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 was 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.
Property analysts said the latest figures indicate that property prices are moderating.
They attribute the slower pace of price growth in 2025 to an alleviated demand for resale flats, due to a steady supply of Build-To-Order (BTO) flats and Sale of Balance Flats (SBF).
SBF launches give applicants a chance to apply for balance flats, in varying stages of completion, from earlier BTO exercises.
Ms Christine Sun, chief researcher and strategist at property firm Realion (OrangeTee & ETC) Group, said the three sales exercises in 2025 drew more than 110,000 applicants, higher than the 82,000 applicants in 2024.
She said this could be a result of policy changes that allowed more home seekers to be eligible for BTO flats, such as allowing singles priority access when they buy a home near or with their parents.
In the resale market, buyers were pushing back against the steep asking prices, resulting in longer closing times and a decline in transaction volume, she added.
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.
Mr Eugene Lim, key executive officer of property agency ERA Singapore, noted that a sizeable pipeline of more than 10,200 SBF units was launched in 2025, in contrast with about 6,973 flats obtaining their minimum occupation period (MOP) – which means the flats can be sold on the resale market.
The supply of SBF units and BTO flats could therefore have diverted demand away from the resale market, he said.
Mr Mohan Sandrasegeran, head of research and data analytics at real estate agency Singapore Realtors Inc, noted that the number of SBF units launched in 2025 was up sharply from just 1,588 units in 2024.
“The expanded SBF supply provided buyers with a wider range of ready or near-ready flat options, further easing demand pressures in the resale market,” he said.
The number of million-dollar flat transactions surged 54 per cent in 2025 to an estimated 1,594 flats, up from the 1,035 million-dollar deals in 2024.
But the number of such deals fell to 351 in the fourth quarter of 2025, from 480 units in the previous quarter.
Mr Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia, said more than 90 per cent of the million-dollar flats transacted in the fourth quarter were in mature estates such as Toa Payoh, Bukit Merah and Queenstown.
Toa Payoh recorded the highest number of million-dollar flat transactions with 62 such deals, he added. Half of these were located in Bidadari housing estate, where flats recently reached their MOP.
Million-dollar flats made up 6.9 per cent of total transactions in the fourth quarter, noted Mr Lim. 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 the uncertain macroeconomic outlook.
HDB rolled out a total of 19,723 BTO flats in 2025 – about a third of the 55,000 new flats the Ministry of National Development committed to launching between 2025 and 2027
In February, HDB will launch about 4,600 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 SBF exercise.
