Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
The slower resale price growth last quarter was echoed across most flat types, claims Christine Sun, chief scientist and planner at Realion Group. Citing HDB resale caveat data, Sun emphasize that average costs for four- 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 very first quarter. Similarly, 2- and three-room flat prices rose 1.4% and 2.1% q-o-q, lessening from 1.5% and 2.2% in the last quarters.
Wong Siew Ying, head of research and content at PropNex Real estate, echoes the sentiment. “With HDB resale costs possibly rising at the slowest clip in 5 years in 2Q2025 and 3 back-to-back quarters of softer rate boosts recently, we believe it is timely for the government to seriously consider eliminating the 15-month wait-out time period this year, which will help previous private home owners to right-size to an HDB resale flat,” she says.
Huttons’ Lee highlights that million-dollar level bargains continued to expand in 2Q2025, with 408 such purchases videotaped. This is 17.2% greater than the previous quarter, and represents regarding 6% of general resale amount. “The average cost of such apartments was $1.14 million in 2Q2025, inching up by 0.7% from the past quarter’s $1.13 million,” he continues.
Resale flat quantity 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 period last year. The much smaller volume is most likely as a result of restricted resale flat source, says Lee Sze Teck, elderly supervisor of information analytics at Huttons Asia.
Huttons quotes full-year HDB resale flat amount to clock in between 26,000 and 28,000, while resale flat costs might expand in between 4% and 6%.
HDB resale flat costs charted their 21st consecutive quarter of growth in 2Q2025, climbing 0.9% q-o-q, flash estimates show. Nonetheless, the rate growth is slower matched up to the 1.6% and 2.6% development recorded in the previous two quarters. It is also the lowest q-o-q boost from 2Q2020, says HDB in a July 1 launch.
On the other hand, the common price of exec flats climbed up 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 deals following 2 successive quarters of decline, claims Sun. “Moreover, around a third or 116 units of the 414 executive flats were transacted at high prices of at least a million bills 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 normally viewed 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 contributed to the 2Q2025 volume.
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 allocation quota for second-timer families acquiring three-room or larger BTO units, could draw more buyers to the BTO launch, easing source pressure in the resale market. Furthermore, private property owners seeking to downgrade may hold back from purchasing a resale flat while the government assesses the 15-month wait-out period, he opines.
Looking up front, resale flat prices are going to proceed expanding decently for the remainder of the year, backed by secure financial basics and decreasing interest rates, predicts Realion’s Sun. At the same time, a rise in total level supply will give more alternatives for purchasers, tempering any substantial cost increases, she states.
In May, Minister for National Development Chee Hong Tat mentioned that the federal government may get rid of the 15-month wait-out duration for private home proprietors acquiring a non-subsidised HDB resale level if resale costs in the HDB market continue to moderate. The wait-out period was presented by the state back in September 2022 as part of a series of real estate cooling procedures.
Resale costs have now grown 2.5% since the start of the year, less than the 4.2% increase registered in the initial half of 2024, observes Mohan Sandrasegeran, head of research and information 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 current 15-month wait-out period for private property owners,” he notes.
