Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
Resale prices have now expanded 2.5% since the beginning of the year, lower than the 4.2% boost 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 costs, there is growing anticipation that the authorities might examine or lift the present 15-month wait-out period for private property owners,” he notes.
On the other hand, the average cost of executive apartments climbed up 3.8% q-o-q in 2Q2025, boosting from a 1.5% gain the quarter before. The faster pace was underpinned by a pick-up in executive flat transactions following 2 successive quarters of decline, states Sun. “Moreover, about a third or 116 units of the 414 executive flats were transacted at high costs of a minimum of a million dollars in 2Q2025,” she adds in.
The Arcady @ Boon Keng 1037 Serangoon Road
Huttons estimates full-year HDB resale flat amount to clock in between 26,000 and 28,000, whilst resale flat costs can grow in between 4% and 6%.
Nonetheless, resale volume expanded 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity usually seen in the 2nd and 3rd quarters, Lee notes. Additionally, the lack of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises may have further added to the 2Q2025 amount.
The weaker resale price development last quarter was echoed across most flat types, states Christine Sun, chief scientist and strategist at Realion Group. Citing HDB resale caveat information, Sun emphasize that average prices for 4- and five-room flats raised 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, lessening from 1.5% and 2.2% in the past quarters.
HDB resale flat costs laid out their 21st continuous quarter of expansion in 2Q2025, rising 0.9% q-o-q, flash assessments present. Nonetheless, the cost growth is slower matched up to the 1.6% and 2.6% development captured in the former 2 quarters. It is also the least q-o-q increase from 2Q2020, says HDB in a July 1 release.
Resale flat volume amounted to 6,981 transactions last quarter, based upon HDB data approximately June 29. This is 5% less than the 7,352 deals registered over the exact same duration last year. The much smaller volume is likely as a result of limited reselling flat supply, says Lee Sze Teck, senior director of data analytics at Huttons Asia.
Huttons’ Lee highlights that million-dollar level bargains continued to grow in 2Q2025, with 408 such deals recorded. This is 17.2% more than the previous quarter, and represents about 6% of overall resale volume. “The typical rate of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the past quarter’s $1.13 million,” he proceeds.
Wong Siew Ying, head of research study and content at PropNex Real estate, mirrors the belief. “With HDB resale prices possibly increasing at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer price boosts just recently, we think it is timely for the government to seriously take into consideration removing the 15-month wait-out duration this year, which will assist previous private homeowner to right-size to an HDB resale flat,” she says.
Looking up front, resale flat costs will proceed expanding modestly for the remainder of the year, backed by steady economic fundamentals and decreasing interest rates, predicts Realion’s Sun. At the same time, an increase in general level supply will supply more options for customers, tempering any significant cost increases, she claims.
Huttons’ Lee notes that over 8,000 flats are going to be launched for sale under the July BTO and SBF exercises. This, together with an increase in the allowance quota for second-timer families acquiring three-room or bigger BTO units, might attract a lot more buyers to the BTO launch, reducing supply pressure in the resale market. Furthermore, personal property owners seeking to downgrade might hold back from getting a resale flat while the government reviews the 15-month wait-out period of time, he opines.
In May, Minister for National Development Chee Hong Tat specified that the federal government might get rid of the 15-month wait-out duration for private house proprietors purchasing a non-subsidised HDB resale flat if resale costs in the HDB market continue to moderate. The wait-out period was presented by the government back in September 2022 as part of a collection of real estate cooling steps.
