HDB resale prices rise 0.4% in Q3, lowest increase since second quarter of 2020

SINGAPORE: Resale flat prices rose by 0.4 per cent in the third quarter of 2025, marking the lowest quarter-on-quarter increase since the second quarter of 2020.

The resale price index, which reflects the general price movements in the resale market, grew to 203.7 in the third quarter, up from 202.9 in the previous quarter, according to the Housing and Development Board (HDB)’s flash estimates on Wednesday (Oct 1).

“This marks the fourth consecutive quarter of slowing resale price growth and the lowest quarter-on-quarter increase since Q2 2020,” said HDB in a media release.

This is the 22nd consecutive quarter of growth for resale flat prices, with the streak starting in the second quarter of 2020.

There have been multiple sets of cooling measures since then – December 2021, September 2022, April 2023 and August 2024.

The resale volume in the third quarter of this year, up to Sep 29, was 7,157. This was 10.9 per cent lower than that in the same period last year.

Singapore’s gross domestic product growth is expected to moderate in the second half of 2025, said HDB.

"Against this backdrop of slowing economic growth, there are also early signs of moderating labour demand. 

"Given the highly uncertain macroeconomic outlook, households should continue to exercise prudence when purchasing properties and taking on mortgage loans."

OUTLOOK

Analysts expect resale prices to remain stable for the fourth quarter of 2025, and believe the October Build-to-Order (BTO) exercise would play a role in diverting demand away from the resale market.

HDB will launch the final BTO exercise in October, offering more than 9,000 flats in Ang Mo Kio, Bedok, Bishan, Bukit Merah, Jurong East, Sengkang, Toa Payoh and Yishun. 

“The upcoming BTO launches offer prospective buyers the opportunity to be early movers into emerging housing precincts - such as Toa Payoh’s first housing project in Mount Pleasant, and the new Berlayar Estate at the former Keppel Club site in Bukit Merah,” said Mr Eugene Lim, key executive officer at ERA Singapore.

"As a result, some buyers may hold off on immediate purchases in the resale market until the ballot results are released." 

However, a proportion of unsuccessful applicants are likely to return to the resale market in the months that follow, he added.

"With a reduced supply of minimum occupation period flats in 2025 – previously a key driver of price growth – we expect more moderate price growth and fewer transactions to round off the year," he said. 

Ms Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, said HDB resale prices may remain stable or experience "a slight decline" in the fourth quarter.

"Demand typically falls during the final quarter of the year, as market activity slows down during the year-end holidays," she added. 

"Sales will also be affected by the increase in BTO supply, with over 9,000 new flats released in October."  

Mr Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, believes demand for larger flats in mature estates will likely remain resilient due to limited stock. 

However, as the public housing ecosystem becomes increasingly responsive, supply-side measures, together with policy flexibility, are reinforcing affordability and access, he said. 

"The overall resale price trajectory is expected to stabilise," he said.