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 start of the year, less than the 4.2% boost registered in the very first half of 2024, observes Mohan Sandrasegeran, head of research and information analytics at Singapore Realtors Inc (SRI). “With the continuous easing of HDB resale rates, there is growing anticipation that the authorities might assess or lift the current 15-month wait-out period for private property owners,” he mentions.
Huttons’ Lee notes that over 8,000 flats are going to be launched for sale under the July BTO and SBF exercises. This, along with an increase in the allotment quota for second-timer families purchasing three-room or larger BTO units, can draw extra buyers to the BTO launch, relieving supply pressure in the resale market. In addition, private property owners aiming to downgrade may hold back from getting a resale flat while the government examines the 15-month wait-out period of time, he suggests.
HDB resale flat rates laid out their 21st consecutive quarter of expansion in 2Q2025, increasing 0.9% q-o-q, flash assessments suggest. Nonetheless, the price growth is more relaxed compared to the 1.6% and 2.6% development documented in the previous two quarters. It is also the least q-o-q rise from 2Q2020, shares HDB in a July 1 launch.
Wong Siew Ying, head of research study and content at PropNex Real estate, echoes the view. “With HDB resale costs possibly increasing at the slowest clip in 5 years in 2Q2025 and 3 back-to-back quarters of softer cost rises just recently, we believe it is timely for the government to seriously think about getting rid of the 15-month wait-out duration this year, which will assist previous private home owners to right-size to an HDB resale flat,” she says.
In May, Minister for National Development Chee Hong Tat specified that the government might eliminate the 15-month wait-out duration for private residential property owners purchasing a non-subsidised HDB resale flat if resale prices in the HDB market remain to regulate. The wait-out time frame was introduced by the state back in September 2022 as part of a collection of property cooling steps.
On the other hand, the common rate of exec apartments climbed 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 purchases following 2 consecutive quarters of decline, claims Sun. “Furthermore, about a 3rd or 116 units of the 414 executive flats were transacted at high rates of approximately a million dollars in 2Q2025,” she adds in.
Looking forward, resale flat costs will continue growing decently for the remainder of the year, backed by steady financial fundamentals and declining interest rates, predicts Realion’s Sun. At the same time, a boost in total level supply will offer more options for buyers, tempering any kind of substantial rate increases, she claims.
Reselling flat volume totalled 6,981 deals last quarter, based on HDB information up to June 29. This is 5% less than the 7,352 deals registered over the very same duration last year. The much smaller volume is likely as a result of limited reselling flat supply, claims Lee Sze Teck, senior director of data analytics at Huttons Asia.
The slower resale price growth last quarter was reflected across most flat kinds, states Christine Sun, chief researcher and planner at Realion Group. Citing HDB resale caveat information, Sun feature that average prices for 4- and five-room condos raised 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.
Huttons estimates full-year HDB resale flat amount to clock in between 26,000 and 28,000, whilst resale flat prices can expand in between 4% and 6%.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity typically viewed 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 volume.
Huttons’ Lee highlights that million-dollar flat offers remained to grow in 2Q2025, with 408 such purchases tape-recorded. This is 17.2% more than the previous quarter, and represents about 6% of total resale volume. “The typical price of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the previous quarter’s $1.13 million,” he proceeds.
