Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
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 allowance quota for second-timer families buying three-room or larger BTO units, could draw more buyers to the BTO launch, alleviating source pressure in the resale market. In addition, private property owners aiming to downgrade may hold back from acquiring a resale flat while the government assesses the 15-month wait-out period of time, he opines.
Looking up front, resale flat costs are going to carry on expanding modestly for the rest of the year, backed by steady economic basics and decreasing interest rates, predicts Realion’s Sun. At the same time, a rise in general level supply will supply even more alternatives for purchasers, tempering any type of significant price increases, she claims.
HDB resale flat costs charted their 21st continuous quarter of growth in 2Q2025, rising 0.9% q-o-q, flash assessments show. Nonetheless, the price progress is weaker compared to the 1.6% and 2.6% growth captured in the former 2 quarters. It is also the lowest q-o-q rise since 2Q2020, says HDB in a July 1 release.
Wong Siew Ying, head of research and content at PropNex Real estate, mirrors the belief. “With HDB resale prices perhaps increasing at the slowest clip in 5 years in 2Q2025 and 3 back-to-back quarters of softer cost increases lately, we assume it is timely for the government to seriously consider removing the 15-month wait-out duration this year, which will assist former private homeowner to right-size to an HDB resale flat,” she says.
The weaker resale price growth last quarter was echoed across most flat kinds, states Christine Sun, primary researcher and planner at Realion Group. Citing HDB resale caveat information, Sun emphasize that average costs for 4- and five-room flats enhanced by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth logged in the very 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 last quarters.
Huttons’ Lee highlights that million-dollar flat bargains continued to grow in 2Q2025, with 408 such deals taped. This is 17.2% greater than the previous quarter, and represents regarding 6% of total resale volume. “The ordinary cost of such apartments was $1.14 million in 2Q2025, inching up by 0.7% from the previous quarter’s $1.13 million,” he proceeds.
Huttons estimates full-year HDB resale flat volume to clock in between 26,000 and 28,000, whilst resale flat rates can expand in between 4% and 6%.
On the other hand, the standard rate of executive flats climbed up 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 purchases following 2 successive quarters of decrease, claims Sun. “Moreover, approximately a 3rd or 116 units of the 414 executive flats were negotiated at high costs of at least a million dollars in 2Q2025,” she adds.
Resale prices have now expanded 2.5% since the beginning of the year, less than the 4.2% rise registered in the initial 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 expanding anticipation that the authorities might assess or lift the current 15-month wait-out period for private property owners,” he mentions.
Resale flat volume completed 6,981 purchases last quarter, based on HDB information up to June 29. This is 5% less than the 7,352 deals registered over the exact same period last year. The much smaller quantity is most likely due to limited resale flat supply, says Lee Sze Teck, senior director of information analytics at Huttons Asia.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity typically seen in the second and 3rd quarters, Lee notes. Additionally, the lack of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises may have further contributed to the 2Q2025 amount.
In May, Minister for National Development Chee Hong Tat mentioned that the federal government might get rid of the 15-month wait-out period for private residential property proprietors buying a non-subsidised HDB resale level if resale costs in the HDB market continue to control. The wait-out duration was presented by the state back in September 2022 as part of a collection of property cooling actions.
