Singapore HDB resale prices flat in Q4 2025 as transaction volumes fall

This was the weakest quarterly resale volume since Q2 2020.

Resale flat prices in Singapore held steady in the final quarter of 2025, marking the first quarter without price movement since early 2020, according to data from the Housing and Development Board (HDB) cited by PropNex Research.

HDB data showed that resale flat prices were flat in Q4 2025, following a modest 0.4% increase in Q3. Overall, resale prices rose by a cumulative 2.9% in 2025 — the slowest annual growth since 2019, when prices inched up just 0.1%. PropNex noted that these final figures were in line with earlier flash estimates released during the month.

The slowdown in prices coincided with a sharp drop in resale activity. HDB recorded 5,256 flats resold in Q4 2025, a 27.2% decline from 7,221 transactions in Q3. PropNex highlighted that this was the weakest quarterly resale volume since Q2 2020, when 3,426 flats changed hands.

For the full year, a total of 26,169 public housing flats were resold — down 9.7% from 28,986 transactions in 2024. PropNex attributed the moderation in both prices and transaction volumes to stabilising market conditions, as buyers adjusted to the post-pandemic housing environment and moderating interest rates.

“Resale flat prices have essentially plateaued in Q4 2025, following slower growth throughout the year,” said PropNex. “The lower transaction volumes suggest that buyers are taking a measured approach, reflecting a more balanced market where demand is steady but price growth has softened.”

The consultancy added that the market may continue to see cautious activity into 2026, as affordability and interest rate considerations continue to shape HDB resale trends.