Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
In May, Minister for National Development Chee Hong Tat specified that the government may remove the 15-month wait-out period for private property proprietors getting a non-subsidised HDB resale flat if resale rates in the HDB market remain to regulate. The wait-out time frame was presented by the government back in September 2022 as part of a collection of property cooling steps.
On the other hand, the average price of exec apartments climbed up 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 purchases following 2 consecutive quarters of decline, claims Sun. “Moreover, around a third or 116 units of the 414 executive flats were negotiated at high rates of approximately a million dollars in 2Q2025,” she adds.
Huttons quotes full-year HDB resale flat quantity to appear between 26,000 and 28,000, while resale flat costs could expand between 4% and 6%.
HDB resale flat rates charted their 21st continuous quarter of progress in 2Q2025, rising 0.9% q-o-q, flash estimates show. Nevertheless, the rate progress is more relaxed matched up to the 1.6% and 2.6% growth recorded in the past two quarters. It is also the lowest q-o-q increase since 2Q2020, mentions HDB in a July 1 launch.
Looking ahead, resale flat rates are going to carry on expanding modestly for the remainder of the year, backed by secure financial basics and decreasing interest rates, predicts Realion’s Sun. At the same time, a boost in overall level supply will give even more options for purchasers, tempering any kind of considerable price increases, she says.
The weaker resale price development last quarter was reflected across most flat types, says Christine Sun, chief researcher and strategist at Realion Group. Citing HDB resale caveat data, Sun highlights that average costs for 4- and five-room condos increased by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth visited the initial 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 last quarters.
Huttons’ Lee highlights that million-dollar level deals continued to grow in 2Q2025, with 408 such deals taped. This is 17.2% greater than the previous quarter, and represents concerning 6% of general resale amount. “The typical rate of such apartments was $1.14 million in 2Q2025, inching up by 0.7% from the previous quarter’s $1.13 million,” he proceeds.
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 purchasing three-room or bigger BTO units, could draw a lot more buyers to the BTO launch, alleviating source pressure in the resale market. Additionally, personal property owners wanting to downgrade may hold back from purchasing a resale flat while the government evaluates the 15-month wait-out period, he says.
Resale prices have now grown 2.5% since the begin of the year, lower than the 4.2% boost registered in the initial half of 2024, observes Mohan Sandrasegeran, head of research and information analytics at Singapore Realtors Inc (SRI). “With the ongoing easing of HDB resale prices, there is expanding anticipation that the authorities may evaluate or lift the present 15-month wait-out period for private property owners,” he mentions.
Nonetheless, resale volume expanded 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity typically viewed in the 2nd and third quarters, Lee notes. Additionally, the absence of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises might have further added to the 2Q2025 volume.
Wong Siew Ying, head of research study and content at PropNex Real estate, mirrors the sentiment. “With HDB resale costs potentially climbing at the slowest clip in 5 years in 2Q2025 and three back-to-back quarters of softer rate increases just recently, we assume it is timely for the government to seriously think about eliminating the 15-month wait-out period this year, that will help former private home owners to right-size to an HDB resale flat,” she says.
Resale flat quantity amounted to 6,981 transactions last quarter, based on HDB information as much as June 29. This is 5% less than the 7,352 deals registered over the exact same period last year. The much smaller quantity is most likely because of restricted resale flat supply, states Lee Sze Teck, senior director of information analytics at Huttons Asia.
