Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
Huttons quotes full-year HDB resale flat amount to clock in between 26,000 and 28,000, while resale flat costs might grow between 4% and 6%.
Resale costs have now expanded 2.5% since the start of the year, less than the 4.2% boost 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 costs, there is expanding anticipation that the authorities may review or raise the existing 15-month wait-out period for private property owners,” he mentions.
HDB resale flat costs laid out their 21st consecutive quarter of growth in 2Q2025, increasing 0.9% q-o-q, flash estimations present. Nonetheless, the rate growth is more relaxed compared to the 1.6% and 2.6% growth documented in the former 2 quarters. It is also the least q-o-q boost ever since 2Q2020, shares HDB in a July 1 release.
Huttons’ Lee highlights that million-dollar level offers remained to grow in 2Q2025, with 408 such transactions recorded. This is 17.2% greater than the previous quarter, and represents concerning 6% of general 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.
Nonetheless, resale volume grew 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity generally seen in the 2nd and 3rd quarters, Lee notes. Additionally, the absence of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises may have further contributed to the 2Q2025 volume.
Wong Siew Ying, head of research study and content at PropNex Real estate, echoes the sentiment. “With HDB resale rates potentially climbing at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer cost increases lately, we think it is timely for the government to seriously think about getting rid of the 15-month wait-out duration this year, that will help previous private property owner to right-size to an HDB resale flat,” she says.
On the other hand, the average price of executive flats climbed up 3.8% q-o-q in 2Q2025, increasing from a 1.5% gain the quarter before. The faster pace was underpinned by a pick-up in executive flat purchases following 2 consecutive quarters of decline, states Sun. “Moreover, about a 3rd or 116 units of the 414 executive apartments were transacted at high costs of a minimum of a million dollars in 2Q2025,” she adds in.
Looking forward, resale flat prices are going to carry on growing modestly for the remainder of the year, backed by steady financial basics and declining interest rates, predicts Realion’s Sun. At the same time, a rise in total flat supply will supply more options for buyers, tempering any substantial cost increases, she claims.
Reselling flat volume completed 6,981 transactions last quarter, based upon HDB data as much as June 29. This is 5% less than the 7,352 deals registered over the same duration last year. The much smaller volume is likely due to restricted resale flat source, says Lee Sze Teck, senior supervisor of data analytics at Huttons Asia.
Huttons’ Lee notes that over 8,000 flats will be launched for sale under the July BTO and SBF exercises. This, along with an increase in the allocation quota for second-timer families acquiring three-room or bigger BTO units, could draw more buyers to the BTO launch, reducing source pressure in the resale market. Furthermore, personal property owners seeking to downgrade might hold back from getting a resale flat while the government assesses the 15-month wait-out duration, he says.
The slower resale price growth last quarter was shown across most flat kinds, says Christine Sun, chief scientist and strategist at Realion Group. Citing HDB resale caveat information, Sun highlights that average costs for 4- and five-room condos raised 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, two- 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 mentioned that the government may remove the 15-month wait-out duration for private property owners buying a non-subsidised HDB resale flat if resale prices in the HDB market continue to control. The wait-out time frame was presented by the state back in September 2022 as part of a series of property cooling procedures.
