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 echoed across most flat kinds, says Christine Sun, chief researcher and planner at Realion Group. Citing HDB resale caveat information, Sun emphasize 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, lessening from 1.5% and 2.2% in the last quarters.
In May, Minister for National Development Chee Hong Tat stated that the government may eliminate the 15-month wait-out period for private home proprietors buying a non-subsidised HDB resale flat if resale rates in the HDB market remain to moderate. The wait-out time frame was presented by the authorities back in September 2022 as part of a series of real estate cooling procedures.
Looking up front, resale flat prices are going to proceed expanding decently for the rest of the year, backed by stable economic fundamentals and decreasing interest rates, predicts Realion’s Sun. At the same time, an increase in total level supply will give more options for customers, tempering any type of substantial rate increases, she states.
Resale prices have now grown 2.5% since the start of the year, less 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 continuous easing of HDB resale rates, there is expanding anticipation that the authorities may assess or lift the present 15-month wait-out period for private property owners,” he notes.
Reselling flat volume completed 6,981 deals last quarter, based on HDB information up to June 29. This is 5% less than the 7,352 deals registered over the very same duration last year. The much smaller quantity is most likely due to limited reselling flat supply, claims Lee Sze Teck, elderly director of information analytics at Huttons Asia.
Huttons estimates full-year HDB resale flat volume to appear between 26,000 and 28,000, while resale flat prices can grow between 4% and 6%.
HDB resale flat prices charted their 21st succeeding quarter of growth in 2Q2025, climbing 0.9% q-o-q, flash estimates present. Nonetheless, the cost growth is slower matched up to the 1.6% and 2.6% development documented in the past two quarters. It is also the lowest q-o-q boost since 2Q2020, shares HDB in a July 1 release.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity usually observed in the second and 3rd quarters, Lee notes. Additionally, the absence of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises might have further added to the 2Q2025 quantity.
Huttons’ Lee highlights that million-dollar level bargains remained to expand in 2Q2025, with 408 such transactions taped. This is 17.2% more than the previous quarter, and stands for concerning 6% of total resale amount. “The typical cost of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the last quarter’s $1.13 million,” he proceeds.
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Wong Siew Ying, head of research study and content at PropNex Real estate, mirrors the view. “With HDB resale rates perhaps climbing at the slowest clip in 5 years in 2Q2025 and three back-to-back quarters of softer price increases just recently, we believe it is timely for the government to seriously consider getting rid of the 15-month wait-out duration this year, which will assist former private property owner to right-size to an HDB resale flat,” she says.
On the other hand, the standard rate of exec flats 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 2 successive quarters of decline, claims Sun. “Furthermore, around a 3rd or 116 units of the 414 executive apartments were transacted at high prices of a minimum of a million bills in 2Q2025,” she adds.
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 getting three-room or bigger BTO units, can draw more buyers to the BTO launch, alleviating supply pressure in the resale market. In addition, private property owners aiming to downgrade may hold back from acquiring a resale flat while the government evaluates the 15-month wait-out period of time, he opines.
