Hdb Resale Price Growth Slows 09 2Q2025 Amid Record Million Dollar Flat Sales
According to the latest data, HDB resale prices have continued to rise in the second quarter of 2025, with a 0.9% increase compared to the previous quarter. While this marks the third consecutive quarter of slower growth, it is still the 21st consecutive quarter of price increase, the longest streak ever recorded. This surpasses the previous record of 20 quarters from 1991 to 1996.
Overall, resale prices have risen by 54.3% from the first quarter of 2020 to the second quarter of 2025. This is a significant increase, but it is much lower than the 294.4% surge seen from 1991 to 1996.
According to Christine Sun, chief researcher and strategist at Realion Group, this recent increase in prices is steady compared to the dramatic spikes seen in the 1990s. She also notes that the slower growth in the second quarter can be attributed to the release of over 20,000 new flats in the February and July BTO (Build-To-Order) and SBF (Sale of Balance Flats) exercises. The availability of these flats in desirable locations with shorter completion times, along with generous grants and deferred income assessments, has boosted demand for new flats.
However, the absence of a BTO launch in June this year has likely nudged some buyers towards the resale market, resulting in a short-term uptick in transactions.
While there has been a 7.8% quarter-on-quarter increase in resale volume in the second quarter of 2025, the overall half-year volume has declined by 5% compared to the same period last year. This is the lowest half-year resale volume since 2023. According to Lee Sze Teck, senior director of data analytics at Huttons Asia, this can be attributed to the reduced number of flats reaching their five-year Minimum Occupation Period (MOP) this year. These flats often command a premium, and their limited supply has limited the upward pressure on prices.
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Since hitting a low in the second quarter of 2019, HDB resale prices have risen by 55%, including a 53.8% gain since the circuit breaker in April 2020.
Among towns, Bukit Timah has seen the largest year-on-year price increase in the second quarter of 2025, at 32.4%, followed by the Central Area (7.8%) and Ang Mo Kio (7.2%).
The average price of a four-room resale flat has risen by 1.4% in the second quarter of 2025 to $674,470. However, four- and five-room flats have shown the slowest price growth in the last five quarters due to buyer price resistance.
On the other hand, executive and multi-generation flats have seen a 4.1% quarter-on-quarter increase in prices, driven by strong demand. A record 118 of these flats have been transacted for at least $1 million in the second quarter of 2025, with buyers mainly being HDB upgraders and former private property owners.
More significantly, a record 415 HDB resale flats have changed hands for at least $1 million in the second quarter of 2025, representing a 19.3% increase from the previous quarter and surpassing the 348 transactions recorded in the same period last year. Mature estates dominated this trend, with Toa Payoh topping the list at 80 units.
Despite the record-breaking prices for some HDB flats, Eugene Lim, key executive officer of ERA Singapore, emphasizes that most HDB flats remain affordable. In the second quarter of 2025, 78% of resale transactions were below $750,000, with only 6,974 flats estimated to reach their MOP this year, the lowest in 11 years.
Overall, while the HDB resale market has shown steady growth in prices, most flats remain affordable, and the recent price increases are not as dramatic as those seen in the 1990s. However, the increasing number of million-dollar transactions for HDB flats, as well as the limited supply of newer, well-located flats, may continue to drive up prices in the coming years.