Singapore HDB resale prices to rise by up to 4% in 2025

It’s a significant slowdown from last year’s 9.7% increase.

According to Wong Siew Ying, Head of Research and Content, PropNex Realty, the moderation in HDB resale price growth in Q3 2025 – a fourth consecutive quarter of weaker growth and the slowest quarterly increase in 5 years - is a healthy development for the public housing market, as it points to greater stability and affordability.

“In 9M 2025, the HDB resale price index rose by 2.9%, substantially slower than the 6.9% increase in 9M 2024. The more measured price increase will help to promote a more sustainable housing market that is aligned with income growth,” Wong added. 

Here’s more from PropNex:

For the whole of 2025, we project that HDB resale prices could rise by 3% to 4% – slowing significantly from the 9.7% increase in 2024. Should our forecast hold true, the HDB resale price index is on track to see the slowest yearly price growth in six years.

Looking at the resale transactions data, we note that average prices were mostly flat or saw marginal growth across various flat types in both mature and non-mature towns in Q3 2025 from the previous quarter. Non-mature estates continue to offer more affordable resale flats, especially the larger unit types. For instance, the average resale price gap between 5-room flats in mature towns ($931,550) and non-mature towns ($715,799) in Q3 2025 was 30%. 

Meanwhile, the demand for desirable resale flats in choice locations close to the city remains strong. There were 480 resale flats transacted for at least $1 million in Q3 2025 – setting a new quarterly record for the number of such flats sold.

In the first nine months of 2025, there were 1,243 units of million-dollar resale flats sold, beating the 1,035 such units transacted in the whole of 2024. The 1,243 units comprised a 3-room terrace flat, 520 units of 4-room resale flats, 424 units of 5-room resale flats, 295 executive flats, and three multi-gen flats. PropNex anticipates that the number of million-dollar resale flats sold in 2025 may potentially reach close to 1,500 units.

Overall, we project that HDB resale transactions may range from 27,000 to 28,000 units for the whole of 2025. Looking ahead, we expect the HDB resale flat market outlook to be one of increased stability and moderate price growth, as the higher supply of new flats from the HDB’s Build-to-Order and Sale of Balance Flats exercises, price resistance among buyers, as well as prevailing cooling measures keep demand stable and resale prices in check.”