Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
Reselling flat quantity completed 6,981 deals last quarter, based upon HDB data up to June 29. This is 5% less than the 7,352 deals record over the same duration in 2024. The much smaller quantity is most likely due to minimal resale flat source, claims Lee Sze Teck, senior supervisor of data analytics at Huttons Asia.
Resale costs have now expanded 2.5% since the begin of the year, less 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 expanding anticipation that the authorities may evaluate or lift the existing 15-month wait-out period for private property owners,” he mentions.
Huttons’ Lee highlights that million-dollar flat bargains remained to grow in 2Q2025, with 408 such transactions taped. This is 17.2% greater than the previous quarter, and represents concerning 6% of overall resale amount. “The ordinary cost of such apartments was $1.14 million in 2Q2025, inching up by 0.7% from the past quarter’s $1.13 million,” he proceeds.
Looking forward, resale flat rates will carry on growing modestly for the remainder of the year, backed by stable economic fundamentals and decreasing interest rates, predicts Realion’s Sun. At the same time, a rise in overall flat supply will supply even more options for customers, tempering any substantial price increases, she states.
Huttons estimates full-year HDB resale flat amount to clock in between 26,000 and 28,000, while resale flat costs could expand between 4% and 6%.
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 allowance quota for second-timer families buying three-room or bigger BTO units, can draw much more buyers to the BTO launch, easing source pressure in the resale market. Additionally, personal property owners aiming to downgrade may hold back from purchasing a resale flat while the government reviews the 15-month wait-out period of time, he believes.
The reduced resale price growth last quarter was reflected across most flat types, states Christine Sun, chief researcher and planner at Realion Group. Citing HDB resale caveat data, Sun emphasize that average prices for 4- 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 first quarter. Similarly, two- 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.
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 getting a non-subsidised HDB resale level if resale prices in the HDB market remain to moderate. The wait-out period was introduced by the state back in September 2022 as part of a collection of property cooling measures.
HDB resale flat costs laid out their 21st succeeding quarter of expansion in 2Q2025, increasing 0.9% q-o-q, flash estimations suggest. Nonetheless, the cost progress is more relaxed matched up to the 1.6% and 2.6% growth documented in the previous 2 quarters. It is also the least q-o-q rise since 2Q2020, shares HDB in a July 1 launch.
Wong Siew Ying, head of research and content at PropNex Realty, echoes the view. “With HDB resale costs possibly rising at the slowest clip in 5 years in 2Q2025 and 3 back-to-back quarters of softer cost boosts recently, we believe it is timely for the government to seriously think about getting rid of the 15-month wait-out time period this year, which will assist previous private homeowner to right-size to an HDB resale flat,” she says.
On the other hand, the average rate of executive apartments climbed up 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 deals following 2 consecutive quarters of decline, says Sun. “Moreover, roughly a third or 116 units of the 414 executive flats were transacted at high prices of approximately a million dollars in 2Q2025,” she adds in.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity typically viewed 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 contributed to the 2Q2025 volume.
