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 laid out their 21st continuous quarter of progress in 2Q2025, rising 0.9% q-o-q, flash estimations show. Nevertheless, the rate growth is weaker matched up to the 1.6% and 2.6% growth recorded in the former two quarters. It is also the lowest q-o-q increase ever since 2Q2020, says HDB in a July 1 release.
In May, Minister for National Development Chee Hong Tat stated that the federal government may remove the 15-month wait-out period for private residential property owners purchasing a non-subsidised HDB resale flat if resale rates in the HDB market remain to moderate. The wait-out time frame was introduced by the government back in September 2022 as part of a collection of property cooling procedures.
Nonetheless, resale volume expanded 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity usually viewed in the second and third quarters, Lee notes. Additionally, the lack of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises might have further contributed to the 2Q2025 quantity.
On the other hand, the standard price of exec apartments climbed up 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 transactions following two consecutive quarters of decrease, states Sun. “Furthermore, around a 3rd or 116 units of the 414 executive flats were negotiated at high prices of at least a million bills in 2Q2025,” she adds.
Resale flat volume totalled 6,981 deals last quarter, based upon HDB information as much as June 29. This is 5% less than the 7,352 deals logged over the same duration in 2024. The much smaller quantity is likely because of limited resale flat supply, claims Lee Sze Teck, elderly director of data analytics at Huttons Asia.
Huttons quotes full-year HDB resale flat quantity to clock in between 26,000 and 28,000, whilst resale flat costs could expand in between 4% and 6%.
The reduced resale price growth last quarter was reflected across most flat kinds, claims Christine Sun, primary researcher and strategist at Realion Group. Citing HDB resale caveat information, Sun highlights that average costs for 4- and five-room condos increased by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth visited 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 last quarters.
Looking up front, resale flat rates are going to carry on growing decently for the remainder of the year, backed by steady economic basics and declining interest rates, predicts Realion’s Sun. At the same time, a boost in overall level supply will provide more options for buyers, tempering any type of significant rate increases, she claims.
Resale costs have now expanded 2.5% since the start of the year, lower than the 4.2% increase registered in the very 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 assess or raise the existing 15-month wait-out period for private property owners,” he notes.
Wong Siew Ying, head of research study and content at PropNex Realty, echoes the belief. “With HDB resale prices possibly climbing at the slowest clip in five years in 2Q2025 and three back-to-back quarters of softer rate rises lately, we assume it is timely for the government to seriously consider eliminating the 15-month wait-out time period this year, that will help previous private home owners to right-size to an HDB resale flat,” she says.
Huttons’ Lee highlights that million-dollar flat deals remained to grow in 2Q2025, with 408 such purchases recorded. This is 17.2% more than the previous quarter, and represents about 6% of total resale amount. “The average rate of such apartments was $1.14 million in 2Q2025, inching up by 0.7% from the last quarter’s $1.13 million,” he proceeds.
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 bigger BTO units, could draw extra buyers to the BTO launch, easing supply pressure in the resale market. In addition, personal property owners aiming to downgrade may hold back from getting a resale flat while the government assesses the 15-month wait-out duration, he suggests.
