Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
The reduced resale price growth last quarter was reflected across most flat types, states Christine Sun, chief scientist and planner at Realion Group. Citing HDB resale caveat information, 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. Additionally, two- and three-room flat prices rose 1.4% and 2.1% q-o-q, easing from 1.5% and 2.2% in the last quarters.
On the other hand, the common rate of executive 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 transactions following 2 successive quarters of decrease, states Sun. “Furthermore, approximately a third or 116 units of the 414 executive apartments were transacted at high costs of at least a million dollars in 2Q2025,” she adds.
Reselling flat volume totalled 6,981 deals last quarter, based on HDB data up to June 29. This is 5% less than the 7,352 deals record over the exact same period in 2024. The smaller quantity is most likely due to minimal resale flat supply, says Lee Sze Teck, elderly director of data analytics at Huttons Asia.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity typically observed in the second and third 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.
Wong Siew Ying, head of research study and content at PropNex Realty, echoes the belief. “With HDB resale rates perhaps increasing at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer cost boosts just recently, we think it is timely for the government to seriously consider getting rid of 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.
Resale costs have now expanded 2.5% since the begin of the year, lower than the 4.2% increase registered in the very first half of 2024, observes Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI). “With the continuous easing of HDB resale rates, there is growing anticipation that the authorities might examine or lift the current 15-month wait-out period for private property owners,” he notes.
Huttons quotes full-year HDB resale flat amount to appear between 26,000 and 28,000, while resale flat rates can expand between 4% and 6%.
HDB resale flat rates laid out their 21st succeeding quarter of growth in 2Q2025, climbing 0.9% q-o-q, flash estimations show. Nevertheless, the cost progress is weaker matched up to the 1.6% and 2.6% development recorded in the past two quarters. It is also the weakest q-o-q increase since 2Q2020, shares HDB in a July 1 launch.
In May, Minister for National Development Chee Hong Tat mentioned that the federal government may remove the 15-month wait-out period for private residential property proprietors purchasing a non-subsidised HDB resale flat if resale costs in the HDB market continue to moderate. The wait-out period was introduced by the government back in September 2022 as part of a collection of property cooling actions.
Looking up front, resale flat costs are going to carry on expanding modestly for the remainder of the year, backed by stable financial fundamentals and declining interest rates, predicts Realion’s Sun. At the same time, an increase in total level supply will provide even more alternatives for purchasers, tempering any type of substantial price increases, she claims.
Huttons’ Lee highlights that million-dollar level deals continued to expand in 2Q2025, with 408 such purchases recorded. This is 17.2% more than the previous quarter, and stands for concerning 6% of overall resale volume. “The average price of such apartments was $1.14 million in 2Q2025, inching up by 0.7% from the past quarter’s $1.13 million,” he proceeds.
Huttons’ Lee notes that over 8,000 flats are going to be launched for sale under the July BTO and SBF exercises. This, together with an increase in the appropriation quota for second-timer families getting three-room or bigger BTO units, might draw a lot more buyers to the BTO launch, relieving source pressure in the resale market. Furthermore, personal property owners wanting to downgrade might hold back from purchasing a resale flat while the government assesses the 15-month wait-out period, he believes.
