Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
Reselling flat quantity totalled 6,981 transactions last quarter, based upon HDB information up to June 29. This is 5% less than the 7,352 deals record over the same period in 2024. The much smaller volume is likely due to limited reselling flat source, says Lee Sze Teck, elderly supervisor of information analytics at Huttons Asia.
Nonetheless, resale volume expanded 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity typically seen 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 amount.
Resale prices have now expanded 2.5% since the begin of the year, less than the 4.2% rise registered in the initial half of 2024, observes Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI). “With the continuous easing of HDB resale prices, there is growing anticipation that the authorities might evaluate or raise the existing 15-month wait-out period for private property owners,” he notes.
Huttons’ Lee highlights that million-dollar flat offers remained to grow in 2Q2025, with 408 such transactions videotaped. This is 17.2% greater than the previous quarter, and represents regarding 6% of general resale volume. “The average cost of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the previous quarter’s $1.13 million,” he continues.
Looking up front, resale flat rates are going to proceed growing modestly for the remainder of the year, backed by stable financial fundamentals and decreasing interest rates, predicts Realion’s Sun. At the same time, a boost in general level supply will supply even more options for customers, tempering any substantial rate increases, she states.
Huttons estimates full-year HDB resale flat quantity to appear between 26,000 and 28,000, whilst resale flat costs might grow in between 4% and 6%.
The slower resale price development last quarter was reflected across most flat kinds, says Christine Sun, chief researcher and planner at Realion Group. Citing HDB resale caveat information, Sun emphasize that average prices for 4- and five-room flats enhanced 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, 2- 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.
On the other hand, the average rate of exec apartments climbed 3.8% q-o-q in 2Q2025, accelerating from a 1.5% gain the quarter before. The quicker pace was underpinned by a pick-up in executive flat transactions following 2 consecutive quarters of decline, says Sun. “Moreover, about a 3rd or 116 units of the 414 executive apartments were negotiated at high prices of at least a million dollars in 2Q2025,” she adds.
HDB resale flat prices laid out their 21st consecutive quarter of growth in 2Q2025, rising 0.9% q-o-q, flash estimates present. However, the cost buildup is more relaxed compared to the 1.6% and 2.6% development captured in the previous 2 quarters. It is also the weakest q-o-q rise ever since 2Q2020, mentions HDB in a July 1 release.
Wong Siew Ying, head of research study and content at PropNex Real estate, mirrors the belief. “With HDB resale costs possibly climbing at the slowest clip in 5 years in 2Q2025 and 3 back-to-back quarters of softer cost increases recently, we assume it is timely for the government to seriously consider removing the 15-month wait-out duration this year, which will assist previous private property owner to right-size to an HDB resale flat,” she says.
In May, Minister for National Development Chee Hong Tat specified that the federal government might remove the 15-month wait-out period for private house owners purchasing a non-subsidised HDB resale level if resale rates in the HDB market remain to regulate. The wait-out duration was presented by the government back in September 2022 as part of a collection of property cooling procedures.
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 allowance quota for second-timer families getting three-room or larger BTO units, could attract a lot more buyers to the BTO launch, relieving source pressure in the resale market. Furthermore, private property owners seeking to downgrade might hold back from acquiring a resale flat while the government assesses the 15-month wait-out period of time, he suggests.
