Singapore’s HDB resale market posted a combined efficiency within the second quarter of 2025. Whereas costs continued to rise, the tempo of development slowed for the third consecutive quarter.

On the identical time, resale volumes gained traction, reflecting regular demand, significantly for bigger flats and well-located models.

Let’s break down the important thing traits from the information.

Worth traits

HDB resale market in Q2 2025: Worth development slows however exercise picks up — Supply: HDB

Resale costs of HDB flats rose by 0.9% quarter-on-quarter (QOQ) in Q2 2025, slowing from the 1.6% enhance in Q1. This marks the smallest quarterly value development since Q2 2020, in keeping with information from HDB. The year-on-year (YOY) development stood at 8.0%.

Cumulatively, the HDB Resale Worth Index has elevated by 2.5% within the first half of 2025, in comparison with a stronger 4.2% rise in the identical interval final 12 months. This moderating pattern is in step with broader alerts of value resistance and elevated affordability considerations amongst consumers.

HDB Resale: Q2 volumes

Regardless of slower value development, HDB resale volumes picked up. In Q2 2025, 7,102 flats modified fingers, a rise of seven.8% from the 6,590 models bought in Q1. That is additionally the very best resale quantity recorded in three quarters.

Nevertheless, in comparison with a 12 months in the past (Q2 2024), transactions have been nonetheless down by 3.4%, indicating that whereas demand has recovered barely, it hasn’t but totally bounced again to earlier highs. The whole quantity for 1H 2025 stands at 13,692 models, about 5% decrease than the 14,420 models bought throughout 1H 2024.

Million-dollar flat transactions

Excessive-value HDB transactions remained robust in Q2 2025. A complete of 415 flats have been resold for no less than S$1 million, contributing to a 1H 2025 complete of 763 million-dollar flat transactions. With 134 such models already transacted in July, the full-year document of 1,035 set in 2024 might be surpassed as early as August or September.

For the primary time, median resale costs for 4-room flats in Central Space, Queenstown, and Toa Payoh crossed the S$1 million mark on a quarterly foundation:

Central Space: Median value reached S$1.2 million, pushed by gross sales at Pinnacle@Duxton, the place 11 of 20 resale offers crossed the million-dollar mark.
Queenstown: With a median of S$1 million, demand was fuelled by 33 million-dollar resale offers, a lot of which have been not too long ago MOP-ed (Minimal Occupation Interval) models at Strathmore Avenue and Dawson Highway.
Toa Payoh: Additionally reaching a S$1 million median, this was supported by resale exercise at Bidadari Park Drive and Alkaff Crescent, the place over one-third of 4-room models have been not too long ago MOP-ed models with greater than 94 years left on their leases.

These figures underscore continued purchaser willingness to pay premiums for well-located, newer, or iconic HDB properties.

Market outlook

A number of upcoming BTO (Construct-To-Order) and SBF (Sale of Steadiness Flats) launches in July and October might draw some consideration away from the resale market. These embrace engaging choices in mature estates reminiscent of Bukit Merah, Toa Payoh, and Simei, in addition to landmark launches in Mount Nice and the previous Keppel Membership web site.

Nonetheless, demand for resale flats is predicted to remain resilient, particularly for bigger models or these in prime areas. On the identical time, ongoing cooling measures [like the tighter LTV (Loan-to-Value) limits for HDB loans, currently capped at 75%] might dampen value development.

Analysts count on HDB resale costs to rise between 4% and 5% for the complete 12 months of 2025, slower than the 9.7% surge seen in 2024. In the meantime, complete resale quantity for the 12 months is projected to vary between 27,000 to twenty-eight,000 flats, signalling a steady but extra moderated HDB resale panorama forward.