Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
Wong Siew Ying, head of research and content at PropNex Real estate, mirrors the belief. “With HDB resale rates possibly climbing at the slowest clip in 5 years in 2Q2025 and 3 back-to-back quarters of softer price boosts just recently, we believe it is timely for the government to seriously consider removing the 15-month wait-out time period this year, which will help previous private homeowner to right-size to an HDB resale flat,” she says.
Huttons estimates full-year HDB resale flat volume to appear between 26,000 and 28,000, whilst resale flat costs could grow in between 4% and 6%.
HDB resale flat costs laid out their 21st consecutive quarter of progress in 2Q2025, rising 0.9% q-o-q, flash estimates suggest. Nevertheless, the rate growth is more relaxed matched up to the 1.6% and 2.6% development captured in the former two quarters. It is also the least q-o-q increase ever since 2Q2020, mentions HDB in a July 1 release.
Huttons’ Lee highlights that million-dollar level deals continued to expand in 2Q2025, with 408 such purchases tape-recorded. This is 17.2% more than the previous quarter, and represents about 6% of general resale amount. “The ordinary rate of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the last quarter’s $1.13 million,” he continues.
On the other hand, the standard 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 transactions following two successive quarters of decline, claims Sun. “Moreover, roughly a third or 116 units of the 414 executive flats were transacted at high prices of at least a million dollars in 2Q2025,” she adds in.
Nonetheless, resale volume grew 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity generally seen 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 contributed to the 2Q2025 amount.
Resale rates have now expanded 2.5% since the beginning of the year, lower than the 4.2% boost registered in the 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 may examine or raise the current 15-month wait-out period for private property owners,” he notes.
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 allocation quota for second-timer families purchasing three-room or bigger BTO units, might attract much more buyers to the BTO launch, easing source pressure in the resale market. In addition, personal property owners aiming to downgrade might hold back from getting a resale flat while the government evaluates the 15-month wait-out duration, he suggests.
Looking forward, resale flat rates will proceed expanding decently for the rest of the year, backed by steady economic fundamentals and decreasing interest rates, predicts Realion’s Sun. At the same time, a boost in total level supply will supply even more alternatives for buyers, tempering any kind of significant price increases, she states.
The reduced resale price development last quarter was shown across most flat kinds, states Christine Sun, primary scientist and planner at Realion Group. Citing HDB resale caveat data, Sun emphasize that average costs for 4- and five-room apartments boosted by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth logged in the first 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 past quarters.
In May, Minister for National Development Chee Hong Tat stated that the government might eliminate the 15-month wait-out duration for private property proprietors acquiring 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 procedures.
Resale flat volume amounted to 6,981 purchases last quarter, based upon HDB data up to June 29. This is 5% less than the 7,352 deals logged over the exact same period last year. The much smaller quantity is most likely due to restricted reselling flat supply, says Lee Sze Teck, elderly supervisor of information analytics at Huttons Asia.
