Resale Flat Prices 04 Q O Q 3q2025 Smallest Quarterly Growth 2q2020 Hdb Flash Estimates
HDB resale flat prices continued to rise in the third quarter of 2025, increasing by 0.4% on a quarter-on-quarter basis according to the latest flash estimates published on October 1. This marks the twenty-second consecutive quarter of price growth since the second quarter of 2020, although the pace has slowed down. The 0.4% increase in the third quarter of 2025 is the fourth consecutive quarter of moderation, following increases of 0.9% and 1.6% in the second quarter and first quarter of 2025, respectively. The Housing and Development Board (HDB) stated that this is the lowest quarterly growth since the second quarter of 2020.
Resale flat prices have risen by 2.9% in the first nine months of 2025, which is a decrease from the 6.9% increase in the same period last year. It is also lower than the 3.8% growth recorded in the first nine months of 2023.
In terms of volume, there were 7,157 resale flat transactions in the third quarter of 2025, which is a slight increase compared to the previous quarter but a 10.9% decrease year-on-year. Senior Director of Data Analytics at Huttons Asia, Lee Sze Teck, attributes the slower activity to the July Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises.
HDB launched 10,209 flats for sale during these exercises, including flats with shorter waiting times (SWT). Lee explains that the availability of these SWT flats and completed SBF flats could have diverted demand away from the resale market. Eugene Lim, Key Executive Officer at ERA Singapore, shares a similar view and adds that the flats offered in the July exercises included units in highly sought-after locations such as Toa Payoh and Bukit Merah. He also suggests that the lower supply of flats reaching their minimum occupation period could have contributed to the decrease in resale volume.
Some buyers may have also chosen to wait for the October BTO sales exercise, says Christine Sun, Chief Researcher and Strategist at Realion (OrangeTee & ETC) Group. She points out that this launch includes new flats in Mount Pleasant and Greater Southern Waterfront, which are expected to have high demand.
There were mixed price movements in the third quarter of 2025. According to Lee from Huttons, average resale prices decreased or saw slower growth across most flat types. Four-room and five-room flats recorded quarter-on-quarter increases of 0.3% and 0.7%, respectively, which is lower than the 1.4% and 1.2% increases in the previous quarter. On the other hand, three-room and executive or multi-gen flats experienced quarter-on-quarter price declines of 0.9% and 1.6%, respectively, after recording gains in the second quarter of 2025.
Mohan Sandrasegeran, Head of Research and Data Analytics at Singapore Realtors Inc, also notes a difference in price movements between newer and older flats. He explains that flats with leases commencing from 2013 onwards continued to drive the overall resale market prices, recording an increase of 1.5% in the third quarter of 2025. In contrast, flats built in 1970 or earlier saw a sharp price decline of 5.7% quarter-on-quarter, highlighting the impact of lease decay and financing challenges on buyer demand.
Newer flats also accounted for more million-dollar flat transactions, according to Eugene Lim from ERA. Of the roughly 480 resale flat deals that transacted for at least $1 million, 246 were for flats less than 15 years old. Lim adds that 11 transactions crossed the $1.5 million mark in the third quarter, with 10 of them involving flats under 15 years old. These million-dollar transactions mainly occurred in centrally located mature estates, with Toa Payoh having the highest number of transactions, followed by Bukit Merah, Kallang-Whampoa, Clementi, and Queenstown.
Looking ahead, Realion’s Sun predicts stable or slightly declining resale flat prices in the fourth quarter. She explains that demand typically falls during this period as market activity slows down during the year-end holidays. Additionally, Eugene Lim from ERA notes that the October BTO exercise will offer more than 9,000 flats for sale, making it the largest launch of the year. With new developments located in emerging precincts such as Mount Pleasant and the Berlayar estate in Bukit Merah, some buyers may opt to wait for the ballot results before making a decision. ERA maintains its full-year resale price growth forecast range of 3% to 6% for 2025, with an expected volume of 26,000 to 27,000 transactions.
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