How rapidly has Singapore’s HDB resale market decelerated in 2025? The HDB resale price index rose 2.9% in the first nine months of 2025, a marked slowdown from the 6.9% recorded during the same period in 2024, with full-year projections indicating a 3-4% increase compared to 9.7% growth the previous year.
Q3 2025 marked the fourth consecutive quarter of weaker growth, representing the slowest pace in five years, while June 2025 prices edged up just 0.1% month-on-month.
Q3 2025 delivered the weakest quarterly growth in five years, with June prices barely moving at 0.1% month-on-month.
Transaction volumes reflected similar moderation, with October 2025 recording 1,343 units sold, representing a 38% decline from September’s 2,178 transactions.
Full-year projections estimate between 27,000 and 28,000 units will change hands, with 4-room flats dominating at 43.1% of transactions and non-mature estates accounting for 58.5% of resale deals.
Popular towns during October included Woodlands, Tampines, Yishun, and Sengkang, collectively comprising over 25% of transaction volume.
Despite the broader market cooling, million-dollar flat sales continued their upward trajectory, with 1,243 units sold in the first nine months of 2025 surpassing the full-year 2024 total of 1,035 units.
Q3 2025 established a new quarterly record of 480 units transacting at $1 million or above, and November 2025 saw 120 such sales representing 7.2% of all transactions.
The breakdown revealed 520 4-room flats, 424 5-room units, and 295 executive flats crossing the million-dollar threshold during the nine-month period. Multi-gen flats also transacted but in small numbers, with only three units sold.
Price performance varied across flat types, with 3-room flats registering an 8.6% year-on-year increase to approximately $470,000 by June 2025.
Meanwhile, 4-room and 5-room units recorded 7.7% and 6% annual gains respectively.
The price differential between mature and non-mature estates remained substantial, with 5-room flats in mature towns averaging $931,550 compared to $715,799 in non-mature locations during Q3, representing a 30% gap.
Several factors contributed to market stabilization, including higher BTO and Sale of Balance Flats supply tempering demand, price resistance among buyers, and limited MOP flats entering the resale market. Foreign buyer participation remained minimal due to ABSD hikes, with foreign purchases accounting for just 2% of new sales and 1.4% of resales in the broader residential market.
BTO launches demonstrated continued primary market interest, with Ping Yi Court attracting 31,095 applicants for 9,144 units.
The market appears positioned for increased stability with moderate price growth expected moving forward. Falling interest rates may enhance affordability for prospective buyers and provide additional support to market conditions.
