HDB resale prices rose 2.9% in 2025, slowest growth since 2019
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In the last three months of 2025, HDB resale prices remained unchanged for the first time since the first quarter of 2020.
ST PHOTO: BRIAN TEO
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- HDB resale flat prices rose 2.9% in 2025, the slowest growth since 2019, significantly less than 2024's 9.7% increase.
- Fourth-quarter resale prices remained unchanged, a first since early 2020, with sales volume dropping 18.8% compared with 2024.
- 26,042 resale flats sold in 2025, a 9.8% decrease, with HDB planning to launch 4,600 BTO flats in February 2026.
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SINGAPORE – Prices of Housing Board resale flats rose 2.9 per cent in 2025, marking the slowest price growth since 2019.
It is also a slower pace than the 9.7 per cent increase recorded in the whole of 2024.
In the last three months of 2025, resale prices remained unchanged for the first time since the first quarter of 2020, HDB said on Jan 2.
Resale prices had risen continuously on a quarterly basis since the second quarter of 2020.
HDB said the early estimates for the fourth quarter of 2025 followed four consecutive quarters of slower price growth for resale flats.
It noted that in the second, third and fourth quarters of 2025, price growth was under 1 per cent.
Fewer resale flats were sold in the fourth quarter of 2025 compared with the same period in 2024, with the number falling by 18.8 per cent to an estimated 5,129 units from 6,314 units.
In all, 26,042 resale flats changed hands in 2025 as at Dec 30 – 9.8 per cent lower than the 28,876 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, noting that this was less than half the current rate of decline.
“The Government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market,” HDB said.
It advised households to exercise prudence when buying properties and taking on mortgage loans, citing the uncertain macroeconomic outlook.
In February, HDB will launch about 4,600 Build-To-Order (BTO) flats in Bukit Merah, Sembawang, Tampines and Toa Payoh in the first sales exercise of 2026.
About 3,000 units will also be on offer under a concurrent Sale of Balance Flats exercise. This gives applicants a chance to apply for balance flats, in varying stages of completion, from earlier BTO exercises.
