Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
The slower resale price growth last quarter was reflected across most flat kinds, claims Christine Sun, chief scientist and strategist at Realion Group. Citing HDB resale caveat information, Sun highlights that average costs for four- and five-room apartments increased by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth visited the first quarter. Additionally, 2- 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.
Wong Siew Ying, head of research study and content at PropNex Realty, echoes the sentiment. “With HDB resale prices perhaps increasing at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer cost boosts just recently, 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 estimates full-year HDB resale flat quantity to appear between 26,000 and 28,000, while resale flat prices could expand between 4% and 6%.
Nonetheless, resale volume expanded 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity typically observed in the second and third quarters, Lee notes. Additionally, the absence of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises may have further contributed to the 2Q2025 amount.
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 purchasing three-room or bigger BTO units, can draw a lot more buyers to the BTO launch, alleviating source pressure in the resale market. Additionally, personal property owners seeking to downgrade may hold back from acquiring a resale flat while the government examines the 15-month wait-out duration, he says.
In May, Minister for National Development Chee Hong Tat specified that the federal government may get rid of the 15-month wait-out period for private residential property owners buying a non-subsidised HDB resale flat if resale prices in the HDB market remain to control. The wait-out time frame was presented by the state back in September 2022 as part of a series of property cooling procedures.
Huttons’ Lee highlights that million-dollar level bargains continued to expand in 2Q2025, with 408 such deals videotaped. This is 17.2% greater than the previous quarter, and represents concerning 6% of general resale volume. “The ordinary 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.
Resale flat volume completed 6,981 deals last quarter, based upon HDB information up to June 29. This is 5% less than the 7,352 deals record over the very same period last year. The much smaller volume is likely as a result of restricted resale flat stock, states Lee Sze Teck, elderly director of information analytics at Huttons Asia.
Looking forward, resale flat rates are going to proceed growing modestly for the rest of the year, backed by steady financial fundamentals and declining interest rates, predicts Realion’s Sun. At the same time, a rise in overall level supply will supply more choices for buyers, tempering any substantial price increases, she states.
HDB resale flat prices laid out their 21st continuous quarter of progress in 2Q2025, climbing 0.9% q-o-q, flash assessments present. Nevertheless, the rate buildup is more relaxed compared to the 1.6% and 2.6% growth recorded in the past 2 quarters. It is also the lowest q-o-q increase from 2Q2020, shares HDB in a July 1 release.
On the other hand, the standard cost of executive flats climbed 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 two successive quarters of decrease, states Sun. “Moreover, around a third or 116 units of the 414 executive apartments were negotiated at high rates of approximately a million dollars in 2Q2025,” she adds.
Resale rates have now grown 2.5% since the start of the year, lower than the 4.2% rise 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 rates, there is growing anticipation that the authorities may assess or raise the present 15-month wait-out period for private property owners,” he notes.
