Singapore resale flat prices record slowest quarterly increase in five quarters

Resale prices rose by 1.5% in Q1 2025.

Flash estimates released by the Housing and Development Board (HDB) showed that resale flat prices rose by 1.5% QOQ in Q1 2025, slowing from the 2.6% QOQ increase achieved in Q4 2024 and is the slowest quarterly increase in five quarters.

Still, PropNex notes that the HDB price index has now grown for 20 straight quarters since Q2 2020. The HDB said that 6,392 flats were resold in Q1 2025 (up till 27 March 2025) – lower than the 6,928 units in the same period last year.

Here’s more from PropNex:

Based on sales data (retrieved on 1 April 2025), there were 348 resale flats that fetched at least $1 million in Q1 2025, a new quarterly high - surpassing the previous record high of 331 units in Q3 2024. It also marks a 22% increase from the 285 such units resold in Q4 2024.

Wong Siew Ying, Head of Research and Content, PropNex Realty, said: the HDB resale market has maintained its price growth streak in Q1 2025, although the sales momentum seems to have slowed slightly in the quarter, possibly affected by the large supply of BTO and SBF flats launched in February 2025.

“We reckon the BTO flats with shorter waiting times and the availability of completed SBF flats could have drawn some demand away from the resale market. That said, we anticipate that sales may pick-up in Q2 and Q3, as some unsuccessful flat applicants could consider buying a resale flat. Meanwhile, we expect HDB resale prices to remain relatively supported in view of the lower number of flats exiting their 5-year minimum occupation period (MOP). The government has noted that some 8,000 flats will meet the 5-year MOP this year, with another 13,500 flats slated to do so in 2026,” Wong added.

According to transaction data (retrieved on 1 April 2025), resale prices mostly climbed across the various flat types, with 3-room resale flats leading growth with a 2.2% QOQ increase. This is followed by 5-room and 4-room resale flats where prices grew by 2.1% QOQ and 1.9% QOQ, respectively in Q1 2025.