The HDB resale market in Singapore is entering a period of stabilisation, according to Huttons Asia’s latest outlook for 2026. After years of rapid price growth, the market is expected to see a more modest increase of around 3% in 2025, a significant drop from the 9.7% rise recorded in 2024. Transaction volumes are also projected to fall to 25,500, the lowest since the COVID-19 pandemic in 2020.
The slowdown in the resale market is attributed to government policies aimed at increasing the supply of Build-To-Order (BTO) and Sale of Balance Flats (SBF). From 2021 to 2025, HDB launched 102,433 BTO flats, with nearly 28% of 2025’s launches having a waiting time of 36 months or less. This increased supply mirrors the period from 2011 to 2014, which saw a similar easing in resale prices.
Additionally, policy adjustments in October 2024 allowed singles to purchase 2-room flexi BTO flats in all locations, and increased the allocation for second-timer families by 5 percentage points. These measures have contributed to the reduced demand in the resale market.
Despite the overall market slowdown, the number of million-dollar flat transactions is expected to rise by nearly 50% to 1,550 in 2025. These high-value flats, often centrally located and less than 10 years old, continue to attract buyers.
Looking ahead, the number of flats reaching their 5-year Minimum Occupation Period (MOP) is set to increase in 2026, potentially leading to more million-dollar transactions. Huttons estimates that resale flat prices will grow between 1% and 4%, with transactions ranging from 24,000 to 27,000.
