Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
The weaker resale price development last quarter was reflected across most flat kinds, says Christine Sun, chief scientist and planner at Realion Group. Citing HDB resale caveat data, Sun emphasize 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. 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.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity generally seen in the 2nd and 3rd quarters, Lee notes. Additionally, the lack of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises might have further added to the 2Q2025 volume.
Resale flat quantity totalled 6,981 purchases 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 smaller quantity is likely due to restricted reselling flat stock, states Lee Sze Teck, senior director of data analytics at Huttons Asia.
HDB resale flat costs laid out their 21st continuous quarter of progress in 2Q2025, climbing 0.9% q-o-q, flash estimates show. However, the cost buildup is slower matched up to the 1.6% and 2.6% growth recorded in the past two quarters. It is also the least q-o-q boost since 2Q2020, says HDB in a July 1 launch.
Huttons estimates full-year HDB resale flat volume to appear between 26,000 and 28,000, while resale flat costs can grow in between 4% and 6%.
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, might attract a lot more buyers to the BTO launch, reducing supply pressure in the resale market. In addition, private property owners wanting to downgrade might hold back from buying a resale flat while the government assesses the 15-month wait-out period, he suggests.
Looking ahead, resale flat rates are going to proceed growing decently for the rest of the year, backed by steady financial basics and declining interest rates, predicts Realion’s Sun. At the same time, an increase in overall flat supply will offer even more options for buyers, tempering any kind of substantial rate increases, she claims.
Huttons’ Lee highlights that million-dollar level offers remained to expand 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 rate of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the past quarter’s $1.13 million,” he continues.
On the other hand, the average cost of executive apartments climbed 3.8% q-o-q in 2Q2025, accelerating from a 1.5% gain the quarter before. The faster pace was underpinned by a pick-up in executive flat deals following two consecutive quarters of decrease, claims Sun. “Moreover, around a 3rd or 116 units of the 414 executive flats were transacted at high prices of approximately a million bills in 2Q2025,” she adds in.
Wong Siew Ying, head of research study and content at PropNex Realty, mirrors the view. “With HDB resale costs possibly climbing at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer cost rises lately, we believe it is timely for the government to seriously take into consideration eliminating the 15-month wait-out period this year, that will help previous private home owners to right-size to an HDB resale flat,” she says.
In May, Minister for National Development Chee Hong Tat mentioned that the government might get rid of the 15-month wait-out duration for private property owners getting a non-subsidised HDB resale flat if resale rates in the HDB market continue to regulate. The wait-out period was presented by the authorities back in September 2022 as part of a series of real estate cooling steps.
Resale rates have now expanded 2.5% since the begin 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 may review or lift the present 15-month wait-out period for private property owners,” he mentions.
