Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
Reselling flat volume totalled 6,981 purchases last quarter, based on HDB information up to June 29. This is 5% less than the 7,352 deals record over the same period in 2024. The smaller volume is likely because of restricted resale flat source, claims Lee Sze Teck, senior director of information analytics at Huttons Asia.
Looking up front, resale flat prices are going to proceed 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 boost in overall flat supply will offer more choices for customers, tempering any kind of significant price increases, she states.
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 2 consecutive quarters of decrease, claims Sun. “Moreover, roughly a 3rd or 116 units of the 414 executive flats were negotiated at high rates of at least a million dollars 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 larger BTO units, might draw extra buyers to the BTO launch, alleviating supply pressure in the resale market. In addition, private property owners seeking to downgrade might hold back from buying a resale flat while the government assesses the 15-month wait-out duration, he opines.
In May, Minister for National Development Chee Hong Tat mentioned that the government might eliminate the 15-month wait-out period for private house proprietors getting a non-subsidised HDB resale level if resale costs in the HDB market continue to moderate. The wait-out period was presented by the authorities back in September 2022 as part of a collection of property cooling procedures.
The weaker resale price growth last quarter was echoed across most flat kinds, claims Christine Sun, primary scientist and strategist at Realion Group. Citing HDB resale caveat data, Sun emphasize that average prices for four- 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 first quarter. Additionally, 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 quarters.
Huttons’ Lee highlights that million-dollar level bargains continued to grow in 2Q2025, with 408 such purchases videotaped. This is 17.2% greater than the previous quarter, and stands for about 6% of overall 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.
Resale rates have now grown 2.5% since the start 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 expanding anticipation that the authorities may examine or raise the existing 15-month wait-out period for private property owners,” he mentions.
HDB resale flat rates charted their 21st consecutive quarter of expansion in 2Q2025, climbing 0.9% q-o-q, flash estimations suggest. Nonetheless, the price progress is more relaxed compared to the 1.6% and 2.6% development captured in the former 2 quarters. It is also the weakest q-o-q increase from 2Q2020, says HDB in a July 1 release.
Wong Siew Ying, head of research and content at PropNex Real estate, echoes the belief. “With HDB resale costs perhaps rising at the slowest clip in five years in 2Q2025 and three back-to-back quarters of softer price boosts recently, we believe it is timely for the government to seriously take into consideration getting rid of the 15-month wait-out time period this year, that will help former private home owners to right-size to an HDB resale flat,” she says.
Huttons estimates full-year HDB resale flat amount to clock in between 26,000 and 28,000, whilst resale flat prices could expand in between 4% and 6%.
Nonetheless, resale volume grew 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity generally viewed in the 2nd and 3rd quarters, Lee notes. Additionally, the absence of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises may have further added to the 2Q2025 volume.
