HDB resale prices to rise 4–5.5% in 2025

In Q2, resale prices rose 0.9% QoQ and 8% YoY, marking the 21st consecutive quarter of price growth.

HDB resale prices are expected to increase by 4% to 5.5% this year, with transaction volumes projected to reach 27,000 to 28,000 units, according to Realion Research’s Q2 HDB Resale & BTO report.

The outlook is supported by stable economic fundamentals and declining interest rates. However, analysts caution that significant price spikes may be tempered in the medium to long term as flat supply rises, creating more competition amongst sellers.

In Q2, resale prices rose 0.9% QoQ and 8% YoY, marking the 21st consecutive quarter of price growth — the longest streak on record. Since Q1 2020, resale prices have climbed 54.3%.

Resale transaction volume rebounded 7.8% from the previous quarter to 7,102 units, though still 3.4% lower YoY. Demand for higher-priced units also surged: 1,481 flats sold for at least $800,000 (+40.4% YoY), whilst million-dollar flat sales hit a quarterly record of 415 units (+75.8% YoY). The priciest flat sold was a Dawson Road loft for $1.658m.

On the supply side, HDB is on track to launch around 30,000 new flats in 2025, including a record 10,252 Sale of Balance Flats (SBF) units. July’s BTO launch alone released 5,547 flats across seven towns.

Rental demand also strengthened, with approved leasing applications up 4.2% to 10,066 units in Q2. Rental prices edged up 0.5%, and full-year growth is forecast at 1–2%.

Longer term, demand could be influenced by the Draft Master Plan 2025, which may boost interest in areas like Bishan, Dover, Sengkang, Woodlands, and Yio Chu Kang.

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