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 kinds, says Christine Sun, primary scientist and planner at Realion Group. Citing HDB resale caveat information, Sun highlights that average prices 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, 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 study and content at PropNex Realty, echoes the sentiment. “With HDB resale rates perhaps increasing at the slowest clip in five years in 2Q2025 and three back-to-back quarters of softer rate increases just recently, we assume it is timely for the government to seriously consider removing the 15-month wait-out period this year, which will assist former private home owners to right-size to an HDB resale flat,” she says.
Resale flat volume totalled 6,981 deals last quarter, based on HDB data up to June 29. This is 5% less than the 7,352 deals registered over the very same period in 2024. The much smaller volume is likely due to restricted reselling flat stock, says Lee Sze Teck, elderly director of information analytics at Huttons Asia.
In May, Minister for National Development Chee Hong Tat stated that the federal government may eliminate the 15-month wait-out period for private property proprietors purchasing a non-subsidised HDB resale flat if resale rates in the HDB market continue to control. The wait-out duration was presented by the authorities back in September 2022 as part of a series of property cooling measures.
Looking up front, resale flat prices will continue growing 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 overall flat supply will provide more choices for buyers, tempering any kind of significant cost increases, she says.
Nonetheless, resale volume expanded 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity usually observed 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.
Huttons quotes full-year HDB resale flat amount to appear between 26,000 and 28,000, while resale flat prices can expand between 4% and 6%.
On the other hand, the common rate of exec flats climbed 3.8% q-o-q in 2Q2025, increasing from a 1.5% gain the quarter before. The quicker pace was underpinned by a pick-up in executive flat purchases following two consecutive quarters of decrease, claims Sun. “Moreover, roughly a third or 116 units of the 414 executive flats were negotiated at high rates of a minimum of a million bills in 2Q2025,” she adds in.
HDB resale flat rates laid out their 21st continuous quarter of expansion in 2Q2025, climbing 0.9% q-o-q, flash estimates present. Nonetheless, the price progress is weaker compared to the 1.6% and 2.6% development recorded in the past two quarters. It is also the lowest q-o-q rise ever since 2Q2020, mentions HDB in a July 1 launch.
Resale prices have now expanded 2.5% since the start of the year, less than the 4.2% increase registered in the very first 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 growing anticipation that the authorities may review or lift the present 15-month wait-out period for private property owners,” he mentions.
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 allowance quota for second-timer families acquiring three-room or larger BTO units, could attract extra buyers to the BTO launch, easing supply pressure in the resale market. Furthermore, private property owners aiming to downgrade might hold back from buying a resale flat while the government examines the 15-month wait-out period, he opines.
Huttons’ Lee highlights that million-dollar flat offers continued to grow in 2Q2025, with 408 such deals recorded. This is 17.2% greater than the previous quarter, and stands for regarding 6% of total resale amount. “The typical price of such apartments was $1.14 million in 2Q2025, inching up by 0.7% from the past quarter’s $1.13 million,” he continues.
