HDB resale prices in Singapore have continued to rise for the 20th consecutive quarter, albeit at a slower rate, according to the latest report from OrangeTee.
In Q1 2025, prices increased by 1.6%, down from 2.6% in the previous quarter. This deceleration is attributed to growing price resistance among buyers, particularly in the lower and mid-range market segments.
The report highlights that whilst some flat types, such as 4-room and 5-room flats, experienced slower price growth, demand for premium flats remained robust.
Transactions for flats priced at least S$800,000 reached a record high, with 1,183 units sold in Q1 2025, up from 1,115 in Q4 2024. Million-dollar transactions also hit a new peak, with 348 units sold, compared to 285 in the previous quarter.
Christine Sun, Chief Researcher and Strategist at OrangeTee, noted that affluent buyers appear unfazed by the slowing price growth and continue to invest in premium flats. “The trend indicates that potential buyers in the lower and mid-range market segments may be more price resistant,” she said.
Despite the slower growth, the resale market showed resilience, with a slight rebound in transaction volume. A total of 6,590 units were sold in Q1 2025, a 2.6% increase from the previous quarter. However, this figure represents a 6.8% decline compared to the same period last year.
Looking ahead, the cautious outlook suggests that potential buyers may exercise greater restraint to avoid overstretching their budgets. This conservative approach is expected to continue influencing the pace of price growth in the coming months.
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