Singapore HDB resale transactions to hit 27,000 units this year

There may be 13,500 MOP flats in 2026.

After various demand- and supply-side measures, Wong Siew Ying, Head of Research and Content at PropNex Realty, says it appears that the HDB resale market has achieved a soft landing, with prices rising at a slower, more sustainable pace in 2025.

“HDB resale prices were flat in Q4 2025, following four straight quarters of weaker growth,” Wong notes.

Here’s more from PropNex:

Additionally, the HDB resale volume has also softened substantially in Q4 2025 – likely recording the weakest quarterly sales since 3,426 flats were resold in Q2 2020, when the pandemic-related restrictions (circuit breaker) disrupted market activity. The slower sales in Q4 2025 may be attributed to the steady supply of new flats drawing some buyers away, the seasonal year-end slowdown in transactions, rising price resistance among prospective buyers, and the moderation in HDB resale prices of late potentially reducing the urgency to act among homebuyers.

We believe the more subdued price movement and stabilisation in the HDB resale market helps to maintain affordability for homebuyers, and generally support confidence in the resale flat market. To this end, the moderation in price growth in 2025 is positive for the overall market, and perhaps may reduce the likelihood of further cooling measures on the HDB resale segment – policy stability, in turn will enable buyers and sellers to act with greater clarity.

That said, certain segments are still seeing strong demand which has underpinned the sale of the so-called million-dollar resale flats, where units are resold for at least $1 million. There were 351 such flats sold in Q4 2025, taking the total to 1,594 units of million-dollar resale flats transacted in 2025 (data retrieved on 2 January 2026) – surging beyond the record 1,035 such units resold in the entire 2024.

Based on transaction data, the 1,594 units of million-dollar resale flats comprised two 3-room terrace flats, 664 units of 4-room flats, 557 units of 5-room flats, 368 executive flats, and three multi-generation flats. About 8.7% (or 139 units) of the million-dollar flats are located in non-mature towns, with the remaining 1,455 units in mature estates, led by Toa Payoh with 302 transactions, followed by Bukit Merah and Queenstown where 216 and 173 such units were sold, respectively.

In 2026, we project that HDB resale transactions may range from 26,000 to 27,000 units, supported by a greater number of new flats reaching the 5-year minimum occupation period (MOP) making them eligible to be resold. It is projected that there may be 13,500 MOP flats in 2026 – up by nearly 69% from the 8,000 units in 2025.

Meanwhile, we expect HDB resale prices could rise by 3% to 4% in 2026, continuing the trend of increased stability and moderate price growth.