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 succeeding quarter of growth in 2Q2025, rising 0.9% q-o-q, flash assessments suggest. Nonetheless, the price progress is weaker compared to the 1.6% and 2.6% growth recorded in the past two quarters. It is also the lowest q-o-q increase ever since 2Q2020, says HDB in a July 1 release.
The slower resale price development last quarter was shown across most flat types, says Christine Sun, chief scientist and strategist at Realion Group. Citing HDB resale caveat information, Sun emphasize that average costs for four- and five-room apartments raised by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth logged in the initial 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 past quarters.
In May, Minister for National Development Chee Hong Tat mentioned that the federal government might remove the 15-month wait-out duration for private home owners purchasing a non-subsidised HDB resale level if resale costs in the HDB market continue to moderate. The wait-out duration was presented by the state back in September 2022 as part of a collection of real estate cooling steps.
Resale costs have now grown 2.5% since the beginning of the year, less than the 4.2% boost 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 costs, there is growing anticipation that the authorities might examine or lift the current 15-month wait-out period for private property owners,” he mentions.
Huttons’ Lee highlights that million-dollar level deals continued to grow in 2Q2025, with 408 such purchases taped. This is 17.2% greater than the previous quarter, and stands for regarding 6% of overall resale volume. “The ordinary rate of such apartments was $1.14 million in 2Q2025, inching up by 0.7% from the last quarter’s $1.13 million,” he continues.
On the other hand, the common price of exec apartments climbed 3.8% q-o-q in 2Q2025, increasing from a 1.5% gain the quarter before. The faster pace was underpinned by a pick-up in executive flat purchases following two consecutive quarters of decline, states Sun. “Moreover, around a third or 116 units of the 414 executive flats were transacted at high costs of a minimum of a million bills in 2Q2025,” she adds.
Wong Siew Ying, head of research study and content at PropNex Real estate, mirrors the sentiment. “With HDB resale rates possibly climbing at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer cost boosts recently, we believe it is timely for the government to seriously consider eliminating the 15-month wait-out duration this year, that will assist previous private property owner to right-size to an HDB resale flat,” she says.
Resale flat quantity totalled 6,981 purchases last quarter, based on HDB data up to June 29. This is 5% less than the 7,352 deals record over the same duration last year. The much smaller quantity is likely due to limited resale flat source, claims Lee Sze Teck, elderly director of data analytics at Huttons Asia.
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 allowance quota for second-timer families acquiring three-room or bigger BTO units, might draw much more buyers to the BTO launch, easing source pressure in the resale market. Furthermore, private property owners aiming to downgrade may hold back from purchasing a resale flat while the government reviews the 15-month wait-out period of time, he believes.
Looking ahead, resale flat costs will proceed expanding modestly for the remainder of the year, backed by stable economic basics and declining interest rates, predicts Realion’s Sun. At the same time, a rise in total level supply will offer more choices for buyers, tempering any kind of substantial price increases, she says.
Huttons estimates full-year HDB resale flat amount to appear between 26,000 and 28,000, while resale flat prices might grow 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 normally viewed 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 added to the 2Q2025 volume.
