between 4% and 6%.
Wong Siew Ying, head of research and content at PropNex Realty, echoes the view. “With HDB resale rates potentially increasing at the slowest clip in five years in 2Q2025 and three back-to-back quarters of softer price boosts lately, we believe it is timely for the government to seriously consider removing the 15-month wait-out duration this year, which will help former private property owner to right-size to an HDB resale flat,” she says.
On the other hand, the standard price of exec apartments climbed 3.8% q-o-q in 2Q2025, boosting 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 decrease, says Sun. “Moreover, around a third or 116 units of the 414 executive apartments were negotiated at high rates of a minimum of a million dollars in 2Q2025,” she adds in.
The slower resale price development last quarter was shown across most flat kinds, states Christine Sun, chief scientist and planner at Realion Group. Citing HDB resale caveat information, Sun emphasize that average prices for four- and five-room flats enhanced by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth logged in the initial 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.
Reselling flat volume amounted to 6,981 purchases last quarter, based on HDB data approximately June 29. This is 5% less than the 7,352 deals registered over the very same period last year. The smaller quantity is most likely due to minimal resale flat stock, claims Lee Sze Teck, senior supervisor of information 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 normally observed in the 2nd and third quarters, Lee notes. Additionally, the absence of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises might have further contributed to the 2Q2025 volume.
In May, Minister for National Development Chee Hong Tat mentioned that the federal government might get rid of the 15-month wait-out period for private home proprietors acquiring a non-subsidised HDB resale level if resale prices in the HDB market continue to moderate. The wait-out period was presented by the state back in September 2022 as part of a collection of property cooling measures.
