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 upon HDB data as much as June 29. This is 5% less than the 7,352 deals logged over the very same period last year. The smaller volume is likely because of minimal resale flat stock, claims Lee Sze Teck, elderly supervisor of data analytics at Huttons Asia.
Huttons’ Lee highlights that million-dollar level offers remained to grow in 2Q2025, with 408 such purchases taped. This is 17.2% greater than the previous quarter, and stands for regarding 6% of general resale amount. “The typical price of such apartments was $1.14 million in 2Q2025, inching up by 0.7% from the previous quarter’s $1.13 million,” he continues.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity generally viewed in the 2nd and third quarters, Lee notes. Additionally, the lack of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises might have further contributed to the 2Q2025 volume.
Wong Siew Ying, head of research study and content at PropNex Realty, echoes the view. “With HDB resale rates perhaps rising at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer rate increases just recently, we think it is timely for the government to seriously think about removing the 15-month wait-out duration this year, which will help previous private home owners to right-size to an HDB resale flat,” she says.
On the other hand, the standard price of exec flats climbed 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 two successive quarters of decline, states Sun. “Furthermore, around a 3rd or 116 units of the 414 executive flats were negotiated at high prices of approximately a million dollars in 2Q2025,” she adds in.
Huttons estimates full-year HDB resale flat quantity to appear between 26,000 and 28,000, whilst resale flat prices might grow in between 4% and 6%.
The weaker resale price development last quarter was reflected across most flat types, claims Christine Sun, chief scientist and strategist at Realion Group. Citing HDB resale caveat data, Sun emphasize that average costs for four- and five-room condos boosted by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth logged in the initial 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 previous quarters.
In May, Minister for National Development Chee Hong Tat mentioned that the federal government may get rid of the 15-month wait-out duration for private house proprietors acquiring a non-subsidised HDB resale level if resale rates in the HDB market continue to regulate. The wait-out time frame was presented by the authorities back in September 2022 as part of a collection of real estate cooling actions.
Looking up front, resale flat rates will proceed expanding decently for the remainder of the year, backed by steady financial fundamentals and decreasing interest rates, predicts Realion’s Sun. At the same time, a rise in overall flat supply will provide more alternatives for customers, tempering any type of considerable rate increases, she claims.
Resale costs have now expanded 2.5% since the start of the year, lower than the 4.2% rise registered in the first 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 notes.
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 acquiring three-room or larger BTO units, can attract a lot more buyers to the BTO launch, alleviating supply pressure in the resale market. In addition, personal property owners aiming to downgrade might hold back from getting a resale flat while the government examines the 15-month wait-out duration, he opines.
HDB resale flat costs charted their 21st consecutive quarter of progress in 2Q2025, climbing 0.9% q-o-q, flash assessments suggest. Nevertheless, the price buildup is weaker compared to the 1.6% and 2.6% development documented in the previous 2 quarters. It is also the least q-o-q boost ever since 2Q2020, shares HDB in a July 1 launch.
