Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
The reduced resale price growth last quarter was reflected across most flat types, says Christine Sun, chief researcher and strategist at Realion Group. Citing HDB resale caveat information, Sun feature that average costs for four- and five-room apartments enhanced by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth logged in the first quarter. Additionally, 2- and three-room flat prices rose 1.4% and 2.1% q-o-q, easing from 1.5% and 2.2% in the previous quarters.
On the other hand, the standard price of executive apartments climbed 3.8% q-o-q in 2Q2025, increasing 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 decline, says Sun. “Furthermore, roughly a 3rd or 116 units of the 414 executive flats were transacted at high rates of approximately a million dollars in 2Q2025,” she adds in.
Looking forward, resale flat costs will carry on expanding decently for the remainder of the year, backed by secure economic fundamentals and decreasing interest rates, predicts Realion’s Sun. At the same time, a rise in total level supply will offer even more choices for buyers, tempering any type of considerable cost increases, she says.
Wong Siew Ying, head of research and content at PropNex Realty, mirrors the view. “With HDB resale costs perhaps increasing at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer rate increases recently, we believe it is timely for the government to seriously take into consideration removing the 15-month wait-out time period this year, which will help previous private property owner to right-size to an HDB resale flat,” she says.
HDB resale flat prices laid out their 21st succeeding quarter of expansion in 2Q2025, climbing 0.9% q-o-q, flash assessments present. Nonetheless, the rate growth is weaker matched up to the 1.6% and 2.6% development captured in the past 2 quarters. It is also the lowest q-o-q increase ever since 2Q2020, shares HDB in a July 1 release.
Huttons’ Lee notes that over 8,000 flats will be launched for sale under the July BTO and SBF exercises. This, together with an increase in the allocation quota for second-timer families purchasing three-room or larger BTO units, might attract much more buyers to the BTO launch, easing source pressure in the resale market. In addition, personal property owners seeking to downgrade might hold back from getting a resale flat while the government assesses the 15-month wait-out period, he suggests.
Resale prices have now expanded 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 information analytics at Singapore Realtors Inc (SRI). “With the ongoing easing of HDB resale rates, there is growing anticipation that the authorities may review or raise the present 15-month wait-out period for private property owners,” he notes.
Huttons quotes full-year HDB resale flat volume to appear between 26,000 and 28,000, while resale flat rates can grow between 4% and 6%.
Huttons’ Lee highlights that million-dollar level deals continued to grow in 2Q2025, with 408 such purchases tape-recorded. This is 17.2% more than the previous quarter, and represents about 6% of total resale volume. “The average 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.
Resale flat quantity amounted to 6,981 purchases last quarter, based upon HDB data approximately June 29. This is 5% less than the 7,352 deals record over the very same duration last year. The smaller quantity is most likely due to limited reselling flat source, states Lee Sze Teck, elderly director of information analytics at Huttons Asia.
In May, Minister for National Development Chee Hong Tat mentioned that the government may eliminate the 15-month wait-out duration for private property owners buying a non-subsidised HDB resale flat if resale rates in the HDB market continue to regulate. The wait-out time frame was introduced by the authorities back in September 2022 as part of a collection of real estate cooling actions.
Nonetheless, resale volume expanded 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity typically seen in the 2nd 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 quantity.
