Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
Resale flat volume completed 6,981 purchases last quarter, based on 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 volume is likely as a result of minimal reselling flat supply, states Lee Sze Teck, senior director of data analytics at Huttons Asia.
Nonetheless, resale volume grew 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity typically seen in the 2nd and third 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 volume.
Looking forward, resale flat rates will carry on growing modestly for the rest of the year, backed by stable economic basics and declining interest rates, predicts Realion’s Sun. At the same time, a rise in overall flat supply will offer even more options for purchasers, tempering any kind of considerable rate increases, she claims.
In May, Minister for National Development Chee Hong Tat stated that the federal government may get rid of the 15-month wait-out period for private residential property owners acquiring a non-subsidised HDB resale flat if resale prices in the HDB market continue to control. The wait-out period was introduced by the government back in September 2022 as part of a collection of property cooling steps.
HDB resale flat rates laid out their 21st succeeding quarter of progress in 2Q2025, climbing 0.9% q-o-q, flash estimates show. Nevertheless, the price buildup is more relaxed matched up to the 1.6% and 2.6% growth recorded in the previous two quarters. It is also the lowest q-o-q boost ever since 2Q2020, says HDB in a July 1 release.
Huttons’ Lee notes that over 8,000 flats will be launched for sale under the July BTO and SBF exercises. This, in addition to an increase in the allocation quota for second-timer families getting three-room or larger BTO units, could attract much more buyers to the BTO launch, reducing source pressure in the resale market. In addition, personal property owners seeking to downgrade might hold back from getting a resale flat while the government evaluates the 15-month wait-out duration, he opines.
Huttons estimates full-year HDB resale flat quantity to appear between 26,000 and 28,000, whilst resale flat rates could grow in between 4% and 6%.
The reduced resale price growth last quarter was reflected across most flat kinds, states Christine Sun, chief scientist and planner at Realion Group. Citing HDB resale caveat data, Sun highlights that average costs for four- and five-room apartments increased 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. Additionally, 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.
Huttons’ Lee highlights that million-dollar level deals remained to grow in 2Q2025, with 408 such purchases tape-recorded. This is 17.2% greater than the previous quarter, and stands for regarding 6% of overall resale volume. “The ordinary price of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the past quarter’s $1.13 million,” he proceeds.
On the other hand, the standard rate of executive flats climbed up 3.8% q-o-q in 2Q2025, boosting from a 1.5% gain the quarter before. The quicker pace was underpinned by a pick-up in executive flat transactions following two successive quarters of decrease, claims Sun. “Furthermore, around a third or 116 units of the 414 executive flats were negotiated at high prices of at least a million dollars in 2Q2025,” she adds in.
Resale costs have now expanded 2.5% since the start of the year, less than the 4.2% increase registered in the initial half of 2024, observes Mohan Sandrasegeran, head of research and information analytics at Singapore Realtors Inc (SRI). “With the continued easing of HDB resale costs, there is expanding anticipation that the authorities might assess or raise the present 15-month wait-out period for private property owners,” he notes.
Wong Siew Ying, head of research study and content at PropNex Real estate, echoes the sentiment. “With HDB resale rates potentially increasing at the slowest clip in five years in 2Q2025 and three back-to-back quarters of softer cost boosts recently, we believe it is timely for the government to seriously think about removing the 15-month wait-out time period this year, that will help previous private homeowner to right-size to an HDB resale flat,” she says.
