HDB resale flat prices up 2.9% in 2025, slower than 9.7% rise in 2024
Sign up now: Get ST's newsletters delivered to your inbox
In the last three months of 2025, HDB resale prices remained unchanged for the first time since the first quarter of 2020.
ST PHOTO: LIM YAOHUI
- HDB resale flat prices rose 2.9% in 2025, a slower increase than 2024's 9.7%, marking the slowest growth since 2019.
- Resale flat transactions fell 9.7% to 26,169 units in 2025, and Q4 2025 saw a 27.2% drop in sales.
- HDB will launch 19,600 BTO flats in 2026, and may offer over 55,000 flats between 2025 and 2027 to meet demand.
AI generated
SINGAPORE - Prices of HDB resale flats edged up 2.9 per cent in 2025, rising at a slower pace than the 9.7 per cent increase recorded the year before.
This was the slowest resale price growth since 2019,
In the last three months of 2025, resale prices remained unchanged for the first time since the first quarter of 2020.
HDB resale prices have been rising continuously on a quarterly basis since the second quarter of 2020, after the Covid-19 pandemic slowed the construction of Build-To-Order (BTO) flats and crimped public housing supply.
The data for the fourth quarter of 2025 followed four consecutive quarters of slower price growth for resale flats, HDB noted. In the second, third and fourth quarters of 2025, price growth was under 1 per cent.
Property analysts said the latest figures indicate that property prices are moderating.
Ms Christine Sun, chief researcher and strategist at property firm Realion (OrangeTee & ETC) Group, said the slower pace of price growth in 2025 could be attributed to an alleviated demand for resale flats, due to a steady supply of BTO flats and balance flats.
Sale of Balance Flat (SBF) launches give applicants a chance to apply for balance flats, in varying stages of completion, from earlier BTO exercises.
In the fourth quarter of 2025, resale prices declined in 16 out of 26 towns, she noted. The towns with the highest drops were: the central area – which covers The Pinnacle@Duxton – which fell by 11.1 per cent; Ang Mo Kio, which was down 7.6 per cent; and Toa Payoh, which saw a 5.7 per cent drop.
Mr Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia, said this was the first time since the third quarter of 2019 that more than half of HDB towns reported a quarterly decline in prices.
The average price of a four-room resale flat in the fourth quarter was $670,776, 0.9 per cent lower than the previous quarter, he said.
Since the Covid-19 circuit breaker in April 2020, HDB resale prices have surged 54.4 per cent, he added.
Data released by the public housing authority on Jan 23 also showed that fewer resale flats were sold in the last quarter of 2025, falling by 27.2 per cent to 5,256 units, from 7,221 units in the third quarter.
In all, 26,169 resale flats changed hands in 2025 – 9.7 per cent lower than the 28,986 flats in 2024.
The last time annual resale volume declined was in 2023, when it dipped by 4.2 per cent compared with 2022, HDB said. This was less than half the current rate of decline, it noted.
According to HDB data, four-room flats in Queenstown were the most expensive in the last quarter of 2025, with a median price of $998,000, up from $988,000 in the previous quarter.
The second-most expensive were executive flats in Hougang, which had a median price of $986,500, down from $997,000 in the third quarter.
There were 351 million-dollar flat transactions in the fourth quarter of 2025, down from 480 units in the previous quarter.
In the whole of 2025, 1,594 flats were sold for at least $1 million each, rising 54.7 per cent from the 1,035 million-dollar deals in 2024.
Mr Eugene Lim, key executive officer of property agency ERA Singapore, noted that 52.4 per cent of the million-dollar transactions in 2025 were for flats aged 15 years and below. “This reflects ongoing demand for newer HDB homes in centrally located, mature estates,” he said.
Huttons’ Mr Lee said that the average price of million-dollar deals in 2025 was $1,144,191, slightly higher than $1,120,728 in 2024.
While the largest proportion of million-dollar flats remained between $1 million and $1.1 million, there was a “sharp jump” in the number of flats sold above $1.4 million from the third quarter to the fourth quarter, he added.
Some 35 flats were sold above $1.4 million in the fourth quarter, up 46 per cent from the 24 units in the third quarter. A third of these flats were five-room units in Bukit Merah, Clementi and Queenstown that reached their five-year minimum occupation period in 2025.
Mr Lim said million-dollar flats remained in the minority, accounting for 6.1 per cent of total transactions in the fourth quarter. He said most HDB flats remained affordable, as 73 per cent of resale transactions fell below $750,000.
HDB said the Government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market. It advised households to exercise prudence when buying properties and taking on mortgage loans, citing an uncertain macroeconomic outlook.
HDB will launch about 19,600 BTO flats across three sales exercises in 2026,
“HDB is prepared to offer more than 55,000 flats from 2025 to 2027 to meet housing demand if necessary,” it said.
The Ministry of National Development had earlier committed to launching 55,000 new flats between 2025 and 2027.
In February, HDB will launch about 4,600 BTO flats in Bukit Merah, Sembawang, Tampines and Toa Payoh. About 3,000 units will also be offered under a concurrent SBF exercise.
