Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
Wong Siew Ying, head of research study and content at PropNex Realty, mirrors the view. “With HDB resale costs perhaps increasing at the slowest clip in 5 years in 2Q2025 and three back-to-back quarters of softer cost rises recently, we assume it is timely for the government to seriously consider removing the 15-month wait-out period this year, that will assist previous private home owners to right-size to an HDB resale flat,” she says.
On the other hand, the common rate of exec apartments climbed 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 successive quarters of decrease, says Sun. “Moreover, about a third or 116 units of the 414 executive apartments were negotiated at high prices of at least a million bills in 2Q2025,” she adds in.
Huttons quotes full-year HDB resale flat quantity to clock in between 26,000 and 28,000, while resale flat rates might grow in between 4% and 6%.
Nonetheless, resale volume increased 5.9% q-o-q in 2025. This is in line with seasonal patterns, with more activity usually seen in the second 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 amount.
Reselling flat quantity completed 6,981 deals last quarter, based upon HDB information up to June 29. This is 5% less than the 7,352 deals logged over the same period in 2024. The smaller volume is most likely as a result of limited resale flat stock, states Lee Sze Teck, elderly supervisor of data analytics at Huttons Asia.
The weaker resale price growth last quarter was reflected across most flat types, states Christine Sun, primary scientist and planner at Realion Group. Citing HDB resale caveat data, 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 initial quarter. Additionally, 2- 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 residential property proprietors getting a non-subsidised HDB resale level if resale rates in the HDB market continue to regulate. The wait-out time frame was presented by the state back in September 2022 as part of a collection of property cooling actions.
Huttons’ Lee highlights that million-dollar level deals remained to expand in 2Q2025, with 408 such purchases videotaped. This is 17.2% greater than the previous quarter, and represents about 6% of overall resale volume. “The average cost of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the previous quarter’s $1.13 million,” he continues.
Looking forward, resale flat prices will carry on expanding modestly for the rest of the year, backed by secure economic basics and decreasing interest rates, predicts Realion’s Sun. At the same time, a rise in total flat supply will supply even more alternatives for buyers, tempering any considerable cost increases, she says.
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 allotment quota for second-timer families getting three-room or bigger BTO units, can attract more buyers to the BTO launch, reducing supply pressure in the resale market. Additionally, private property owners seeking to downgrade may hold back from acquiring a resale flat while the government evaluates the 15-month wait-out period of time, he suggests.
HDB resale flat rates laid out their 21st continuous quarter of expansion in 2Q2025, climbing 0.9% q-o-q, flash estimates show. However, the price progress is more relaxed matched up to the 1.6% and 2.6% growth documented in the previous two quarters. It is also the least q-o-q increase since 2Q2020, mentions HDB in a July 1 launch.
Resale rates have now grown 2.5% since the beginning of the year, lower 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 continued easing of HDB resale costs, there is growing anticipation that the authorities may review or raise the present 15-month wait-out period for private property owners,” he notes.
