%20(1)_1.jpg?1etj60k3OjqXJGLHgNt7ARtl2E2dNCIz&itok=CxEC7VSY "This is the lowest q-o-q increase in resale flat prices since 2Q2020, says HDB (Picture: Samuel Isaac Chua/The Edge Singapore)")
HDB resale flat prices chartered their 21st consecutive quarter of growth in 2Q2025, rising 0.9% q-o-q, flash estimates show. However, the price growth is slower compared to the 1.6% and 2.6% growth recorded in the previous two quarters. It is also the lowest q-o-q increase since 2Q2020, says HDB in a July 1 release.
Resale prices have now grown 2.5% since the start of the year, lower than the 4.2% increase registered in the first half of 2024, observes Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI). “With the continued easing of HDB resale prices, there is growing anticipation that the authorities may review or lift the current 15-month wait-out period for private property owners,” he notes.
In May, Minister for National Development Chee Hong Tat stated that the government may remove 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 continue to moderate. The wait-out period was introduced by the government back in September 2022 as part of a series of property cooling measures.
Resale flat volume totalled 6,981 transactions last quarter, based on HDB data up to June 29. This is 5% less than the 7,352 deals logged over the same period last year. The smaller volume is likely due to limited resale flat supply, says Lee Sze Teck, senior director of data analytics at Huttons Asia.
Nonetheless, resale volume grew 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity usually seen 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 volume.
The slower 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 data, Sun highlights that average prices for four- and five-room flats increased by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth logged in the first quarter. Similarly, two- and three-room flat prices rose 1.4% and 2.1% q-o-q, easing from 1.5% and 2.2% in the previous quarter.
On the other hand, the average price 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 consecutive quarters of decline, says Sun. “Moreover, approximately a third or 116 units of the 414 executive flats were transacted at high prices of at least a million dollars in 2Q2025,” she adds.
Huttons’ Lee highlights that million-dollar flat deals continued to grow in 2Q2025, with 408 such transactions recorded. This is 17.2% more than the previous quarter, and represents about 6% of overall 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.
Million-dollar flat transactions since 2012
* Based on caveats and may differ from actual numbers
Source: HDB, Huttons Data Analytics as of 30 Jun 2025
Looking ahead, resale flat prices will continue growing modestly for the remainder of the year, backed by stable economic fundamentals and declining interest rates, predicts Realion’s Sun. At the same time, an increase in overall flat supply will provide more options for buyers, tempering any significant price increases, she says.
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 allocation quota for second-timer families buying three-room or larger BTO units, could draw more buyers to the BTO launch, easing supply pressure in the resale market. Additionally, private property owners seeking to downgrade may hold back from buying a resale flat while the government reviews the 15-month wait-out period, he opines.
Huttons estimates full-year HDB resale flat volume to clock in between 26,000 and 28,000, while resale flat prices could grow between 4% and 6%.
