HDB resale prices in Singapore have experienced their smallest quarterly growth in nearly five years, with a modest increase of 0.4% in Q3 2025, according to the latest flash estimates. This slowdown comes after a 0.9% rise in Q2 2025 and a 1.6% increase in Q1 2025, marking the fourth consecutive quarter of decelerating growth. Christine Sun, Chief Researcher & Strategist at Realion (OrangeTee & ETC) Group, noted that this is the lowest quarterly growth since Q2 2020, during the COVID-19 pandemic.
The year-to-date price increase stands at 2.9%, a decline from the 3.8% and 6.9% growths recorded in the first three quarters of 2023 and 2024, respectively. Despite this, the market has seen 22 consecutive quarters of price increases since Q2 2020. The slowdown is attributed to a decrease in demand for resale flats, intensified by the launch of over 20,000 new BTO and sale-of-balance flats earlier in the year.
In October, over 9,000 new flats, including those in Mount Pleasant and Greater Southern Waterfront, are set to be released, potentially impacting resale demand further. The disparity between sellers’ high price expectations and buyers’ reluctance to meet them has led to slower negotiations and a challenging market.
The number of million-dollar transactions rose by 15.7% from 415 units in Q2 2025 to 480 units in Q3 2025, setting a new quarterly record. Notably, two 5-room flats at Pinnacle@Duxton were sold for S$1.6m and S$1.59m, respectively.
Looking ahead, HDB resale prices are expected to stabilise or slightly decline in Q4 2025, as demand typically wanes during the year-end holidays. The potential revision of the income ceiling for BTO applicants and the minimum age for singles purchasing flats could also influence the resale market, possibly leading to slower price growth or stagnation.
