Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
Reselling flat volume amounted to 6,981 transactions last quarter, based upon HDB data approximately June 29. This is 5% less than the 7,352 deals registered over the exact same duration in 2024. The much smaller quantity is most likely due to restricted reselling flat supply, says Lee Sze Teck, senior director of data analytics at Huttons Asia.
Resale rates have now grown 2.5% since the beginning of the year, less than the 4.2% boost 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 expanding anticipation that the authorities may examine or lift the existing 15-month wait-out period for private property owners,” he mentions.
Wong Siew Ying, head of research and content at PropNex Real estate, echoes the view. “With HDB resale rates potentially rising at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer price boosts just recently, we think it is timely for the government to seriously take into consideration removing the 15-month wait-out duration this year, which will assist former private property owner to right-size to an HDB resale flat,” she says.
On the other hand, the common price of exec apartments climbed 3.8% q-o-q in 2Q2025, boosting from a 1.5% gain the quarter before. The faster pace was underpinned by a pick-up in executive flat transactions following two successive quarters of decrease, states Sun. “Moreover, approximately a third or 116 units of the 414 executive apartments were negotiated at high rates of approximately a million dollars in 2Q2025,” she adds in.
HDB resale flat prices laid out their 21st continuous quarter of progress in 2Q2025, rising 0.9% q-o-q, flash estimations show. However, the price progress is weaker matched up to the 1.6% and 2.6% development captured in the former two quarters. It is also the weakest q-o-q boost since 2Q2020, shares HDB in a July 1 launch.
In May, Minister for National Development Chee Hong Tat specified that the federal government might eliminate the 15-month wait-out period for private house owners acquiring a non-subsidised HDB resale level if resale prices in the HDB market remain to moderate. The wait-out time frame was introduced by the government back in September 2022 as part of a collection of property cooling measures.
Huttons estimates full-year HDB resale flat volume to clock in between 26,000 and 28,000, whilst resale flat prices might expand in between 4% and 6%.
Nonetheless, resale volume grew 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity typically observed in the 2nd and third 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 amount.
Huttons’ Lee notes that over 8,000 flats will be launched for sale under the July BTO and SBF exercises. This, together with an increase in the allocation quota for second-timer families purchasing three-room or bigger BTO units, could attract more buyers to the BTO launch, easing supply pressure in the resale market. Furthermore, personal property owners seeking to downgrade may hold back from buying a resale flat while the government examines the 15-month wait-out duration, he suggests.
Looking forward, resale flat prices are going to continue expanding modestly for the remainder of the year, backed by steady economic basics and decreasing interest rates, predicts Realion’s Sun. At the same time, a rise in overall flat supply will supply even more choices for customers, tempering any kind of considerable cost increases, she claims.
The weaker resale price development last quarter was echoed across most flat kinds, states Christine Sun, chief researcher and planner at Realion Group. Citing HDB resale caveat data, Sun feature 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 first quarter. Additionally, 2- and three-room flat prices rose 1.4% and 2.1% q-o-q, lessening from 1.5% and 2.2% in the previous quarters.
Huttons’ Lee highlights that million-dollar level deals remained to grow in 2Q2025, with 408 such purchases recorded. This is 17.2% greater than the previous quarter, and stands for concerning 6% of general resale volume. “The average rate of such apartments was $1.14 million in 2Q2025, inching up by 0.7% from the last quarter’s $1.13 million,” he continues.
